Risk appetite stutters as reopening far.......>

FOREX: Risk appetite stutters as reopening far from smooth

- Haven FX has started the week well as equities resume their retreat on signs

of a re-emergence of Coronavirus cases in countries and states already well into

the re-opening process. Some of the largest US states reported a further uptick

(namely, Florida, Arizone and Texas) in cases just as the lockdown laws are

rolled off. Most troubling perhaps, are the new outbreaks of cases within Japan

and China, two countries in which the reopening of the economy was seen as going

mostly smoothly.

- As a result, equities are on the backfoot, with European markets off over 2%

at the open. Some of these losses have been pared ahead of the NY crossover, but

US futures are still indicating a lower open today. This has kept AUD, CAD and

NOK under pressure from the off.

- US Empire Manufacturing data could draw some interest later today, with

Canadian manufacturing sales and existing home sales are also on the docket. A

busy week for the Fed begins, with speeches due from Fed's Kaplan and Daly

today.