Morning Report: 07.00 London
This morning, the dollar is back in control amid general uncertainty in other safe haven regions.
The AUD/ USD is weak again for the second straight day as Chinese stock markets slump and Australia catches a cold by proximity.
The euro is holding up ok following ECB President Draghi’s speech which highlighted price pressures across Europe. The EUR/USD is making tentative losses after a volatile session yesterday. The EUR/JPY continues to make gains, with the pair set to challenge the highs once again. This says more about yen weakness than euro strength. The EUR/GBP is unchanged after pressure yesterday as the pound found some of its mojo. The biggest gains for the euro have come against the Swiss franc, with the EUR/CHF rising as the Swiss falls under favour.
The GBP/USD put in a good showing yesterday after Friday’s significant losses. The downtrend is continuing this morning though. The GBP/JPY is continuing to recover from Friday’s losses.
The swiss franc continues to struggle against the weight of the US dollar, with the USD/CHF rallying.
The USD/CAD is continuing its rebound as the dollar regains its poise.
The USD/JPY continues to perform well as yen interest diminishes.
Coming up today
Coming up today, we have MPC member Vliegh speaking at 09.40.
At 15.00, we have CB Consumer Confidence.
The Japanese economy continues to plod amid fears of productivity slumps towards the end of Abe’s premiership.
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