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FOREX: (Clarifies GBP/USD price) Markets dent the dollar in favour of havens
-It was steady going in early Europe with some GBP outperformance as retail
sales for April beat expectations, prompting GBP/USD to break above the $1.34
level. Modestly lower equities in Asia and on the continent also saw JPY and CHF
outperform, a trade bolstered by Trump's decision to withdraw his offer of a
summit with North Korea's Kim.
-Following Trump's decision, USD/JPY dropped comfortably below the Y110 handle
to touch two-week lows, but a close below the Y108.32 100-dma will be needed to
confirm a deeper correction. Moving in tandem, USD/CHF briefly broke below the
Chf 0.99 level, extending the pullback from the year's highs to 1.4%.
-CAD was the poorest performer of the day as commodities fell. WTI crude futures
dropped 1.6% despite the heightened geopolitical tensions on the Korean
peninsula as Russia's energy minister raised the prospect of OPEC easing their
multi-year supply curbs.
-Tomorrow, German IFO, UK GDP and US Uni. of Michigan numbers are the data