Markets buy up haven FX as geopolitical.......>

FOREX: Markets buy up haven FX as geopolitical tensions simmer

-The CHF and JPY were the strongest currencies in G10 Friday, with CHF in

particular enjoying a strong session as markets eyed the risks of tensions in

the Strait of Hormuz rising further over the weekend. Reports of risks to UK

ships in the Gulf and of the prospect of further US sanctions on Iran lent

support to commodities, which fed through well to CHF and JPY.

-This had little effect on global equities, however, with the S&P500 opening

north of 3,000 to hit all-time highs. Attention turns to earnings season, as

financials and banks report next week. Propped-up commodities helped support

AUD, CAD and NZD, which rose to the top of the pile, while TRY slipped as

EU-Turkey relations worsened over drilling in the Mediterranean and as the US

took a dim view of the first deliveries of the Russian S-400 missile system.

-Fedspeak comes thick and fast before the Fed blackout period. There are no

fewer than 10 Fed speakers due, the highlight being Fed Chair Powell on Tuesday.

UK jobs and inflation data, German ZEW, US retail sales and Japanese CPI are the

data highlights.