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Hopes that President Trump would reconsider...>

MNI (London)
FOREX: Hopes that President Trump would reconsider his tariff proposals prompted
a move back into risk late Monday and this view carried over into Asia. Led by
Eur/Jpy's break back above Y131.00(correcting from Monday's fresh 2018 low of
Y129.35) it dragged Eur/Usd up to $1.2363 in Asia, off its Monday low of
$1.2269. Usd/Jpy pushed up to Y106.46, extending its recovery away from Monday
lows of Y105.35. However, this risk-on tone faltered into Europe which allowed
Usd/Jpy to sink back to Y105.86, the move again led by Eur/Jpy as this rate
eased back below Y131.00. Eur/Usd was seen settled within a basic $1.2330-60
range, a break of $1.2325 or $1.2365 expected to provide next directional
- Overnight AUD shrugged off a relatively weak round of data, paying the most
attention to a modest beat in net exports contribution to Q4 GDP (which was in
negative territory), moving to marginal session highs as the RBA stood pat and
did not introduce any language pointing to worry re: Trump's trade tariffs.
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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