Analysts at TD Securities noted that global trade tensions remain in focus.
"Global trade tensions remain in focus after President Trump threatened new restrictions on Chinese investment in the US, spurring a sharp selloff in North American equities (SPX: -1.3%, TSX: -1.6%) after a similar risk-off session in Europe. Rates saw a more modest reaction to trade threats with USTs rallying by up to 2bps in 5s, while Canadian rates outperformed by 1-2bps across the curve."
"USD started the week on its back foot with EUR (+0.4%) leading the G10 complex after upside on IFO expectations while JPY (+0.2%) continues to fair well in the current risk environment. CAD (-0.2%) remains out of favour with markets amid the focus on trade risks."
"BOE/ECB speakers are the main risk events for Tuesday."
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