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Slight Recovery In Risk Sentiment Pressures Yen

FOREX

The assessment of risks from the Omicron coronavirus variant continued to drive FX price action in Asia-Pac hours, with an uptick in U.S. e-mini futures signalling a marginal improvement in broader mood music. The latest reports downplaying the mortality threat posed by the new variant likely aided market sentiment.

  • The yen was the worst G10 performer amid reduced demand for safe haven assets. USD/JPY climbed above the Y113.00 mark.
  • The kiwi dollar traded on a firmer footing, despite the absence of notable local catalysts. AUD/NZD sold off past NZ$1.0423, which represents Nov 30/Dec 1 lows, and printed its worst levels since Nov 24.
  • Spot USD/CNH slipped in tandem with a downtick in the DXY, linked to improvement in risk sentiment.
  • U.S. weekly jobless claims & EZ unemployment headline the global data docket today. Fed's Bostic, Quarles, Daly & Barkin, ECB's Panetta & Riksbank's Ohlsson are set to speak.
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