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CAD was comfortably the best performer in.....>

FOREX: CAD was comfortably the best performer in G10 FX on Friday, underpinned
by the near 2% rally in WTI futures. The rally in energy re-correlated with CAD,
helping press USD/CAD back toward C$1.29. The CAD bid has continued in early
dealing this week, aided by reports/statements pointing to a NAFTA deal being
"close" (deadline for deal at 00:00 ET), with USD/CAD last C$1.2850.
- The DXY rallied sharply throughout Europe, as Italian political woes &
worsening risk sentiment fuelled risk havens, but much of this reversed ahead of
the NY close leaving the USD mixed & directionless against the rest of G10.
- GBP sat at the bottom of the pile, but off the worst levels of the Friday
session. Final UK Q2 GDP Y/Y growth was revised lower with business investment
in particular taking a hit. GBP/USD managed to rebound off $1.30 ahead of the
close. UK PM May continued to stick to her Brexit line over the weekend.
- Little reaction in AUD & NZD to the weekend's Chinese PMI releases.
- Focus Monday shifts to the NAFTA deadline, BOJ Tankan survey, global PMI data
& speeches from Fed's Bostic, Kashkari & Rosengren, ECB's Villeroy & BoE's
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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