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Safe Havens Lose Their Shine

FOREX

Stock market dynamics set the tone for G10 price action in Asia, as firmer e-minis and a dynamic recovery in Japanese equity benchmarks signalled the easing of Thursday's risk aversion. USD and JPY landed at the bottom of the G10 scoreboard amid waning demand for safe haven currencies.

  • GBP felt the pain of lingering concerns over an increasingly hostile atmosphere in UK-EU talks and a growing chance of the UK's chaotic departure from the bloc. Sterling lagged all of its G10 peers other than the safe haven trio.
  • IDR led losses in Asian EM basket as the re-introduction of social distancing measures in Jakarta and a record daily increase in Indonesia's coronavirus case count weighed on the currency. Bank Indonesia said it is ready to intervene in spot and NDF markets after USD/IDR breached a key resistance and printed its highest levels since May 12.
  • The U.S. and Germany release their CPI figures today, while the UK publishes its monthly economic activity indicators. The central bank speaker slate features a number of ECB members, including Lagarde, Lane, Weidmann, Villeroy, Schnabel, Mersch and Holzmann.
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