A mid-session wrap: GBP has been a notable underperformer - Scotiabank
|Analysts at Scotiabank offered a mid-session wrap.
Key Quotes:
"GBP has been a notable underperformer, reaching a fresh 11-month low on the rising prospect of a no-deal Brexit while JPY is outperforming on the back of a continued reassessment of BoJ policy."
"Stronger than expected trade volume growth figures from China have provided for stabilization in AUD and NZD and appear to be offsetting the impact of the most recent escalation in the U.S.-China trade dispute."
"CNY and CNH are showing signs of renewed weakness following their recent positioning adjustments and MXN is consolidating just below Tuesday’s multi-month high."
"Global equity indices are mixed and U.S. equity futures are unchanged."
"Developed country bond yields are also quiet, with the exception of Italy as BTPs extend their recovery from Friday’s lows."
"Oil prices are consolidating, and copper is soft along with gold and silver."
"Sentiment is likely to remain dominant as market participants respond to ongoing headline risk relating to trade tensions."
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