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CAD Recovery Stemmed; RUB, MXN, ZAR Also Off Better Levels

CAD Recovery Stemmed; RUB, MXN, ZAR Also Off Better Levels

Not so much a risk-on day, but one which enjoyed some stability before both stocks and oil came off their highs; the US indices opening in the red. Asia and early London saw both WTI and Brent in the mid USD 32.0’s, propping equity markets, but failed to hold onto these levels and settling back into a tight range either side of USD 31.0.

The CAD recovery has been stemmed as a result, with the spot rate holding off 1.4100. RUB, MXN and ZAR also off better levels. USD/JPY held a tight range in the lower 118.00s throughout most of the London session, but along with the cross rates, was given a modest boost as sources claimed fresh stimulus measures at the BoJ this week will be a close call. Asia highs were not tested however. EUR/USD continued to dig in ahead of 1.0800, despite a number of attempts on the figure. A risk-off upturn is favoured here despite ECB ‘intentions’. German IFO was softer all round but failed to get a reaction from any of the EUR pairs. EUR/CHF still grinding higher, posting fresh higher ever closer to 1.1000 (1.0994). The heavy GBP tone subsiding for now, but no sign of a runaway recovery here.

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