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Risk-On Theme Still In Play, Yuan Defies Softer PBOC Fix

FOREX

Regional headline flow offered little to change the familiar narrative in Asia-Pac hours, leaving positive risk sentiment intact. Antipodean currencies rose to fresh multi-month highs against the greenback and their commodity-tied peers NOK and CAD followed suit.

  • USD/CNH went offered amid broader greenback weakness, looking through another softer than expected PBOC fix. The divergence from sell-side estimate was smaller than yesterday.
  • USD/JPY oscillated within a tight range, close to its multi-year peak. Both sides of the pair underperformed in G10 FX space amid reduced demand for safe havens.
  • U.S. weekly jobless claims, EZ consumer confidence and comments from Fed's Waller, ECB's Visco & Riksbank's Breman take focus later in the day.
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