Daily FX Focus
AUD
AUDUSD fell 0.41% yesterday and extended its losses for the 2nd straight day as the USD recovered from intraday losses. AUD was undermined amid risk-on impulse ahead of Australia’s Business Confidence report due today.
EUR
EURUSD fell 0.15% yesterday ahead of ECB's policy meeting this week where it is widely expected to leave rates unchanged after recent comments from ECB officials indicating it was too early for rate cuts.
GBP
GBP rose 0.05% against the dollar yesterday marking a fresh weekly high on upbeat market mood despite the fact that the UK economy is threatening to tip into a technical recession. However a strong UK inflation report underpinned the GBP.
NZD
NZD fell 0.56% against the dollar yesterday as Business NZ PSI fell back into contraction in December after hitting a six-month high in November. Trader's will queue in for NZ's CPI data scheduled for Wednesday.
RMB
CNH rose against the dollar yesterday capped by intervention from China's major state-owned banks which moved to support the yuan as stock markets tumble. While PBoC keeps its LPR steady. USDCNH fell 0.12% yesterday while CNHHKD ended at 1.08 level.
CAD
CAD eased against the US dollar yesterday, slipping from a one-week high as investors expect that the BoC will leave its key overnight rate unchanged at a 22-year high of 5% at the upcoming policy meet on Wednesday.
JPY
JPY ended slightly higher against the US dollar yesterday by 0.03%, moving away from its weakest level in a month as BOJ starts its two-day policy meeting where it is highly unlikely to move away from its ultra-loose monetary policy.
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