Free Trial

Antipodeans outperform on rebounding..........>

FOREX
FOREX: Antipodeans outperform on rebounding commodities as market drops risk
-Following the announcement of countermeasures on trade from China overnight
($3bln worth of tariffs), safe havens have been in demand, prompting USD/JPY to
drop below Y105 which, despite being tested a few times, it remains below ahead
of NY. CHF is also gathering pace early doors on the safe haven play, pressing
USD/CHF down toward the 50DMA at the Chf 0.9429 mark.
-Front-end vols are marching higher, USD/JPY 1m implied vols touched the highest
since Mar8 alongside the slide in the Nikkei 225 which, at one point, traded
lower by 4.8%.
-Commodity prices are benefiting from the trade tariff announcements, lifting
AUD and NZD to be the best performers of the day, gifting antipodean FX a relief
rally this morning.
-EUR and GBP look pretty directionless with no domestic catalyst, allowing
EUR/USD and GBP/USD to ebb higher amid modest greenback weakness.
-Canadian CPI & retail sales, US durable goods orders & new home sales the only
real data to finish off the week.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.