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Needle Still Points South


Yields Bounce as Equities Make New Monthly Highs


Heading North


Bull Rally Accelerates


Economists Survey Raises 2021 CPI Forecast To 4.9%

FOREX: Risk-off flows crept into the FX space as Japan confirmed further 41
cases of Wuhan coronavirus aboard the cruise ship docked in Yokohama, where some
3,700 crew & passengers are quarantined. There may have been an element of
correction to overnight price action as well. Speeches from RBA Gov Lowe & Fed
Vice Chair Quarles drew some attention, but neither did much to move the needle.
U.S. & Chinese Presidents spoke by phone, reaffirming commitment to their
phase-one pact. Within the G10 basket, safe havens ticked higher & high-betas
were the laggards but most crosses stuck to fairly tight ranges.
- KRW led losses among Asian EMFX, unwinding the bulk of gains registered vs.
USD yesterday. Most regional peers followed suit & struggled for momentum.
USD/yuan edged marginally higher, with participants still on the lookout for
Chinese trade data at typing.
- Other releases of note include U.S. NFP report, Canadian jobs data, Norwegian
GDP, as well as German, French & Norwegian industrial outputs. The Fed releases
its semi-annual MonPol report.
MNI London Bureau | +44 203-865-3806 |
MNI London Bureau | +44 203-865-3806 |