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Haven Currencies Gain as Stocks Test Recent Lows

FOREX
  • Haven FX outperformed Wednesday, with JPY, USD and CHF among the session's best performers. Currencies took the lead from equities as US futures indices rolled off the late Tuesday high to narrow in on the recent lows.
  • NOK reversed early strength as energy prices performed an about-face. Strength across WTI and Brent crude futures initially propped up the currency, but a larger build than expected in crude stockpiles saw the NOK reverse course to be the weakest among G10 FX.
  • AUD/NZD extended the rally off the mid-September low on the RBNZ rate decision, with NZD holding the session's underperformance throughout as the RBNZ failed to commit to an extended tightening cycle. AUD/NZD strengthened to touch 1.0518 - new multi-month highs - before fading.
  • Focus turns to German industrial production and weekly US jobless claims, while a number of ECB speakers are also due. There are seven different ECB speeches due, as well as appearances from Fed's Mester and PBoC governor Yi Gang.
Energy BulletsCommodities
Energy BulletsCommodities

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