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Overview
Monday’s session hinted at some near term relief in risk markets, but Tuesday proved more successful in this respect. Gains in global stocks seen as tentative at best, and looking at levels attained in the respective risk currencies, the FX market is not convinced. USD/JPY was pulled in both directions in Asia, as Nikkei losses (anticipated) were tempered by China actions to halt short positioning in the CNH. Tightening the spread against the CNY, we saw the onshore rate briefly in favour both overnight and in London. The JPY spot rate however, was well offered ahead of 118.00 despite near term stock market stability, holding comfortably below here through to the London close. GBP was again a big loser on the day. Although EUR/GBP struggled to match the Monday highs at .7554, Cable took out1.4400 with UK manufacturing/industrial stats showing contraction in Nov. Oil managed to hold off $30.0, but ongoing weakness pushed USD/CAD up to new multi-year highs a tick short of 1.4270 and EUR/NOK getting a little closer to 9.7500 (latter retrace dipped back under 9.6000). A brief hit on TRY on news of the Istanbul bombing.
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