This morning, emerging market currencies remain under severe pressure as Turkey moves to soothe world markets. The Turkish contagion is spreading to the Rupee and Rand as investors take fright and move to safe havens in Asian and America.
The Japanese yen continues to draw in volume as traders bet on further turmoil, with the biggest loser so far today, down 0.77%. Other yen pairs are not far behind, with the AUD/JPY off 0.75% and the GBP/JPY% down 0.68%. The USD/JPY is holding up only slightly better, with losses of 0.60%. The GBP/JPY remains the worst performing major pair, but the EUR/JPY has caught up quickly with rapid losses in the past week.
The EUR/GBP is making small gains this morning though, following two days of hefty losses last week.
The dollar pairs have gapped lower this morning, with the EUR/USD continuing its three day losing run. The AUD/USD has also slumped, while the GBP/USD is set for eight days of poor trading.
Coming up today
There are no economic items of note this morning.
Trade Idea
The Swiss franc continues to prove popular as a safe haven, with the USD/CHF remaining rangebound with small losses this morning. Some of the more consistent losses this month have come on the EUR/CHF which has gapped lower this morning.
Morning Report: 07.00 London
This morning, emerging market currencies remain under severe pressure as Turkey moves to soothe world markets. The Turkish contagion is spreading to the Rupee and Rand as investors take fright and move to safe havens in Asian and America.
The Japanese yen continues to draw in volume as traders bet on further turmoil, with the biggest loser so far today, down 0.77%. Other yen pairs are not far behind, with the AUD/JPY off 0.75% and the GBP/JPY% down 0.68%. The USD/JPY is holding up only slightly better, with losses of 0.60%. The GBP/JPY remains the worst performing major pair, but the EUR/JPY has caught up quickly with rapid losses in the past week.
The EUR/GBP is making small gains this morning though, following two days of hefty losses last week.
The dollar pairs have gapped lower this morning, with the EUR/USD continuing its three day losing run. The AUD/USD has also slumped, while the GBP/USD is set for eight days of poor trading.
Coming up today
There are no economic items of note this morning.
Trade Idea
The Swiss franc continues to prove popular as a safe haven, with the USD/CHF remaining rangebound with small losses this morning. Some of the more consistent losses this month have come on the EUR/CHF which has gapped lower this morning.
A good way to play this is a Lower trade predicting that the EUR/CHF will close below 1.1300 in 14 days for a potential return of 137%.
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