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FOREX: A flurry of headlines on U.S.-China trade talks has moved markets to and
fro, with the FX space reacting accordingly. An SCMP source piece pointing to no
progress in deputy-level negotiations & suggesting that China's delegation may
cut its stay in the U.S. short inspired a clear risk-off reaction early into the
session. The risk-off moves pared back somewhat as the White House told CNBC
that they are unaware of any changes to Chinese VP Liu's schedule. But
subsequent tweets from Fox's Lawrence echoing speculations of no progress so far
& talks being cut short helped risk aversion prevail.
- High-beta FX remain on the back foot. For the record, NZD faced some pressure
as NZ FPI was flat vs. the prior +0.7% M/M, before U.S-China headlines hit. JPY
& CNH lead gains amid demand for safe havens. USD/CNH spiked above CNH7.1600 in
reaction to the SCMP story before fading somewhat, but remains elevated.
- Today's data highlights include U.S., Norwegian and Swedish CPIs, French and
Italian industrial outputs, as well as UK monthly economic indicators. The ECB
will publish the minutes from its most recent, contentious meeting, while
speeches are awaited from Fed's Daly, Mesters and Bostic.