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The implementation of the latest round of.....>

FOREX
FOREX: The implementation of the latest round of tariffs in the Sino-U.S. trade
war, coupled with the re-escalation of tensions in Hong Kong, set the tone in
early trade this week, with risk proxies on the back foot & safe havens
benefitting. Although a stronger than exp. China Caixin m'fing PMI print helped
to counter some of the -ve sentiment. NZD found itself at the bottom of the G10
FX table against this backdrop, but NZD/USD failed to retest the cycle lows that
were printed last week. JPY has pulled back from best levels, with USD/JPY
printing at Y106.20 at writing, after having a look back below Y106.00.
- EUR/USD failed to break back above $1.10 after the weekly close below the
psychological level, even after the AfD party failed to triumph in two regional
elections in Germany (although it did register a notable lift in support).
- GBP showed little sensitivity to the latest raft of Brexit news flow.
- EM FX saw focus fall on the Argentine Peso after Argentina imposed capital
controls over the weekend.
- Looking to the remainder of today's session, global m'fing PMIs provide the
highlights, with the U.S. & Canada observing the Labour Day holiday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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