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Relief rally as market tensions ease -A.......>

FOREX
FOREX: Relief rally as market tensions ease
-A modest recovery in risk sentiment defined Asia-Pac and early European trading
today, helping press JPY to be the poorest performer in G10 today and lifting
high Beta FX ahead of the NY crossover. Rumours of official intervention in
USD/CNY through the PBoC helped an early CNY rally and reports in Chinese press
that the country's top trade envoy is headed stateside underpinned.
-AUD, NZD are the top performers of the day alongside hopes of a recovery in the
outlook for global trade, helping NZD/USD to erase the entirety of yesterday's
losses. Similarly, AUD/USD bounced off the $0.7160 50-dma, but there's still a
way to go before regaining yesterday's highs.
-UK jobs data was the calendar highlight, with stronger-than-expected wage data
countered by a modestly rising unemployment rate, resulting in little market
fallout.
-The USD's mixed but generally lower ahead of the first fully attended US
session of the week, with focus on US tech sector performance and Fedspeak via
Kashkari, Brainard and Harker.
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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