- RBNZ lit a match under volatility by cutting rates to a record low of 1.5%. However, hints that 1.5% could be the floor (for now) saw the Kiwi par losses, although it remains the weakest major of the session.
- Weak data from China saw a further surge for the yen during another risk-off session. Chinese companies are reported to have defaulted on bonds 3.4x the pace of 2018, just 4-months into the year. Exports were also down to 3% YoY from 21.3% prior, placing JPY as today’s strongest major once more.
- Index futures are broadly lower with sentiment with Japanese equities leading the surge. Gold has teased an 8-day high, USD/JPU extended losses below 111 resistance with GBP/JPY and CAD/JPY teasing key support levels. Outside NZD and JPY, FX markets are mostly in holding patterns ahead of key trade talks in Washington today, allowing USD/CNH to coil within a key range ahead of the meetings.
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