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No Brexit Alternative Gains Majority, AUD Slides on RBA

JFD

Markets continued trading in a “risk on” mode, perhaps due to the easing fears over a global economic downturn, as well as “further progress” remarks after last week’s round of US-China trade talks. The pound came under selling interest, as UK MPs failed once again to break the Brexit impasse. The Aussie tumbled during the Asian morning today after the RBA adopted a softer language in the statement accompanying its monetary policy decision.

Markets Stay “Risk On”, UK MPs Fail Again to Break Brexit Deadlock

The dollar traded higher against most of the other G10 currencies on Monday, as reduced concerns about the global economy pushed US treasury yields higher. It underperformed only against GBP and CAD, while it was found virtually unchanged versus NOK. The greenback gained the most against NZD, AUD, CHF and EUR in that order.

Although the risk-linked currencies NZD and AUD traded on the back foot, the broader market sentiment continued to be supported on Monday and this is evident by the performance of...

Read the full financial markets weekly outlook on JFD Research.

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Source: https://www.jfdbank.com/en/research/no-brexit-alternative-gains-majority-aud-slides-on-rba
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