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20 May 2015
USD strength continues over DM and EM FX – TDS
FXStreet (Barcelona) - Paul Fage, Senior Emerging Markets Strategist, TD Securities, summarizes the performance of developed and emerging market currencies and fixed income during the European trading session.
Key Quotes
“Ahead of the Fed minutes out later today, general USD strength continues, with DXY up 0.2%. EUR, AUD, NZD and JPY are all weaker, the latter in spite of better than expected Japan Q1 GDP data. However, GBPUSD is small up, even though BoE minutes were much as expected.”
“In EM FX, general weakness against USD. The big mover is USDRUB, up 1.0%. RUB has been performing strongly over the past few days in spite of weakening oil prices. Negative political rhetoric out of Kiev and Moscow over the past 24 hours seems to have provided the trigger today for RUB to weaken, even though oil is up on the day. South Africa CPI was a bit below expectations, but had little impact on USDZAR. Asian FX weaker with IDR, KRW and MYR down 0.6% to 0.7% against USD.”
“FI mixed: 10y bunds –0.2 bps, 10y gilts +3.9 bps, and 10y UST –1.9 bps. Asian equities mostly better: Nikkei +0.85% (helped higher by Q1 GDP data), Shanghai +0.65%, and Sensex +0.7%. European stocks are mixed. While Brent is up 1.3%, base metals are weaker and precious metals stronger.”
Key Quotes
“Ahead of the Fed minutes out later today, general USD strength continues, with DXY up 0.2%. EUR, AUD, NZD and JPY are all weaker, the latter in spite of better than expected Japan Q1 GDP data. However, GBPUSD is small up, even though BoE minutes were much as expected.”
“In EM FX, general weakness against USD. The big mover is USDRUB, up 1.0%. RUB has been performing strongly over the past few days in spite of weakening oil prices. Negative political rhetoric out of Kiev and Moscow over the past 24 hours seems to have provided the trigger today for RUB to weaken, even though oil is up on the day. South Africa CPI was a bit below expectations, but had little impact on USDZAR. Asian FX weaker with IDR, KRW and MYR down 0.6% to 0.7% against USD.”
“FI mixed: 10y bunds –0.2 bps, 10y gilts +3.9 bps, and 10y UST –1.9 bps. Asian equities mostly better: Nikkei +0.85% (helped higher by Q1 GDP data), Shanghai +0.65%, and Sensex +0.7%. European stocks are mixed. While Brent is up 1.3%, base metals are weaker and precious metals stronger.”