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Sentiment Tad Firmer On Positive Earning Reports, Aussie CPI On Tap

FOREX

Decent earnings reports from some big U.S. tech names (Google & Microsoft) aided risk sentiment in the early part of the Asia-Pac session, pushing U.S. e-mini futures higher after a negative session on Wall Street.

  • Risk-on impetus has filtered through into the FX space, applying pressure to traditional safe havens. The greenback is pacing losses at typing, with JPY & CHF also showing some weakness.
  • Still, volatility remains subdued as participants keep hunting for fresh catalysts. The news that U.S. President Biden will speak with Chinese leader Xi on Thursday caused no tangible market reaction.
  • The key risk event today is the announcement of the FOMC's monetary policy decision, with firm consensus for a 75bp hike shifting focus to the statement and comments from Fed Chair Powell.
  • For the time being, all eyes are on Australia's Q2 CPI report, due for release shortly. Post-Asia data releases include U.S. durable goods orders, wholesale inventories & pending home sales.
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