The Japanese yen remains in favour amid a general flight to safety. Markets remains spooked by the prospect of a global trader war and confusing US messages over the treatment of foreign investments. The USD/JPY continues to drop from the highs as the yen takes control.
The AUD/JPY continues to suffer as the Australian dollar is caught out in fall out surrounding China’s prospects. The AUD/JPY is trading just above the 81.00 level. The GBP/JPY and EUR/JPY are holding up relatively well by contrast.
The US dollar is also losing ground to the safe haven of the Swiss franc, with the USD/CHF continuing to slip lower.
Generally, dollar pairs have a positive bias by contrast, with the GBP/USD and EUR/USD climbing higher. The AUD/USD is unchanged and struggling though.
Gold continues to sell-off, slipping towards the $1260 level.
Coming up today, we have MPC member Haskel speaking at 10,00, alongside MPC member
US Consumer confidence is at 15.00.
FOMC member Bostic speaks at 18.00.
The Swiss franc is picking up the pace again as traders seek out safe harbours. With the dollar struggling, there’s further downside potential for the USD/CHF.