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Souring Risk Sentiment Sees Modest Haven Demand

FOREX
  • Developments in Afghanistan combined with softer Chinese economic activity data overnight kept risk on the backfoot to start the week.
  • As such, the Japanese Yen and Swiss Franc were favoured amid a slightly stronger greenback against most other G10 currencies. USDJPY extended Friday's move below 110, putting pressure on the 109 handle. Attention to the downside remains on 108.72, low Aug 04, and then 108.47, a Fibonacci retracement.
  • Aussie (-0.45%) faced additional headwinds, following domestic equities lower as markets responded to the NSW state government tightening COVID restrictions and placing the whole state into a strict 1-week lockdown. With cross/JPY falling victim to bearish sentiment, AUDJPY experienced the biggest shift lower, retreating around 0.85%.
  • NZD, CAD, and NOK all traded with risk and particular weakness in oil prices weighed firmly on the Canadian dollar and Norwegian Krone.
  • Despite US equity indices edging into the green approaching the close, there has been little FX price action of note. In the EM space, broad indices suffered with ZAR and CLP the key underperformers. The Turkish lira bucked the trend, rising 0.77% against the dollar.
  • Overnight we will see Australian Monetary Policy meeting minutes before the focus turns to U.K. employment data and Eurozone Flash GDP.
  • In the US, the docket will be headlined by July Retail Sales and Industrial Production data.
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