Sterling poised as U.K. Avoids a Technical Recession,
Created 11/11/2019 at 10:09AMNZD and JPY are the top G10 FX gainers today, up 0.54% and 0.26% vs the dollar while NOK and SEK are the top losers, down -0.32% and -0.19% vs the dollar. The euro hit a four-week low versus the USD on optimism of a trade deal between China and the U.S. There are hopes both countries will roll back their tariffs to boost an ailing global economy. |
The pound remained unfazed on Monday despite slightly softer than expected GDP numbers. The market was relieved that the U.K. did not hit a technical recession. The focus will turn to General Election but we suspect a slow grind lower ahead of the election. |
In the Asian equities space, the Nikkei 225 closed -0.26% at 23,331.84, Hang Seng closed -2.62% at 26926.55 and Kospi ended -0.61% at 2124.09. The European equities were trading weaker with the FTSE down -0.59% at 7315.91, DAX down -0.27% at 13192.24, and CAC down -0.01% at 5888.86. In the rates market, global yields were trading mixed; the US 10-year yield was trading at nan% and the Bund 10-year yield trading at -0.265%. In the energy space, the Brent (front month) is trading down (-1.25%) for the day at $61.73. |
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