FOREX: Asia-Pac FX Activity A Touch Above The Recent Norms

The USD sees a modest downtick as London participants filter in. This comes after a fairly tight round of Asia-Pac trade for G10 FX pairs, leaving the BBDXY around yesterday’s closing levels. Asia-Pac FX activity helped boost broader turnover overnight, with follow through from China’s RRR cut and Indonesian political uncertainty headlining there. Desks have noted that interbank FX activity was a touch above the recent norms as a result, with broader focus on today’s run of central bank meetings and U.S. GDP data.