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Yen Takes Lead As Risk Aversion Takes Hold

FOREX

Monday's risk-on moves are getting unwound in early Asia-Pac trade, as e-minis remain in the red following disappointing guidance from tech name Snapchat.

  • The yen is the big gainer as safe haven currencies are in demand, with USD and CHF following close behind. The Antipodeans pace losses in G10 FX space, with NZD at the bottom of the pile.
  • Spot USD/CNH has ticked away from its worst levels in nearly three weeks, adding ~40 pips thus far. The rate fell on Monday as U.S. Pres Biden pledged review of Trump-era tariffs on Chinese imports.
  • PMI readings from across the globe will keep hitting the wires through the day. Fed's Powell headlines the central bank speaker slate, which also features ECB's Villeroy & Riksbank's Breman.
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