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Tumultuous Asia session boosts JPY, dents.....>

FOREX
FOREX: Tumultuous Asia session boosts JPY, dents equities
-Despite efforts earlier in the week to underpin sentiment and protect domestic
investors, markets soured overnight, with Chinese markets hit the hardest.
Mainland markets in China, Hong Kong and Japan fell well over 2% apiece, helping
rejuvenate the JPY and pulling USD/JPY back toward Y112. CHF followed JPY higher
also, rising against most others in G10.
-After a torrid Monday, GBP is recovering somewhat, but markets still have a
long way to go before recouping even half of yesterday's losses. GBP/USD briefly
showed above $1.30 but markets clearly remain happy to sell rallies in the
currency.
-NOK suffers amid a mixed commodities markets Tuesday: oil and energy prices are
falling across the board, while precious and industrial metals gain, meaning
commodity-tied FX is very mixed. As a result, AUD/NOK is trading well.
-Data is few and far between Tuesday, with attention on speeches due from BoE's
Carney and Haldane and Fed's Bostic, Kashkari and Kaplan. Earnings reports
include McDonalds, 3M, Verizon, Caterpillar, Lockheed Martin and United Tech.
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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