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Dour day for commodity-tied FX -Oil resumed...>

FOREX
FOREX: Dour day for commodity-tied FX
-Oil resumed its recent slide Thursday, joined by both industrial and precious
metals, helping press CAD, AUD and NOK to the bottom of the G10 FX pile today.
AUD/USD now eyes a fall through last week's lows of $0.7199 ahead of the $0.7185
50-dma having extends this week's sell-off to 2.5% from the highs.
-Further falls in equity markets (mainland European indices are lower by circa
2% apiece) and US equity futures are further evidence that little confidence has
been found in the commentary since Saturday's Trump-Xi dinner. As a result, safe
havens are well bid this morning, with the JPY at the top of the table, keeping
USD/JPY within range of the week's lows.
-After three sessions of strength, the CNY has sold off today on reports that
Huawei's CFO has been arrested on instruction from US authorities, demonstrating
just how fraught the Sino-US relationship continues to be. USD/CNH briefly
showed above Cnh6.90 on the move.
-It's a data heavy session with US ADP employment change, trade balance and ISM
non-manuf releases and Canadian trade balance and Ivey PMI.

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