UK May Eventually Give up on Brexit

UK May Eventually Give up on Brexit

UK May Eventually Give up on Brexit

Asian equities traded higher in the wake of the positive Wall Street lead, although gains in the Nikkei 225 were capped by a firmer JPY

•    In FX, USD remained subdued following yesterday’s weak data releases, while a lack of participants and data points in Asia kept price action contained
•    Looking ahead, highlights include Russian Interest Rate Decision, US CPI, U. of Michigan Consumer Sentiment and Baker Hughes Rig Count Data and Comments from BoE’s Forbes

ASIA

Asia equity markets traded higher following the positive lead from Wall St. where tech outperformed after continued strength in Apple shares, while poor Industrial Production and Retail Sales figures further dampened the likelihood of a Fed hike next week.

The ASX (+0.9%) and Nikkei (+0.3%) took the impetus from the firm US close with energy outperforming in Australia following a rebound in the complex, while gains in Japan were capped by a firm JPY.

The remainder of the region was quiet with China, Hong Kong, Taiwan, Malaysia and South Korean markets all shut for public holidays. 

The Bank Of Japan is said to be split over monetary easing program, with some of the board thinking there should be more flexibility in bond purchases. 

EUROPE

ECB's Weidmann stated that he forecasts inflation in-line with ECB target by the end of 2018 and also stated that there is risk banks could be politically pressured to keep rates low for too long. 

U.K

Some members of the EU are said to believe that the UK may eventually give up on Brexit if negotiations are difficult enough. 

FX

USD remained subdued following yesterday’s weak data releases, while a lack of participants and data points in Asia also kept price action light.

This saw commodity currencies hold on to the prior session’s gains with AUD/USD and NZD/USD holding above 0.7500 and 0.7300 respectively. USD/JPY saw choppy price action with initial pressure seen as the pair broke below the 102.00 handle, but then attempted a recovery.

COMMODITIES

WTI crude futures were subdued overnight, after prices failed to hold above USD 44/bbl level. Elsewhere, Gold (-0.1%) and copper saw uneventful trade amid a lack of participants with the precious metal remaining around 2-week lows, while copper held onto marginal gains amid positive risk sentiment in a holiday-thinned session.

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