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Risk Off Start

FOREX

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.
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