Yen Poised To Finish Week Atop G10 Pile

Defensive feel dominated in Asia, as Kaisa Group's troubles with liquidity reignited concerns about a deepening crisis in China's property sector. USD/CNH edged higher, even as the PBOC capped a 13-day streak of softer than expected yuan fixings.

• Risk-off flows were evident in G10 FX space, with the yen garnering most strength. A correction in global monetary policy outlook may have played a role, after the BoE's surprise decision to leave interest rates unchanged fuelled reassessment of tightening prospects. The yen had earlier underperformed on expectations of a growing policy divergence, as the BoJ have been expected to continue pumping stimulus maintain accommodative policy settings.
• Antipodean currencies brought up the rear. In their latest Statement on Monetary Policy, the RBA said that their central scenario "could be consistent with the first increase in the cash rate being in 2024."
• U.S. NFPs headline the global data docket today. Also coming up are German industrial output & Canadian jobs data. In addition, we will hear from several ECB, BoE & Norges Bank policymakers.