USD & JPY Firm Up, Trump-Biden Debate Fails To Impress

USD & JPY went bid in a relatively slow Asia-Pac session, which saw little in the way of market-moving catalysts. The final Trump-Biden debate was less chaotic than their earlier face-off, but provided nothing to alter the trajectory of the ongoing campaign. BBG trader sources flagged that USD & JPY were bought against EUR & GBP on above average turnover. EUR/JPY had a look under its 100-DMA, but failed to consolidate below the level.

• NZD was sold in reaction to a miss in New Zealand's CPI vs. both market & RBNZ expectations. That being said, price reaction was relatively limited, with participants already expecting further easing from the RBNZ.
• USD/CNH continued to tick away from cycle lows, with State Administration of Foreign Exchange (SAFE) confirming earlier reports that it wants to implement a phased increase in QDII quotas. SAFE also judged that the yuan has been more stable than exp. & its appreciation this year was driven by fundamentals.
• USD/KRW pushed higher initially, amid lingering concerns over a continued increase in South Korea's daily Covid-19 case count, which rose further above 100. The rate gradually trimmed gains and still trades within touching distance from its 19-month low.
• A flurry of PMI data from across the globe, UK retail sales and a speech from BoE's Ramsden feature on today's economic docket.