Title - Sterling Weak Here is What Could Lift It
Created 10/08/2019 at 09:17AM
NZD and SEK are the top G10 FX gainers today, up 0.54% and 0.4% vs the dollar while GBP and USD are the top losers. The U.S. dollar continued its recent correction with the rally in the Asian equities helping the risky currencies such as the New Zealand and Aussie Dollar. Overall the risk sentiments were improving thanks to the dip in market volatility this week. That said, the Sino-China trade war is still a concern and USD positions are still long heavy.
British Pound dipped to a three-week low versus the euro as concerns over a no-deal Brexit resurfaced. There are still wide differences between the U.K. and the EU over the Irish Backstop issue. In our view, any news on Irish PM willing to discuss Britain's proposal will be positive Sterling.
In the Asian equities space, the Nikkei 225 closed up 0.99% at 21,587.78, Hang Seng closed 0.28% at 25893.4 and Kospi ended 1.21% at 2046.25. The European equities were trading mixed with the FTSE 0.07% at 7202.81, DAX -0.3% at 12061.13, and CAC -0.32% at 5503.67. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.5494% and the Bund 10-year yield trading at -0.581%. In the energy space, the Brent (front month) is trading up (0.48%) for the day at $58.63.
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