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Yen Stabilises, Oil-Tied FX Edge Higher

FOREX

Mild defensive feel has crept into G10 FX space, bringing some reprieve to the embattled yen. USD/JPY has traded sideways, with the greenback also finding some poise on the back of firmer U.S. Tsy yields. The run higher in crude oil prices resumed in Asia, providing a modicum of support to CAD and NOK. Major currency pairs have generally stuck to relatively tight ranges so far.

  • China's central bank set the yuan reference rate at CNY6.3640, 23 pips below average sell-side estimate. Strong bias in the PBOC fix prompted spot USD/CNH to back off session highs, after an earlier uptick briefly took the pair above yesterday's best levels.
  • Today's data highlights include U.S. jobless claims & durable goods order as well as a slew of PMI readings from across the world. Central bank speaker slate features several Fed, ECB & BoE members, with the Norges Bank set to announce their monetary policy decision.
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