FX Update: Safe haven positioning were unwound
FX Update: Safe haven positioning were unwound some today, which saw the Dollar and Yen traded softer against most other currencies after Ankara managed to halt the rout of the Lira, which in turn brought a reprieve in still-fragile global markets. Most stock markets found a footing in Asia, and S&P 500 futures are showing a 0.3% gain, reversing most of yesterday's regular-session's losses, though Chinese market were an exception, declining after a batch of economic data showed the economy to have hit a rough patch, while investment growth was shown to have reached a record low. EUR-USD settled around the 1.1400 mark, above yesterday's 13-month low at 1.1365. USD-JPY recouped back toward the 111.0 level after posting a seven-week low at 110.11 yesterday. The PBoC set the reference rate for USD-CNY at 6.8695, versus 6.8629 yesterday. Chinas statistics bureau said that the weaker Yuan, which has declined the most against the Dollar since April on record (in the era of the prevailing regime), and perhaps aiming to counter the wrath of President Trump, was a reflection of the Fed's tightening cycle. AUD-USD firmed above 0.7770, finding a footing after three consecutive days of declines. Australia data showing business confidence rising provided the Aussie a supporting influence.