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Risk Assets Pressured After Chinese Inflation Prints

CROSS ASSET

Risk sentiment has been pressured in recent dealing after the Chinese PPI & CPI prints were softer than forecast.

  • AUD is down ~0.2% last printing at $0.6675/80, we remain well above support at $0.6596 the low from June 29. NZD/USD is also down ~0.2% and sits a touch below the $0.62 handle, support comes in at the 20-Day EMA ($0.6161).
  • USD/CNH has pared losses to sit flat on the day, early positive impetus to CNH came from the better equity market tone, particularly in HK led by Alibaba.
  • US Equity futures are pressured e-minis are down ~0.2%, the Hang Seng is off session highs sitting up ~1.5%.
  • US Tsys are marginally pressured sitting at session lows. The Tsy curve has bear steepened.
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