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FOREX
FOREX: Concerns of re-sparking Sino-US dispute knock appetite
- Reports late last week that the US could act on plans to bar Chinese firms
from US capital markets continue to circulate, knocking risk appetite and
pressuring equity futures across the board. Having been on holiday last Friday,
European indices are playing catch-up, with losses of around 3-4% at pixel.
- It was no surprise to see further economic weakness in the European final PMI
data this morning, with low manufacturing activity pressuring the PMI number to
the low 30s for Italy, France and Germany. The EUR is modestly lower, but is
largely in the process of pulling back some of the sharp month-end gains seen
last week.
- JPY is the firmest across G10 so far, with the greenback not far behind on the
generally soft risk sentiment. NOK is the weakest currency as Brent crude
futures are a touch lower, with focus turning to this Thursday's Norges Bank
rate decision.
- March factory orders data and final durable goods for March are the larger
releases Monday. There are no central bank speakers of note.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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