Free Trial

Markets becalmed as USD/CNY under control.....>

FOREX
FOREX: Markets becalmed as USD/CNY under control
-Currency markets have largely extended the moves seen following the tariff
delay news late yesterday, keeping USD/JPY buoyant and CNY underpinned. This
appears to have had a calming effect on markets this morning, evident in firmer
Asia-Pacific equity markets overnight (Nikkei 225 +1%, although Hong Kong
indices were hampered by ongoing protests).
-AUD has been a slight laggard as traders take profit on yesterday's decent
rally. Any support provided by improving consumer confidence data overnight was
short-lived, leaving yesterday's lows at $0.6747 well within range.
-Eurozone Q2 GDP came in unrevised, but concern still lies with Germany after
Q/Q GDP shrank according to data this morning. Nonetheless, this was slightly
countered by better than expected Y/Y readings. EUR/USD has respected the week's
range so far, trading within a mere 20 pip range.
-US import/export price indices for July are the sole release on the calendar.
Focus likely remains on headline risk after the USTR roiled global asset markets
yesterday after their surprise tariff announcement.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.