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Risk-off flows now sweep across G10 FX space, with major crosses unwinding earlier moves. At the first glance, it is hard to pin the reversal in risk appetite on any particular fresh headline catalyst, but it has coincided with a bout of equity weakness.

  • JPY sits atop the G10 pile as the Nikkei 225 has retreated, while U.S. e-mini futures have ticked lower. Antipodean currencies have turned into the main laggards.
  • USD/CNH still trades below neutral levels, but has trimmed earlier losses over the last hour or so. The rate last sits at CNH6.3893, ~50 pips worse off on the day, off the session low of CNH6.3832.