US FX Handover: Yen Rallies in Risk-Off Trade
Matt Weller, CFA, CMT May 7, 2019 4:00 PM
See a summary of the top FX themes and trends from today's US session!
- US stock indices sold off sharply on US-China “trade war” worries - Chinese Premier Liu He will join China’s delegation for high stakes trade negotiations in Washington DC on Thursday.
- The safe haven yen was the strongest major currency, taking USD/JPY to its lowest level since March near 110.20. The Aussie also fell after the RBA opted not to cut interest rates.
- The loonie was the weakest major currency on the back of weakness in oil, with sterling also falling cross-party Brexit talks stall.
- The RBNZ meets tonight, with OIS markets pricing in a 40% chance of a rate cut – see our full preview.
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