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Risk Off leads cross Assets

FOREX
  • All the action has been in the Swissy this morning in FX, with the currency extending gains across the board this morning, a continuation from yesterday, after SNB Jordan noted that the SNB is ready to act if inflation pressures continue.
  • Risk off tone this morning has also provided further strength for the CHF.
  • The currency lead against the USD up 1.12%%, with next support now seen towards 0.9785.
  • Below the latter, opens to 0.9733, the 38.2% retrace of the March/May rally.
  • The USD trades in the red today, taking its cue from the lower yield, as investors move into safer Haven, on the back of the risk off tone.
  • US Retailers warned of rising cost pressures yesterday, and Global inflation concerns have put pressure in Equities.
  • Looking ahead, there's no market moving data of note.
  • Focus turns to the ECB Accounts (minutes).
  • Speakers include, ECB Guindos, de Cos, Holzmann, Riksbank Floden, and Fed Kahskari
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