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FOREX: Havens marked lower as risk appetite returns
-CHF and JPY were comfortably the worst performers Tuesday as risk appetite
returned globally: a strong start for Asia-Pac equities carried through well
into the European and US session, prompting the S&P500 to trade above the
200-dma for the first time since early December. JPY weakness allowed USD/JPY to
add to gains above the 50-dma, touching the best levels since Dec28 at Y110.65.
CHF fell in sympathy, prompting USD/CHF to trade just 3 pips shy of multi-month
highs. Sentiment was supported further by President Trump commenting that he is
open to letting the March 1st deadline on China tariffs "slide".
-Reports suggesting Saudi Arabia will go further with oil supply cuts than the
OPEC+ agreement requires helped underpin an oil rally (WTI and Brent both traded
higher by over 2%), placing NOK, CAD and AUD at the top of the G10 pile. EUR
traded well, snapping a six session losing streak against the USD, recovering
well from a fresh YTD low printed at $1.1259.
-The RBNZ rate decision, UK & US inflation and speeches from Fed's George,
Mester, Harker and Bostic are the calendar highlights Wednesday.