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CEE Currencies Slightly Up Ahead of NFP


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FOREX: JPY consolidates Asia/Europe gains
- Escalation of the US-China trade war that saw President Trump order an
additional $200bn in tariffs, triggered renewed risk off through Asia/Europe.
The US session remained quiet and largely consolidated early moves.
- No surprises that JPY was the standout performer across the board. USDJPY
moved through the 200-dma (Y110.25) to Y109.55. CADJPY continued its downtrend
to Y82.56, EUR, GBP & AUD were also particularly hit hard.
- EURUSD continued under pressure but fell short of the May29 low at $1.1510.
- The formation of a death cross in GBPUSD pressured to lows of $1.3151, EURGBP
flirts with the 100-dma (Gbp0.8789) and will be monitored at the close.
- Commodity based currencies suffered again today as the SHCOMP hit multi-year
lows. USDCAD printed C$1.3292, AUDUSD moved through $0.7400 for the first time
since May 2017 and is generating outright bearish sentiment according to the MNI
FX Technical Signal monitor. The weak dairy auction also kept a lid on the kiwi.
- Hungary as expected left rates unchanged but did indicate an end to its loose
policy, a quick spike to Huf325.26 quickly retraced to Huf321.63.