U.S. Dollar Outlook as Trade War See-Saw ContinueUpdated 09:17AM 26/09/2019
NZD and JPY are the top G10 FX gainers today, up 0.35% and 0.13% vs the dollar while GBP and CHF are the top losers, down -0.17% and -0.17% vs the dollar.
Risk sentiments improved after U.S. President Trump said a trade deal could happen sooner than expected and that China is making big agricultural purchases from the U.S. That said, the risky assets are still vulnerable amid an uncertain global outlook and we expect the dollar to keep firm heading into the weekend.
Elsewhere, the Reserve Bank of New Zealand Governor Adrian Orr said "our current view is that we are unlikely to need unconventional monetary policy tools. But we would be remiss not to be prepared". In our view, NZDUSD upside should be limited given uncertain global outlook, that said, an upside versus the Aussie may continue.
In the Asian equities space, the Nikkei 225 closed up 0.13% at 22,048.24, Hang Seng closed 0.37% at 26041.93 and Kospi ended 0.05% at 2074.52. The European equities were trading firm with the FTSE up +0.8% at 7348.52, DAX up +0.44% at 12287.82, and CAC up +0.7% at 5623.01. In the rates market, global yields were trading mixed; the US 10-year yield was trading at 1.7043% and the Bund 10-year yield trading at -0.576%. In the energy space, the Brent (front month) is trading down (-0.08%) for the day at $62.34.
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Daily Pivots for Key Currency Pairs
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Major Currency Pairs
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