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Havens Softer, Growth Proxies Firmer as Markets Stabilise

FOREX
  • Haven currencies are unwinding slightly this morning, with the JPY reversing recent outperformance on likely profit-taking after an extended spell of strength. This puts USD/JPY back above the Y110 handle, but USD/JPY bulls need to take the pair through 110.34 Fib retracement before any recovery solidifies.
  • Oil-tied and growth-beta FX are the strongest this morning, helping AUD, NZD and NOK rally off the week's worst levels. A decent bounce in US equity futures is helping, with the e-mini S&P comfortably back above 4,300.
  • CNH saw a modest downtick as the Chinese central bank cut the Reserve Requirement Ratio by 50bps, boosting USD/CNH to 6.50 before quickly retracing. The move was largely telegraphed earlier in the week, as the China State Council noted they would "use timely reserve requirement ratio cuts in order to support the real economy and to use RRR cuts to lower financing costs."
  • Focus turns to the Canadian jobs report, expected to show a gain of 175k in the net change in employment headline. ECB's Lagarde is due to speak, as well as the publication of the ECB minutes from their early June meeting.
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