2020-09-18 03:20:01 03:20 09/18/20 09/1803:20 09/18/2003:20 | FX Update: The dollar has scraped out a two-day lowFX Update: The dollar has scraped out a two-day low at 92.82 in the narrow trade-weighted (DXY) index, with EUR-USD concurrently pegging a two-day high at 1.1862, gaining quite sharply from yesterday's five-week low at 1.1737. A steadying in stock markets today has seen the dollar ebb back, after finding safe haven demand during the worst of this week's sharp sell-off across global equity markets. The pound has come under modest pressure against most other currencies. Cable posted an intraday low at 1.2941. The WHO is warning of a serious second wave of SARS-CoV-2 in Europe on the back of a surge in new cases (despite data showing continued very low rate of death alongside a relatively low incidence of Covid being listed on the death certificates of those passing from other contagious respiratory disease). In the UK, coronavirus cases and, with it, corona-panic are surging. Localised lockdowns are now affecting 10 million people in the UK, and the government's scientific advisory group are, according to an FT report, advising the government to implement a two-week national lockdown. This is a negative backdrop for the pound, adding to the uncertainty surrounding the Brexit endgame, and with the minutes from the BoE MPC meeting yesterday affirming that the central bank is at full steam on contingency planning for negative interest rates (along stressing that it is not ready to do so yet). Elsewhere, USD-JPY has settled in the upper 104.00s, above the seven-week low seen yesterday at 104.52. Yen crosses have also rebounded out of lows. Both EUR-JPY and AUD-JPY lifted above their respective Thursday highs. Japan's core CPI came in at at -0.4%y/y, matching expectations. |
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Associated British Foods price target raised by 225 GBp at UBS »
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SunPower eliminating 1,000 positions, over 25% of staff »
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Novartis price target raised by CHF 4 at UBS »
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UniCredit price target raised by EUR 3 at UBS »
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Kering price target lowered by EUR 45 at UBS »
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Man Group price target lowered by 15 GBp at UBS »
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Alaska Air call volume above normal and directionally bullish »
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OVH Groupe price target lowered by EUR 2 at Morgan Stanley »
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Kering price target lowered by EUR 40 at Morgan Stanley »
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Energias de Portugal price target lowered by EUR 0.50 at Morgan Stanley »
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Lufthansa price target lowered by EUR 0.20 at Morgan Stanley »
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easyJet price target raised by 10 GBp at Morgan Stanley »
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AIB Group price target raised by EUR 0.30 at Morgan Stanley »
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Greenlight took long positions in HP, Penn Entertainment, Roivant Sciences in Q1 »
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Greenlight bought 'medium-sized' Penn Entertainment stake in Q1 »
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Voestalpine price target lowered by EUR 1 at Deutsche Bank »
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United Internet price target raised by EUR 2 at Deutsche Bank »
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