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Free AccessPolitical uncertainty continues amid risk.....>
FOREX: Political uncertainty continues amid risk off flow
- Italy was again the main driver of risk through the European morning. With
Autumn elections looking increasingly likely and the MS5/League vote share
rising since last week, Italian 2yr yields underwent their largest one-day rally
since 1992 as Italy's bonds plummeted across the curve.
- As the US session got underway equities opened deep in negative territory,
with JPY the main beneficiary amid the risk averse theme.
- GBP continued sub $1.33 with losses of 3.75% in May and is on course for its
biggest monthly fall since June 2016 (-8.09%).
- EURUSD is currently showing losses of 4.23% on the month and is on course to
register its 7th consecutive weekly fall. Last $1.1535.
- Weaker oil prices amid a stronger USD pressured the commodity space. USDCAD
comfortably held above C$1.30, NZD & AUD suffered too.
- TRY extended gains to TRY4.5352 against the USD after headlines that said
Turkey is ready to raise rates should May inflation rise.
- German state & national CPI the main highlights tomorrow.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.