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FOREX
FOREX: AUD, ZAR struck by political risk
-AUD sits at the bottom of the G10 pile as the political pressure on Australian
PM Turnbull showed no signs of abating overnight. While AUD/USD is yet to
revisit the year's $0.7203 lows, markets are clearly wary of the proximity of
government to either a snap election or further leadership trouble. Further
ministerial resignations could add weight to the situation.
-Emerging markets are broadly weaker, led by RUB and ZAR, with the latter being
struck by a Trump tweet overnight stating his government will look into recent
farm seizures, raising the risk that South Africa could be the next victim of
Trump's trade tariff policy. USD/ZAR remains higher, but has stopped short of a
break above yesterday's high.
-EUR trades generally softer despite largely positive PMI numbers, with EUR/USD
consolidating slightly after six consecutive sessions of gains. As a result, the
DXY is very modestly higher for the first time in five sessions.
-Market focus turns to ECB minutes, weekly US jobless data and new home sales
ahead of tomorrow's Jackson Hole policy symposium.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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