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Safe Havens Lag In Muted Trade

FOREX

Safe havens JPY and CHF trade on the back foot, as U.S. e-mini futures showed above Friday's highs. The improvement in sentiment has been supported by reports pointing COVID-19 reports out of Beijing and Shanghai, with the latter set to roll out a fresh economic support package.

  • Offshore yuan has eked out some gains, but spot USD/CNH is yet to test Friday's low.
  • Volatility across G10 FX space has been limited, as weekend headline flow failed to rock the boat.
  • The U.S. observes the Memorial Day holiday, which means local markets are closed.
  • The Asia-Pac calendar is very light today, with little beyond comments from BoJ Gov Kuroda eyed. German CPI & Swedish GDP as well as speeches from Fed's Waller and ECB's Centeno & Nagel will take focus later in the day.
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