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Market Brief
Asia equity markets were generally weaker although a direct catalyst was lacking. The Shanghai composite fell -1.07%, the Hang Seng dropped -0.70% yet the Nikkei rose 0.24%. In the FX markets, USD was marginally softer as US rates eased after the weaker-than-expected ADP report. EURUSD traded in a spikey pattern from 1.0900 to 1.0940. The pair did get a bullish push as German factory orders surged 2.0% m/m (0.3% exp) from revised lower -0.3% m/m. Interestingly, the data showed that German exports to Euro-area was exceedingly strong. Which speaks well for the EA recovery. USDJPY traded down from 124.89 to 124.70. Commodity linked currencies were weaker. Following a mixed employment report (brief reaction spike) AUDUSD traded from 0.7357 down to 0.7322. Australia's July employment accelerated by 38.5k against 10k expected, while the unemployment rate rose unexpectedly to 6.3% against revised higher 6.1% prior read. The GBP was broadly unchanged but volatility is expected to rise considerably given today heavy UK calendar. EURCHF climbed to 1.0691 as suggestions that the SNB is using the thin markets to intervene has traders cutting CHF long positions. Without fears of a Greek crisis and from a relative value standpoint holding CHF against EUR and USD doesn’t look attractive. We anticipate further broad CHF weakness. US rates fell marginally with the 10-year yield dropping to 2.261% after a two day rally. Gold prices continue to be influenced by US rates so the pullback in yields allowed Gold to climb of base support at 1081.15.
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