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M&A News Push Safe Haven Peers JPY & CHF In Opposite Directions

FOREX

JPY has faced fresh headwinds at the start to the week, landing at the bottom of the G10 scoreboard. Improving mood music surrounding U.S. fiscal talks and the health condition of U.S. President Trump (who may be released from hospital as soon as Monday) helped lift some spirits, inspiring risk-on flows across G10 FX space. USD has also gone offered amid positive sentiment, but JPY has fared worse on the first Gotobi day of the month.

  • M&A news has kept safe haven peers apart, as CHF rallied towards the top of the G10 scoreboard. The news that Japanese NEC has acquired Swiss software provider Avaloq for Y236bn has bolstered the franc at the yen's cost. CHF/JPY showed at its best levels in more than two weeks.
  • GBP has been capped by a lingering deadlock in Brexit negotiations, despite a one-month extension to talks agreed by EU Commission Pres von der Leyen & UK PM Johnson, as well as the UK's rapidly deteriorating coronavirus situation.
  • Risk-on flows have lent support to commodity-tied FX and growth proxies, with AUD leading gains in the space. NZD/USD added a handful of pips as PM Ardern confirmed that Auckland will be moved down to alert level 1, which had been widely expected, but all in all the kiwi has underperformed its high-beta peers.
  • USD/KRW dipped as South Korean markets re-opened after a long weekend. Elsewhere, a dip in USD/CNH allowed the pair to attack the CNH6.74 mark, with China still off for national holidays. A number of Australian states also observe holidays today.
  • A number of Services PMI readings from across the world, EZ retail sales and speeches from Fed's Evans, Fed's Bostic & BoJ's Kuroda take focus from here.
Energy BulletsCommodities
Energy BulletsCommodities

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