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Overview
An extremely quiet session on Monday, certainly when compared to that seen last week. Theabsence of the US largely behind this. Nevertheless, low volatility trade will have been welcomed, and nowhere more so than in the JPY rates, where spot found decent offshore demand from the low 113.00’s in Asia, trading back through 114.00 in London. This went along with the general improvement in the risk mood, where Euro bourses showed decent gains across the board and S&P futures up 30pts at one stage. AUD (and NZD) well supported through the day despite modest USD gains against the EUR and GBP, though EUR/USD was further hit by the Q&A session at the EU parliament at which Draghi was speaking. Comments that ECB progress on inflation was ‘less satisfactory’ was the catalyst for a spot push through 1.1150 while EUR/GBP took out support ahead of .7700, with modest follow on sales through the figure seen since. Oil has been recovering steadily. CAD gains look exhausted at circa 1.3800 levels, but enough to pull MXN back through 19.0000. The offshore and onshore CNH/CNY rates both sub 6.5000, though more downside left if sentiment remains stable.
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