Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Fresh Weakness In CNH, AUD Under Pressure

Published 02/02/2016, 11:07 AM
Updated 07/09/2023, 06:31 AM

It is another day of gloom in the stock markets, after what was a relatively steady session in Asia. Oil price slippage was again the catalyst for today’s negative sentiment, with the familiar risk pairings taking the brunt of the hit. USD/JPY losses in Asia stabilised in the mid 120.00s in early London, but extended through these levels to line up a potential test on 120.00. Large vanilla expiries seen here over the next 2 days, adding stop loss momentum if we break below here. Fresh weakness in CNH. AUD was under pressure all day, having a short lived relief rally after the no change RBA call. Support levels ahead of .7000 tested, but support noted here. The Fonterra auction saw the WMP index fall 10.4%, but NZD seemed to take this in its stride. CAD losses were well contained despite the focus on oil again, but looking pressured again. A good day for GBP with overnight cable highs pushing further into the 1.4400s and EUR/GBP dipping below .7550. EU draft proposals for the UK offered an ‘emergency brake’ on benefits to migrant workers, but EU leaders still need to vote on this. Nevertheless, concessions to the UK were well received by GBP markets. EUR gains against the USD seem to be a given when stocks tank, today was no different. EUR/CHF buying also contributing to gains here; the SNB Jordan reiterated an overvalued CHF to confirm suspicions of central bank ‘actions’.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.