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Trending Update 14:51 - The top loser for the week ...

Trending Update 14:51 - The top loser for the week ...

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The top loser for the week remained GBP on the back of political uncertainty stemming from rumours of a potential Coup against PM Theresa May. The sharp sell-off in the sterling seems exaggerated given the news attached to it. Also, the UK 2-year yields are still holding on to its early September gains and a 20bp rate hike by BoE is still priced in for November. NZD was the second weakest G10 currency this week with the weakness largely attributed to the election uncertainty stemming from the final vote count on Saturday. The other oceanic currency AUD was the third from bottom as both weak retail sales data and RBA’s Harker dovish comments added to the woes. Looking at the other end of the spectrum USD remains set to end the week on top with SEK and EUR a distant second. The dollar was helped by strong domestic data (including US average earnings) and hawkish comments from Fed speakers this week. EUR though weak against the dollar was otherwise stable probably due to expectations that ECB might tighten in October. In terms of equities, the major stock indices rallied this week with Nikkei +1.64%, DAX+1.11%, FTSE +1.9% and S&P 500 +1.16%. The fixed income market performed poorly but this was largely due to the rise in yields post US non-farm payrolls data. The US and German 10 year yields were trading at 2.39 and 0.49%, respectively, up 5bp and 2bp for the week. In the energy market, the Brent both rose and fell on Thursday and Friday, respectively, to close the week at a net loss of 3.1% from last Friday’s close. That said, the Brent was still trading above the key $55.50 support at the time of writing. The weakness in Oil was attributed to the fact that market wants to hold light positions heading into the weekend as it’s wary of Trump making revelation on Iran’s nuclear deal. Looking ahead, New Zealand election outcome will be one theme for the investors to watch. Other than that the UK and EU industrial production, FOMC minutes, US CPI and retail sales will be the key releases to watch out. Elsewhere, both Norway and Sweden will release the inflation rate for September.


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