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Risk On As Markets Return

FOREX

Overnight moves have extended so far in Asia, high beta currencies outperforming as the greenback recedes further.

  • AUD and NZD are both higher, benefitting from a lower USD and supported by a bounce in oil prices which have recouped some of yesterday's losses. Also supporting both pairs is the anticipated announcement of a trans-Tasman bubble which is expected to begin on April 19. Markets look ahead to the RBA rate announcement later in the session.
  • JPY pairs are broadly flat, USD/JPY last unchanged on the session having held a narrow range. Data earlier in the session was broadly positive with labour cash earnings and real cash earnings both rising above estimates. Household spending fell more than expected though, despite encouraging retail sales data in the period.
  • Offshore yuan is holding near highs, USD/CNH last down 11 pips at 6.5553 just above yesterday's low of 6.5530. Markets await the PBOC fix after a Chinese market holiday yesterday.
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