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U.S. Dollar Takes Lead Amid Widespread Market Closures

FOREX

The greenback takes lead in G10 FX space amid a number of closures across Asian financial centres. Markets are shut in Japan, South Korea, Taiwan and Malaysia, while the U.S. and Canada will also observe public holidays today. The BBDXY index is having a look above its previous daily high, printing its best levels since Sep 29. Regional participants are digesting a strong U.S. jobs report released after Asia hours last Friday, which poured cold water on hopes for an imminent Fed pivot.

  • Demand for the greenback is pushing USD/JPY further above the Y145.00 mark, last trading +40 pips at Y145.66. This means the rate is in territory of heightened intervention risk, albeit it would be unusual for Japanese officials to step in on a public holiday.
  • Weakness in U.S. e-mini futures is applying some pressure to AUD crosses, AUD/USD touched a new cyclical low of $0.6343 as a result. North Korea resumed its missile tests, while COVID-19 cases in China rebounded, helping spoil market sentiment.
  • Spot USD/CNH has added just over 100 pips and last sits at CNH7.1441 as we await the first fixing of the yuan reference after China's week-long holiday.
  • Focus turns to Norwegian CPI inflation, as well as comments from Fed's Brainard & Evans, ECB's Lane, Centeno & de Cos and Riksbank's Ingves, Breman & Ohlsson.
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