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FOREX: CNH, AUD finish on top as officials move to defuse trade war
-Price action in late Asia and early Europe was dictated by the BoJ's policy
decision, but this all changed after Bloomberg reported that representatives
from both the US and China are attempting to re-engage stalled negotiations to
avert the next wave of US tariffs (and potentially an out-and-out trade war).
This prompted a CNH rally of over 1% against the USD, which dragged the AUD with
it to become to best performer in G10 FX space Tuesday. AUD/USD now eyes a close
above the 50-dma at $0.7462 for the next leg higher.
-USD/JPY extended the BoJ-triggered rally throughout the US trading session,
buoyed by stronger global equity markets, and prompted JPY shorts to re-focus on
the recent Y113.17 high.
-Both EUR and GBP traded with little direction, with the latter keeping a close
eye on market expectations for Thursday's BoE rate decision.
-Wednesday sees the beginning of a new month, US ADP Employment Change, ISM
Manufacturing as well as policy decisions from both the Fed and the Reserve Bank