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

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.