JPY Dominates FX Majros As Chinese Economic Data Reinforces Global Economic Concerns
Heading into today’s European trading session, the risk tone is cautious following further disappointing economic data from China. Asia-Pacific indices are mixed, volatility measures are mixed, and safe havens are stronger.
Leading Asia-Pacific indices to the upside is the Nikkei 225 at +0.45%, followed by the ASX 200 at +0.25% and the Hang Seng at +0.09%. The Topix and CSI 300 are both negative on the session at -0.05% and -0.99%, respectively.
In the FX complex, it’s JPY and USD leading to the upside, supported by ongoing fears of a global economic slowdown, which were reinforced by disappointing Chinese data to begin the week.
In contrast and leading to the downside are the high-beta currencies, with AUD the session’s laggard. Once again, the prevailing risk tone and global economic outlook are the primary drivers, resulting in AUDJPY tumbling through the 90.00 and 89.00 handles.
Looking ahead, today’s European economic calendar is light on tier one data, keeping the market’s attention focused on the global economic outlook and the prevailing risk tone.
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