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FOREX: EUR/JPY leads FX markets, AUD slips with CNH

FOREX
  • JPY retains its place as the best performing currency in G10 - while some see the JPY strength as a result of uncertainty stemming from Biden handing over the Democratic nomination to Kamala Harris, the move looks more idiosyncratic, particularly with US yields and equity markets largely contained. A pick-up in volumes across the European open (0702BST, 0709BST saw particular pick-ups in activity) helped drive JPY markets, with EUR/JPY re-orienting focus on the 170.00 handle and last week's lows.
  • Antipodean currencies are weaker - AUD is now through the 50-dma and has confirmed a fourth session of lower lows and erased the entirety of the early Jul leg higher. AUD is moving in tandem with CNH, as the Chinese currency slips on the cut to the 1-, 5yr LPR - signalling near-term weakness in the Chinese economy. 
  • European cash markets are trading uniformly higher, mirroring the bounce off lows for US stock futures in Asia-Pac trade. France's CAC-40 is the modest outperformer, with real estate and healthcare names leading in Europe. Energy names are unsurprisingly the laggard, given the $2 sell-off in oil prices off the Friday high. 
  • The schedule is quiet, with Chicago Fed National Activity Index unlikely to stir interest. 
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