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Markets Shake Off Sluggish Open to Retain Risk-On Feel

FOREX
  • Currency markets shied away from risk-proxies and commodity-tied currencies at the open, with the concern of any spillover impact from TRY volatility keeping a lid on risk appetite. As it became increasingly clear that the risk was relatively contained, markets picked the likes of EUR and CNH off the day's lows, both of which improved into the NY close.
  • USD, CAD traded poorly into the close, with NOK and CHF the day's best performers.
  • TRY recovered a decent portion of the opening losses, but remains on track for a considerably weaker close. Offshore TRY borrowing rates shot higher as the session progressed, which may have stemmed some of the spot losses as shorting the currency became prohibitively expensive.
  • Focus Tuesday turns to jobs data from the UK as well as February new home sales data from the US.
  • A number of central bank speakers cross, with BoE's Baily, Haldane & Cunliffe, ECB's Villeroy and no fewer than 7 different Fed speakers.
Energy BulletsCommodities
Energy BulletsCommodities

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