Title - Brexit Stalemate, Trump Impeachment and Forex Outlook
Created 09/25/2019 at 09:16AM
NZD and CHF are the top G10 FX gainers today, up 0.02% and -0.01% vs the dollar while GBP and SEK are the top losers, down -0.48% and -0.39% vs the dollar.
The U.S. dollar recovered after initially falling on news of a formal impeachment inquiry against Donald Trump. However, sentiments were still weak as the latest China-U.S. trade row continued, hurting the emerging currencies.
Sterling fell once again as the market prepared for more uncertainty on British politics over the coming weeks. UK's Supreme Court had ruled yesterday that PM Johnson had suspended parliament unlawfully. In our view, Sterling is likely to remain vulnerable as the Brexit stalemate is likely to continue.
In the Asian equities space, the Nikkei 225 closed -0.36% lower at 22,020.15, Hang Seng closed -1.28% at 25945.35 and Kospi ended -1.32% at 2073.39. The European equities were trading weaker with the FTSE down -0.86% at 7228.58, DAX down -1.05% at 12177.5, and CAC down -1.42% at 5548.53. In the rates market, global yields were trading mixed; the US 10-year yield was trading at 1.6404% and the Bund 10-year yield trading at -0.618%. In the energy space, the Brent (front month) is trading down (-1.57%) for the day at $62.11.
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