EURO Slides on ECB Rate Cut Expectations, British Pound Weighed Down by Political UncertaintyUpdated 09:27AM 03/09/2019
AUD and JPY are the top G10 FX gainers today, up 0.21% and 0.17% vs the dollar while GBP and SEK are the top losers, down -0.63% and -0.49% vs the dollar.
The Euro fell to a 28-month low versus the dollar as the market priced in further cuts to the interest rates by the ECB. There is now an 83% probability that the ECB will cut the benchmark rate by 20 bp next week.
The British Pound was trading below the $1.20, a three-year low, as chances of another general election rise. Elsewhere, AUD caught a bid after RBA failed to cut interest rates at the monetary policy meeting.
In the Asian equities space, the Nikkei 225 closed +0.02% at 20,625.16, Hang Seng closed -0.39% at 25527.85 and Kospi ended -0.18% at 1965.69. The European equities were trading weaker with the FTSE down -0.14% at 7271.92, DAX down -0.5% at 11893.86, and CAC down -0.6% at 5460.25. In the rates market, global yields were trading mixed; the US 10-year yield was trading at 1.4775% and the Bund 10-year yield trading at -0.738%. In the energy space, the Brent (front month) is trading down (-0.8%) for the day at $58.19.
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