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FOREX
FOREX: No relief
- Another session of equity selling has kept a lid on sentiment once more, with
Asia-Pac trade subdued as Japan's Nikkei 225 sank another 2%. Stock markets in
Europe have followed suit, with Eurostoxx futures again flirting with market
correction.
- Coronavirus cases appear to have stabilised further within China, but sharp
growth in cases in South Korea, Italy and Japan are still a cause for concern.
The USD has been sold from the off, allowing the EUR/USD recovery to continue.
This has raised further suspicions of carry trade unwind, as long EUR-funded
EMFX trades are closed/stopped out.
- Sterling sank further Thursday as the UK released their negotiating mandate
for talks with the EU and that the UK could decide by June whether a deal is
possible at all ahead of Dec31. This would mean markets know sooner than
expected if the UK will roll on WTO trade terms at the end of 2020.
- US GDP and weekly jobless claims data crosses today as well as speeches from
BoE's Cunliffe, ECB's Lane and Fed's Evans among others.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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