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OVERVIEW Investor pour flows into traditional safe-haven assets Euro drops below 1.12 handle over fears of a recession. WTI Crude oil drops for the second day in a row after Chinese declarations of trade policy intentions. HIGHLIGHT The British Pound continues to make a steady recovery against the greenback. Read more
A revival in risk-off positioning saw the Yen more than recover losses seen earlier in the day, while S&P 500 went from showing a 0.7% gain to a 0.6% loss in overnight trading. Beijing's vow to take "necessary countermeasures" rekindled investor anxiety, offsetting President Trump's decision to delay the latest earmarked tariffs to December from September. Read more
The Aussie Dollar rallied on Australian employment data, which expanded by 41k, well up on the median forecast for a 14k rise and with full-time positions making up a solid 34.5k of the total. Despite a 2.8% closing loss in the local ASX equity index, which markedly underperformed other Asian indexes, the data catalyzed a short-covering reaction in the forex market, lifting the recently heavily shorted AUD-USD pairing and AUD-JPY cross. Read more
The Dollar was mostly firmer in N.Y. on Wednesday, with severe risk off conditions helping the USD and JPY. Wall Street melted down as the 2-10 year Treasury curve inverted for the first time since 2006, indicating heightened risk for a recession at some point in 2020. Read more
OVERVIEW Gold consolidates near its highest level since April 2013 over a global economic slowdown. USD/CAD is toying with the upper range of 1.32-1.33 over weak oil prices. Read more
OVERVIEW Gold consolidates near its highest level since April 2013 over a global economic slowdown. USD/CAD is toying with the upper range of 1.32-1.33 over weak oil prices. Read more
OVERVIEW Gold consolidates near its highest level since April 2013 over a global economic slowdown. USD/CAD is toying with the upper range of 1.32-1.33 over weak oil prices. Read more
OVERVIEW Gold consolidates near its highest level since April 2013 over a global economic slowdown. USD/CAD is toying with the upper range of 1.32-1.33 over weak oil prices. Read more
The Yen rallied during the London morning session, recouping a portion of the losses seen yesterday after President Trump's partial de-escalation of his trade war with China. Data showing the slowest rise in Chinese industrial production in 17 years, along with a -0.1% q/q print in German Q2 GDP, spooked markets anew, sparking a sharp downward turn across European equity bourses and in S&P 500 futures. Read more
Consolidation has been ensuing so far today among the main currencies, which follows the bout of risk-off-reversal positioning during yesterday's London afternoon session after President Trump announced a delay in new tariffs on Chinese goods imports. Read more
