- Risk-ON day saw European stocks and to a lesser degree US index futures stage sharp rally. Sentiment was partially boosted by speculation that there will be even looser central bank policy later this year with the odds of a rate cut increasing in the US while the probability of a rate increase is falling sharply in the Eurozone amid soft data and Brexit uncertainty, among other risks. In addition, China’s commerce ministry tried to calm nerves by suggesting differences with the US should be “resolved through dialogue and negotiations”
- EUR/USD’s rally came to a halt as Eurozone inflation cooled according to latest CPI data, boosting speculation that the ECB will deliver a dovish statement and press conference on Thursday.
- AUD/USD and other Aussie crosses saw minimal moves in response to the RBA’s interest cut, a decision which was widely expected.
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