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Risk-off is the order of the day in early.....>

FOREX
FOREX: Risk-off is the order of the day in early Europe. It appears we're seeing
the first babysteps of what could become (but isn't quite yet) a trade war
between the US and others. China outlined $3bln worth of tariffs to counter US
measures outlined earlier this week. USD/JPY dropped below Y105 and remains
there in early Europe for the first time since late 2016. CHF is also gathering
pace early doors on the safe haven play. 
Short tenor vols are marching higher, USDJPY 1m implied vols touched the highest
since Mar8 alongside the slide in the Nikkei 225 which, at one point, traded
lower by 4.8%.
Canadian CPI & retail sales, US durable goods orders & new home sales the only
real data to finish off the week.

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