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Risk Off Session Sees High Beta Currencies Pressured

FOREX

A risk off session saw AUD and NZD come under selling pressure, while JPY shook off a sluggish start to gain through the session as the greenback receded.

  • AUD/USD is down 18 pips, the local COVID situation continues to weigh, there are reports that the lockdown in Sydney is set to be extended today while NSW chief health officer said there is likely to be a delay in the second Pfizer doses for non-essential workers.
  • NZD/USD is down 12 pips. New Zealand's trade deficit widened in June, the 12-month ytd deficit widened to NZD 252m from a revised NZD 41m. Exports rose to NZD 5.95bn while imports rose to NZD 5.69b.
  • USD/JPY is down 19 pips hovering around session lows. Data earlier showed Jibun Bank Japan manufacturing PMI fell slightly to 52.4, services dipped to 46.4 which dragged the composite further into contractionary territory at 47.7.
  • Offshore yuan is weaker, USD/CNH is up 102 pips. Comments from the meeting of US and Chinese officials have not been encouraging, Sino-US relations are said to face difficulties.
  • USD/CAD is up 18 pips, helped higher by slightly lower oil, the pair remains within Friday's range.
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