Title - Brexit, Trade Deal and Forex Outlook
Created 10/11/2019 at 09:25AM
GBP and AUD are the top G10 FX gainers today, up 0.68% and 0.47% vs the dollar while CHF and USD are the top losers. The Australian dollar rose as investors sought risky assets in hopes of a U.S.-China trade deal and orderly Brexit by the end of the month. U.S. President Donald Trump said U.S.-China negotiations were progressing "very, very good" and this provided some respite to markets.
The rally in British pound has stalled a little after EC President Donald Tusk said that the UK hasn't come up with a "realistic and workable" plan to resolve the Brexit deadlock. The rally in Sterling was seen after meeting between British Prime Minister Boris Johnson and Irish Prime Minister Leo Varadkar went well and it became apparent that a Brexit deal could be sealed by the end of the month. In the Asian equities space, the Nikkei 225 closed up +1.15% at 21,798.87, Hang Seng closed 2.34% at 26308.44 and Kospi ended 0.81% at 2044.61. The European equities were trading mixed with the FTSE -0.04% at 7183.75, DAX 1.66% at 12365.91, and CAC 1.05% at 5627.68.
In the rates market, global yields were trading firmer; the US 10-year yield was trading at 1.6716% and the Bund 10-year yield trading at -0.476%. In the energy space, the Brent (front month) is trading up (1.56%) for the day at $60.02.
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