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FOREX: Equities surge on tariff delay, with EM FX on top
-While Trump's decision to delay the planned hike in tariff rates on Chinese
imports is no major surprise, currencies with a high sensitivity to global trade
(AUD, NZD, KRW, ZAR and CNH) are all well bid this morning, pressing haven FX
lower in tandem. USD/CNH touched the lowest levels since July last year on the
news, with the 50-dma now on the cusp of forming a death cross with the 200-dma.
-Both GBP and EUR trade more or less sideways, with markets greeting news that
PM May has tabled a 'meaningful vote' on Brexit for March 12th with little more
than a shrug. The further lack of reaction to reports suggesting Theresa May and
her counterpart Angela Merkel discussed the prospect of a delay to Brexit are
the latest signs of headline fatigue and the market further pricing in a lack of
disruption on March 29th.
-JPY is the worst performer in G10, hurt by rallying equities, with Chinese
markets up as much as 6% and mainland Europe higher by 0.2-0.5%.
-The data calendar is relatively quiet Monday, with just Chicago Fed National
Activity Index on the docket. Fed's Clarida also speaks.