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Yen Leads, Kiwi Lags In Slow Asia-Pac Trade

FOREX

A market holiday in Japan has weighed on activity in early Asia-Pac trade, with little in the way of notable macro headlines crossing so far. The yen has managed to eke out some gains amid thinned out liquidity as participants await fresh catalysts.

  • The NZD underperforms at the margin, even as the contraction in New Zealand's retail sales turned out to be smaller than expected. Tomorrow's monetary policy decision from the RBZN is already on the radar.
  • The yuan fixing was softer than expected, with the central USD/CNY mid-point set 25 pips above sell-side estimate. Offshore yuan has been unfazed.
  • A flurry of PMI readings from across the globe headline today's data docket. Speeches are due from BoE's Bailey, Cunliffe & Haskel, ECB's Makhlouf & de Guindos and BoC's Beaudry.

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