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Asia FX: Oil shock keeps tone cautious
Confirmed
In Short: OCBC's Christopher Wong expects Asia ex-Japan currencies to begin the week cautiously due to rising oil prices and renewed US-Iran tensions, despite positive equity markets.
OCBC’s Christopher Wong expects Asia ex-Japan (AxJ) currencies to start the week on a selectively cautious footing after renewed US–Iran tensions lifted Brent above US$96, according to FXStreet. While equity markets responded quickly and moved higher, currency markets are taking a more cautious approach, keeping pressure on the loonie.
The AUD/USD pair has maintained its bid tone, advancing to the 0.7220-0.7230 band and hitting a fresh four-month high on Monday, as reported by FXStreet. Next in Australia, the Westpac’s Consumer Confidence index, housing data, and speeches by the RBA’s Hunter and Hauser are on the agenda.
USD/JPY weakens further and remains close to the 154.00 neighbourhood, or seven-month lows, ahead of the opening bell in Asia, as noted by FXStreet. AUD/USD sits above 0.7200 during the Asian session on Tuesday, near its highest level since May 14, according to FXStreet.
Gold trades with a positive bias above $4,400 during the Asian session on Tuesday and has snapped a two-day losing streak as a rallying Japanese Yen keeps the US Dollar depressed, as reported by FXStreet.
What's confirmed
What's still developing
- Although Aaron Judge keeps inching closer to his return to the lineup, all signs suggest the New York Yankees will be extra cautious in managing his workload.