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Risk On Ahead Of Data

FOREX

Greenback lagging among its peers as risk assets are supported in Asia.

  • AUD is higher, but off best levels. Talk of option related buying around the 0.7750 strike with AUD1.26b expiring March 18. RBA's Lowe spoke earlier, he stayed on message regarding the economy and interest rates. He said the Australian economy is recovering well, but business investment is a significant weak spot. Markets look ahead to a raft of China data later in the session.
  • NZD has edged higher in early Asia-Pac trade, after pulling back under its 50-DMA into the end of last week. New Zealand's Performance of Services Index registered in contractionary territory for the fourth month in a row, even as it improved a tad to 49.1 in Feb from the revised 48.0 recorded in Jan.
  • JPY is another underperformer, USD/JPY making further progress over 109. Sankei reported over the weekend that Japan plans to terminate the Covid-19 state of emergency in the Tokyo area on Mar 21, as scheduled.
  • The PBOC fixed USD/CNY at 6.5010, 5 pips above sell side estimates. USD/CNH is up around 20 pips, markets await industrial production, retail sales, and property investment data at 0200GMT/1000HKT.
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