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Clears Key Support And Resumes Its Major Downtrend

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Pessimistic US-China report........>

EMERGING MARKETS
EMERGING MARKETS: Pessimistic US-China report drags CNH from multi-month highs
-After both US and Chinese officials looked to play down the disruption to their
'phase 1' trade signatures from the cancellation of the Chilean APEC summit, CNH
managed to strike the strongest level against the USD since mid-August. This all
changed, however, after Bloomberg reported that Chinese officials are said to
doubt the prospects of a long-term trade deal and that they are unwilling to
budge on big structural changes that have been demanded by the US. As a result,
USD/CNH rallied back above the 7.05 mark.
-Following the Brazilian central bank decision late Wednesday, BRL gapped firmer
at the open, but this was swiftly reversed as global equity markets and
commodities resumed selling. A higher than expected unemployment rate (11.8% vs.
Exp. 11.6%) only added to the downside pressure.
-South Korean trade balance data, Asia-Pac manufacturing PMIs, Indonesian and
Thai inflation data and minutes from the Colombian central bank's latest rate
decision are the Friday highlights.
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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