TEST3, PLEASE IGNORE

TEST, PLEASE IGNORE

MNI China Daily Summary: Monday, June 17

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China Risk and Fed Fears Work in Favour of Haven FX

FOREX
  • Extending the themes seen at the tail-end of last week, risk-off pervades across asset markets early Monday. Lingering concerns over a possible Evergrande default in China and wobbles ahead of Wednesday's FOMC meeting are sending stocks lower and providing a solid bid for haven currencies.
  • While markets were highly aware of the risks surrounding real estate giant Evergrande over the past fortnight or so, these fears compounded early Monday as investors become concerned over the risk of the Chinese authorities clamping down on real estate speculation across Hong Kong. This, twinned with risks of a hawkish surprise from Wednesday's Fed projections leaves the greenback and JPY as comfortably the best performers across G10.
  • Weaker equity and commodity markets are working against the growth and oil proxies, keeping NOK, SEK and AUD on the backfoot.
  • ECB's Schnabel and Villeroy are due to speak as well as the release of the US NAHB Housing Market Index.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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