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Waiting Mode

FOREX

High-beta currencies lost ground in Asia, with major FX pairs happy to hold tight ranges, as market participants shied away from taking too much risk ahead of the release of U.S. CPI data later today. Broader headline flow failed to provide notable catalysts ahead of that key data signal.

  • Cautious mood music undermined commodity-tied FX, even as crude oil prices were broadly steady. The AUD ignored an uptick in domestic consumer inflation expectations.
  • Modest initial yen strength dissipated, even as the spread between U.S. Tsy & JGB yields narrowed. Some might suspect that Gotobi Day flows played a role in sapping some strength from the yen.
  • USD/CNH slipped amid a pullback in the DXY. The PBOC set the USD/CNY reference rate at CNY6.3599, perfectly in line with the average estimate based on a Blomberg survey of market participants.
  • While U.S. CPI is set to steal the limelight, other notable data releases include U.S. weekly jobless claims & Norwegian CPI. The Riksbank will deliver its monetary policy decision, while comments are due from ECB's Villeroy, Lane & de Guindos as well as BoE's Bailey.
Energy BulletsCommodities
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