Dollar ended last week as the strongest ones, mainly due to weakness elsewhere. Worries of global slowdown, or even recession, sent Germany and Japanese stocks sharply lower. Global treasury yields also tumbled on safe haven demand. Adding to that, renewed concern over re-escalation of US-China trade war also weighed down on sentiments. Yen and Swiss Franc followed as the next strongest. Commodity currencies ended as the weakest ones with Australian Dollar leading the way after RBA put rate cut back onto the table. New Zealand Dollar was pressured by job data miss. Canadian Dollar was helped by strong job data but the impact of offset as oil price gyrated lower. Euro and Sterling were not much better. In particular, slowdown in Eurozone seems to be more serious that expected after EU's steep growth outlook downgrade. Looking ahead, never-ending Brexit and US-China trade talks will remain the focus. In addition, GDP from UK, Japan, Germany and Eurozone will be particularly watched to gauge the condition of the economy. |
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