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Risk Sentiment Finds Poise

FOREX

Risk sentiment is finding some poise despite the absence of any obvious headline catalysts to that effect, with U.S. e-mini futures creeping higher from the off. This dynamic is reflected in early G10 FX price action.

  • The yen has lost ground in a reversal of yesterday's outperformance. USD/JPY climbed to Y128.64 before trimming gains, with its 3-month risk reversals hovering above two-month lows.
  • High-betas lead gains, drawing additional support from firmer crude oil prices. AUD/JPY has edged higher but negating yesterday's losses remains some way off.
  • The HKMA stepped up HKD purchases in defence of its currency peg, bringing their total value to HKD6.947bn.
  • The flash reading of U.S. Uni. of Mich. Sentiment, Norwegian GDP, EZ industrial output & final French CPI take focus on the data front today.
  • Comments are due from BoJ's Kuroda, RBA's Bullock, Fed's Mester & Kashkari as well as ECB's Guindos, Centeno, Nagel & Schnabel.
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