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China Stock Slide Prompts Risk-Off Start to Week

FOREX
  • A sharp drawback in China and Hong Kong equities has gotten risk sentiment off to a poor start Monday, with core European indices and US futures all in negative territory. This has helped underpin have currencies, with JPY, USD and EUR among the strongest in G10.
  • AUD, NZD and other commodity-tied currencies are on the backfoot, with a soft start for oil benchmarks and industrial metals undermining recent progress. AUD/USD trades in closer proximity to the key support at the Jul 21 low of 0.7290.
  • GBP trades well, with local press highlighting the recent downtick in case growth despite economic re-opening. Showing the effectiveness of vaccines, case growth has slowed before any catch-up in hospitalisation or fatality statistics, helping GBP/USD rise further above the 200-dma at 1.3719.
  • It's a quieter data slate, with just US new home sales on the docket. This will likely keep focus on the earnings schedule this week, which kicks off today with reports from Tesla and Lockheed Martin among others.
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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