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EU FX Handover: Risk Remains Off the Menu

  • NZD has been replaced by the pound as the weakest major currency so far in the day. The JPY was the strongest, followed closely by the EUR.
  • RBNZ cut rates to a record low of 1.5% but the kiwi was able to trim its losses quickly after the central bank hinted that 1.5% could be the floor (for now).
  • Overall, FX markets are mostly in holding patterns ahead of key trade talks in Washington between Chinese and US representatives, with haven currencies mostly on the front foot.
  • Elsewhere, gold has extended its gains for fourth day on US-China trade concerns but it was still holding below its bearish trend line; bond yields were trending lower, and US index futures pointed to a weaker open on Wall Street following heavy losses the day before.


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