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USD/CNH Holds Above CNH7.0 Ahead Of PBOC Fix, Yen Leads Gains In G10 Basket

FOREX

The yen is pacing gains in G10 FX space, as U.S. Tsy yields sit slightly lower and e-mini futures trade in the red, with participants wary of taking on more risk.

  • The Antipodeans have now moved away from fresh cycle lows versus the greenback as the BBDXY index is in retreat since the Tokyo open. Greenback weakness has allowed USD/JPY to recede, providing some reprieve to the BoJ, which sees 10-Year JGB yield trade near the 0.25% ceiling.
  • The Aussie dollar has shown limited reaction to a parliamentary testimony from RBA Gov Lowe, which is broadly in line with previous rhetoric. The kiwi was unfazed by domestic BusinessNZ M'fing PMI reading which showed that activity in the sector surged to a one-year high.
  • Spot USD/CNH holds above the CNH7.0 mark ahead of the start of onshore trade, despite shedding ~50 pips thus far. Participants eye today's yuan fixing for cues re: PBOC attitude towards the breach of a psychological level. China's activity data headline the data docket during the remainder of the day in Asia.
  • Later in the day, focus will turn to final EZ CPI, UK retail sales, flash U.S. Uni. of Mich. Sentiment as well as comments from ECB's Lagarde, Villeroy and Rehn.
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