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Fresh Session Lows After RBA's Lowe Speaks

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Another risk off start to the session, extending Monday's theme. NZD is bottom of the pile today, down around 15 pips despite no obvious catalysts. AUD down around 5 pips, the local coronavirus situation continues to weigh, Victoria recorded 13 new COVID-19 cases in the past 24 hours. Markets await the RBA minutes later in the session.

  • USD/JPY is up 4 pips, but has come off session highs. Data earlier in the session showed CPI rose in line with estimates at 0.2%. Elsewhere further positive Covid-19 cases were detected among the Olympic athletes, while NHK reported that Hokkaido will request a quasi-state of emergency.
  • Offshore yuan has strengthened slightly, USD/CNH retracing some of Monday's move as the pair approached the 6.50 handle. Markets await the LPR rate announcement later in the session with some expecting a cut in rates after the recent dovish PBOC actions.
  • A few headlines have crossed the wires from the US, Senator Schumer said that a procedural vote will take place on Wednesday while that is not a deadline for every detail of the infrastructure bill, but progress must be made before the recess.