Free Trial

The Asia-Pac session saw some corrections.....>

FOREX
FOREX: The Asia-Pac session saw some corrections to yesterday's sharp risk-off
moves. Participants reassessed the Covid-19 situation, with headlines re:
various policy measures & research into a coronavirus vaccine drawing attention
(worth remembering that the latter is a very lengthy process). Relatively
shallow case counts out of China & South Korea were also noticed. A decent
bounce in U.S. equity index futures coincided with a lift in USD/JPY. The yen
still underperforms all of its peers from the G10 basket, with BoJ's Maeda
noting that central bank policies do not target FX. High-beta currencies trade
on a firmer note, with NOK leading gains.
- USD/Asia lost some steam as the yuan outperformed the greenback. USD/KRW faded
the bulk of yesterday's surge amid expectations that South Korea's gov't will
soon unveil extra budget to mitigate fallout from the Covid-19 outbreak. USD/MYR
recovered some of its initial losses as Fitch & Moody's pointed to risk of
Malaysia's domestic political turmoil.
- Today's highlight include final German GDP & U.S. consumer confidence. Fed's
Clarida, ECB's de Cos, BoC's Lane and Riksbank's Jansson are set to speak.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.