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Risk assets benefitted as Chinese Pres. Xi....>

FOREX: Risk assets benefitted as Chinese Pres. Xi delivered a very measured
message stressing that China wants to promote global multilateral free trade,
while any criticism of the US was very modest & indirect. This was after
commodity currencies has moved back from Monday's best levels & JPY rallied as
equities pared most of their gains in late US dealing as a report hit revealing
that the FBI has raided the office of Pres. Trump's long-time lawyer Cohen.
- Japanese exporter offers in USDJPY helped to cap the Xi-inspired move higher
in JPY crosses, with talk of offers layered in above 107.30 up to 107.50, with
the pair last trading around its 55-DMA (107.13).
- AUDUSD cleared the 21-DMA (0.7716) & Apr 04 high (0.7727) on the back of Xi's
comments, peaking around 0.7740, aided by AUDJPY bettering resistance at 82.70,
although the Aussie has moved back from best levels. NZD & CAD also gained vs.
USD but lagged the AUD.
- GBP & EUR stuck to their tight ranges vs. USD.
- Risks events on Tuesday include US PPI, comments from ECB's Nowotny & Visco,
BoE's Haldane & Fed's Bostic & Kaplan.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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