Yen Goes Offered

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.