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FOREX: Turkey trouble trips euro, boosts safe havens
-Another session of risk-off sentiment courtesy of the Turkish authorities saw
TRY, MXN, INR and BRL touch fresh lows as USD/TRY confirmed the break above
7.00. While developments are few and far between, EUR/USD and GBP/USD have held
their recent ranges and confirmed JPY and CHF at the top of the G10 FX pile
-The USD index's brief rise to 2018 highs kept any and all recoveries in EUR/USD
and GBP/USD capped, leaving short-term focus on recent lows and any further
contagion from Turkey.
-The risk-off sentiment saw AUD/JPY break to levels not seen since 2016, with
soggy commodities markets also helping put AUD, NZD and NOK at the foot of the
-Over-arching USD strength saw USD/CNH creep back towards the August highs and
ever-closer to the so-called 'tolerance band' of 7.00. Markets watch for any
-Tuesday sees German GDP, UK jobs data and US import/export price indices.