EU FX Handover: Risk Off Prevails

  • Markets remain in “risk off” mode with geopolitical risks on the rise. Stock indices, oil, copper and commodity currencies were all out of favour. GBP was the weakest amid raised Brexit uncertainty. Finding support were gold, yen and haven government bonds. Gold was testing the $1300 handle again .
  • US-China trade tensions remain in focus with China’s foreign ministry today saying Beijing will respond with countermeasures to US “bullying.” Tensions are also rising between the US and Iran, while in Europe Matteo Salvini, leader of Italy's populist League Party, said his country is ready to break EU fiscal rules governing the size of its budget deficit.
  • Poor Chinese data and not so great eurozone numbers have raised fears over demand. US retail sales were also poor.

Related tags: Forex

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