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Tight Asia Session For G10 FX

FOREX

The major USD crosses are essentially unchanged on the day at typing, with a lack of meaningful headline flow apparent since the Asia open. U.S. e-mini futures and crude oil ticked higher, aided by source reports pointing to U.S. President Biden & Senator Manchin restarting BBB plan discussions in the new year (these reports hit during late NY hours).

  • CAD saw some marginal outperformance in the G10 FX space on the modest uptick In oil, although USD/CAD is only 15 pips lower on the day at typing.
  • A weaker than expected PBoC USD/CNY mid-point fixing provided a negligible, short-lived reaction in USD/CNH, although the move was tiny in the broader scheme of things. USD/CNH sits at unchanged levels at typing.
  • AUD looked through the release of the RBA’s December meeting minutes.
  • The NZD blipped lower on news that omicron has resulted in a delay to the re-opening of New Zealand’s borders, but the kiwi was ultimately aided by an uptick in e-minis. NZD/USD last trades ~10 pips higher on the day. Note that NZD/USD’s YtD low ($0.6702) remained intact after a test of the level on Monday.
Canadian retail sales data headlines the broader economic docket on Tuesday. Participants also await U.S. President Biden’s Tuesday address. White House press secretary Psaki has noted that the speech is “not about locking the country down,” but it will focus on the vaccination drive.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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