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Sanguine start with a cautious tone -Core.....>

FOREX
FOREX: Sanguine start with a cautious tone
-Core European equity markets tread water, while US futures point to a slightly
higher Monday open. The US yield curve is generally higher, helping support the
greenback slightly but most currency markets are consolidating. GBP is the
firmest on the day, with traders looking to take profits after a marked downtick
last week. The end of the Conservative Party conference Wednesday is likely to
generate plenty of Brexit noise, with PM Johnson looking to unify the party
behind a collective strategy ahead of the Oct17 EU summit.
-Despite have a rosier end to the week last week, NZD has resumed its downtrend,
hitting fresh YTD lows at $0.6250 as ANZ activity outlook and business
confidence data fell further. NZD/USD bears now eye levels not seen since Q3
2015. $0.6237/44 comes in as first support. NZD's weakness has filtered into the
AUD ahead of the RBA Tuesday, with markets seeing a 25bps trim to rates.
-German preliminary CPI data for September is due as well as MNI Chicago PMI and
Dallas Fed manufacturing numbers. The speaker's slate is quiet, with just
comments from ECB's Rehn on the docket.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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