- Talks continued to appear deadlocked, with the US seeking promises of concrete changes yet China saying it would not swallow any “bitter fruit” which would harm its interest. The Yuan continued to weaken and saw USD/CNH rally to a 4-month high during its second most bullish session this year.
- The lack of a trade agreement weighed on sentiment again which saw JPY attract safe-haven flows across the board and commodity currencies remained under pressure, with AUD and NZD leading the declines. Asian equities also felt the strain and index futures point broadly lower. Although lack of general news flow meant there’s little else to focus on other than deadlocked trade talks.
- On the data front, Australian housing finance fell -2.5% (2% prior) adding to the growing list of weak data for the sector. AUD/USD touched a 2-day low and remains the weakest major of the session, whilst AU 5 and 10yr bond yields touched a fresh record lows.
The Week Ahead: US-China trade impasse and handful of macro pointers
Weekly COT Report: Bulls Trim USD Exposure
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