Brexit Delayed and Fed Up Next.
Created 10/29/2019 at 09:55AM
AUD and JPY are the top G10 FX gainers today, up 0.16% and 0.02% vs the dollar while GBP and SEK are the top losers, down -0.37% and -0.29% vs the dollar. The EU agreed for a delay on Brexit until 31st January however, the term "Flextension " has been coined, which means the UK could leave earlier if its parliament agrees on the final terms of Brexit.
Risky assets and currencies were well bid with the AUD rising on hopes of a China-U.S. trade deal. Expectations of the Federal Reserve rate cut this week is also adding to the positive mood.
In the Asian equities space, the Nikkei 225 closed up 0.47% at 22,974.13, Hang Seng closed -0.39% at 26786.76 and Kospi ended -0.04% at 2092.69. The European equities were trading weaker with the FTSE down -0.37% at 7304.51, DAX down -0.14% at 12923.13, and CAC down -0.13% at 5722.93. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.8296% and the Bund 10-year yield trading at -0.35%. In the energy space, the Brent (front month) is trading down (-0.75%) for the day at $61.11.
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