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Risk On keeps the lid on the Dollar

FOREX
  • The USD trades on the back foot during the overnight Asian session and into the morning European session.
  • The driver has been the Risk On tone in Asia, with some hope that China could ease lockdown, but the main driver this morning has been the German regional and Spanish CPI, falling versus last readings.
  • The Greenback is in the red across all the majors, beside the CHF, which saw a reversal off the low in USDCHF, and in EURCHF on the follow.
  • CHF is up 0.12% at the time of typing against the USD.
  • The Kiwi and AUD are the best performers in G10, up 1.27% and 1.23% respectively on the Risk On tone and lockdown easing hope in China.
  • Looking ahead, after receiving 83.7% of the weighted state data in the national German CPI print.
  • MNI calculations estimate that CPI fell -0.5%M/M, which would be equivalent to a 10.0%Y/Y increase.
  • Besides the German National CPI, other data include,. US Consumer Confidence, Japan IP.
  • ECB Guindos, de Cos, Schnabel, BoE Mann, Bailey, SNB Schlegel, are the speakers.
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