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Elections Dominate

FOREX

Price swings across G10 FX space have been driven exclusively by first results of the U.S. elections. A decent risk-on impetus evident at the start to the Asia-Pac session has dissipated as focus has moved to a very tight race in Florida. G10 pairs have unwound earlier moves and the space now sees a degree of caution, with AUD & NOK lagging behind. USD has recovered and outperforms all of its peers from the basket save for NZD. The kiwi had outperformed before the latest risk retreat, which has sapped most of its earlier strength vs. USD.

  • USD/CNH sold off initially, only to stage an impressive rebound and last sits ~190 better off. One-week implied volatility has pushed higher, narrowing in on multi-year highs printed yesterday.
  • Today's data highlights include global Services PMIs, while central bank speaker slate features ECB's de Cos, Panetta, Muller & Schnabel. Chinese Pres Xi will speak at the CIIE opening.
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