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Risk-On Flows Dent Greenback, CNH & KRW Print Fresh Cycle Highs

FOREX

Some optimistic signals on U.S. fiscal front and a spillover from Wall Street supported risk appetite, generating risk-on flows across G10 FX space. There was little in the way of fresh headline/data catalysts, with U.S. stimulus talks still taking centre stage. Commodity-tied FX picked up a bid, while safe havens lagged. The greenback underperformed all of its peers from the basket, with the DXY registering a one-month low.

  • Greenback weakness helped some USD/Asia crosses fall to fresh cycle lows. USD/CNH sank through the CNH6.65 mark to its worst levels since Jul 2018 and a softer than expected PBoC fix failed to arrest the move. USD/KRW dipped to levels not seen since Apr 2019, as a continued recovery in South Korea's daily average exports bolstered the won, rendering it the best performer in the region.
  • On the radar today we have UK & Canadian inflation data, Canadian retail sales and comments from Fed's Mester, Kashkari, Kaplan, Barkin, Quarles & Bullard, ECB's Lagarde, de Guindos & Lane and BoE's Ramsden.
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