USD On The Backfoot Early On

Early weakness evident in the USD this week as the greenback trades lower vs. all of its G10 counterparts, with Asia-Pac participants reacting to Friday's market moves. T-Notes hold firm after Friday's gains while e-minis operate on the front foot. Hard to put our finger on a specific trigger here. The U.S. approval of the J&J COVID vaccine is no doubt a positive, but would speak more towards U.S. economic outperformance via a quicker re-opening of the economy and thus a stronger USD. No sign of any substantial underperformance for the NZD in the wake of the fresh COVID lockdown in play in Auckland (outlined elsewhere). The space has also looked through the softer than expected round of official Chinese PMI data that hit over the weekend.