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EMERGING MARKETS: Asia-Pac FX takes a dent as China trade missions scrapped
-CNY sits at the bottom end of the EMFX table early Monday, with Asia-Pac
markets happy to sell the currency in response to reports over the weekend that
a China trade mission to US farms had been scrapped - although officials
attempted to make it clear that the cancellation was unrelated to the
temperature of the ongoing trade negotiations - which are set to resume in the
second week of October. USD/CNH sits just below the Friday high at 7.1312.
-INR remains firm, outperforming broader EMFX space on the tax rate cut news
last week, although USD/INR is yet to fall through the Friday lows. The rally
has been tempered somewhat, with Fitch warning that India's big tax cuts are to
have limited impact on corporates and banks in the country. USD/INR support
kicks in at the 50-dma at 70.5028.
-Mexican retail sales and Brazilian consumer confidence & current account data
are the calendar highlights Monday. Headline risk remains acute, with a lot of
focus remaining on any clues from the White House on whether an agreement can be
reached at the next round of negotiations.
MNI London Bureau | +44 203-865-3809 |