Tight Start, Xi-Biden Call Eyed

A narrow start to Asia-Pac FX trade, with a lack of notable headline catalysts observed. The major USD crosses are essentially flat across the board, with narrow ranges in play. There was no reaction to the PBoC's move to inject CNY1tn via MLF, matching the amount of MLF that will mature this month (such a move was widely expected).

• The latest round of monthly Chinese economic activity data headlines the broader docket during the overnight session, while participants are already rolling their focus to the late Monday call between U.S. President Biden & Chinese counterpart Xi, although a White House official has told CNBC that the meeting "is about setting the terms of an effective competition where we are in the position to defend our values and interests and those of our allies and partners." As a result, most see little room for any real positive developments. Further afield BoE comments (Bailey & Haskel) & ECB speak (de Guindos) will draw attention on Monday.