USD AND SAFE HAVENS WEAKEN ON RISK APPETITE
– USD is weak ‐ global growth outlook improves & Syrian risk recedes.
– CAD is stronger on a weak USD and encouraging data from China.
– EUR is flat: news flow is light; Italy’s Q2 GDP revised down to –2.1%yy.
– GBP is flat, housing metrics are strong stirring financial stability risk.
– JPY is weak as risk aversion recedes; technicals suggest USDJPY upside.
– AUD is strong benefiting from improving Chinese data.
– CNY is stable after better than expected industrial production, retail sales and rising loan growth and money supply.
– Today: no US data, Cdn housing starts and the Fed enters blackout.
Read the full report: FX Daily
Scotiabank