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Yen Goes Offered

FOREX

The yen has sold off in early Asia-Pac trade, extending losses over the Tokyo fix. It is difficult to pin its weakness on any particular headline. The yen remains the worst G10 performer this year.

  • Sterling trades with a mild bearish bias amid the simmering tension between the UK and EU surrounding the Northern Ireland protocol.
  • Firmer crude oil prices have lent some support to CAD and NOK, but AUD and NZD have struggled to pick up momentum.
  • USD/CNH operates on a slightly firmer footing, despite solid trade data released out of China over the weekend. Trade surplus surged to a record amid robust overseas demand for Chinese goods, while imports growth was a tad slower than expected.
  • The global data docket is fairly thin today. Speeches are due from Fed's Powell, Clarity, Harker, Bowman & Evans, ECB's Lane & Makhlouf as well as BoE's Bailey.
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