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Markets Steady, CNH Buoyed By Equity Rally

  • Chinese FX had a decent session Monday, with the CNH rallying against most others in G10. The CNH traded well alongside global stock markets, with US stock futures trading within 40 points of the all-time highs posted earlier in the month.
  • Meanwhile, initial USD strength evident in the European morning gave way as US markets began to open, with the USD index edging well off Friday's highs but remaining within last week's range.
  • Commodity-tied currencies were slightly unsteady. Following last week's weakness, NOK was among the session's best performers as oil prices added as much as 5% off last week's lows, although CAD failed to benefit. Nonetheless, CAD remains within reach of the cycle highs posted last week vs. the USD at 1.2013.
  • Focus turns to Tuesday's German IFO data for May and the latest US new home sales and consumer confidence numbers.
  • The central bank speaker slate remains busy, with speeches scheduled from Fed's Evans, Barkin, Quarles as well as BoE's Tenreyro and ECB Chief Economist Lane.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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