Euro Poised Ahead of ECB, Boris faces Another VoteUpdated 09:10AM 09/09/2019
AUD and NOK are the top G10 FX gainers today, up 0.22% and 0.2% vs the dollar while CHF and JPY are the top losers, down -0.3% and -0.05% vs the dollar.
The Euro remained subdued ahead of the European Central Bank policy meeting on Thursday. The market expects a new wave of monetary policy stimulus with a 20bp rate cut 72% priced in. ECB is also expected to buy government bonds and other European assets. However, whether we will see Euro dip below recent lows will depend on the extent of the unconventional method used by the ECB.
The British parliament will vote once again on whether to hold an early election on October 15 (likely to be defeated once again). PM Johnson will be forced to seek a delay on Brexit but there are murmurs that Johnson will seek a legal alternative to stop the delay in Britain exit from the EU.
In the Asian equities space, the Nikkei 225 closed up 0.56% at 21,318.42, Hang Seng closed -0.04% at 26681.4 and Kospi ended 0.52% at 2019.55. The European equities were trading mixed with the FTSE -0.01% at 7281.59, DAX 0.07% at 12200.25, and CAC -0.11% at 5597.75. In the rates market, global yields were trading mixed; the US 10-year yield was trading at 1.5976% and the Bund 10-year yield trading at -0.596%. In the energy space, the Brent (front month) is trading up (0.41%) for the day at $61.79.
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