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Souring Sentiment Prompts Further Haven Demand

FOREX
  • A volatile Thursday for G10 currencies where safe haven demand continued to dominate the price action.
  • In particular, JPY and CHF were favoured, with some significant intraday moves in the crosses.
  • USDJPY had a large 117 pip range after breaking the most recent lows through 110.40 during European hours. A quick acceleration down to 109.80 was briefly consolidated before extending throughout the US session to print fresh lows at 109.53. A small recovery after the WMR fix, sees the pair around 109.85 heading into the close. USDCHF remains 1.04% lower.
  • With the move very much tied to risk sentiment waning, AUD, NZD and CAD all suffered.
  • NZDJPY has had the most significant move, down 1.69%, closely followed by AUDJPY, down 1.37% amid the pressure in equities.
  • EURUSD performed well, rising back above the 1.18 mark and gradually climbing around half a percent on the day to near 1.1850. Once again strong demand for EUR crosses, particularly against NZD and AUD, explain the outperformance.
  • Despite oil snapping its losing streak, EURNOK gained a further 1.25% to trade above 10.40 for the first time since early March.
  • On Friday, markets will await the rescheduled ECB Monetary Policy Meeting Accounts, however, Canadian Employment will headline the data docket.
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