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Price action in late Asia & early European....>

FOREX
FOREX: Price action in late Asia & early European dealing was dictated by the
BOJ's policy decision, but this all changed after Bloomberg reported that
representatives from both the U.S. and China are attempting to re-engage stalled
negotiations to avert the next wave of U.S. tariffs (and potentially an
out-and-out trade war). This prompted a CNH rally of over 1% against the USD,
which dragged the AUD with it, as the Aussie quickly became the best performer
in G10 FX. AUD/USD bulls need a close above the 50-DMA ($0.7462) to open up the
next leg higher.
- USD/JPY extended its BOJ-triggered rally through the U.S. trading session,
buoyed by stronger global equity markets, and prompted JPY shorts to re-focus on
the recent Y113.17 high.
- Both EUR & GBP traded with little direction, with the latter keeping a close
eye on market expectations for Thursday's BoE rate decision.
- Wednesday sees the beginning of a new month, a slew of manufacturing PMIs, the
NZ labour market report & U.S. ADP Employment Change, as well as policy
decisions from both the Fed and the Reserve Bank of India.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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