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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessCommodity-tied FX were ravaged as Saudi.......>
FOREX: Commodity-tied FX were ravaged as Saudi Arabia slashed its crude prices &
reportedly plans to ramp up output. The news hammered oil mkts & unleashed
strong risk-off flows, magnified by spiralling Covid-19 worry & North Korea's
missile tests. USD/NOK spiked to best lvls since 1985, USD/CAD showed at lvls
not seen since 2017. USD/MXN & USD/ZAR each logged a four-year high. A powerful
bout of risk-off flows emerged later in the session, suddenly knocking the
Antipodeans down & prompting the breaches of former extremes elsewhere. AUD &
NZD hit fresh multi-year lows vs. USD before paring the bulk of losses. USD/JPY
probed water below Y102, strengthening in tandem with renewed sales of
high-yielding MXN & ZAR, which pointed to Mrs Watanabe as a possible culprit.
- Cratering oil prices dragged IDR & MYR lower, but KRW still ended up as the
worst Asian EM currency, even as softer oil may have cushioned its decline a tad
(S. Korea is a net importer of crude). USD/KRW ticked off highs as local off'ls
tipped hats to "excessive" moves in KRW. They are set to meet later today.
- Coming up later today are German industrial output & trade balance, Canadian
housing starts/building permits & comments from ECB's Rehn.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.