Market Brief: Risk Off Ahead Of U.S. CPI, Powell Testimony
FOREX.com | Nov 13, 2019 12:45
Stocks: Mild risk-off tone prevailed amid profit-taking after the S&P 500 yesterday hit a new record high before quickly easing back as Donald Trump disappointed prior expectations by providing no fresh news regarding the US-China trade situation. The US President merely suggested that a phase one deal “could” happen soon and that China wanted it so badly. Sentiment is also hurt by falls in Asian markets due to ongoing tensions in Hong Kong where anti-government protesters have changed tactics to disrupt the city’s transportation system on weekdays. At midday in London, European stocks and US index futures were lower.
FX: Thanks to the pullback in equity markets, safe-haven JPY and CHF were higher, only bettered by RBNZ-driven NZD, while other commodity dollars such as the AUD and CAD brought up the rear. Bitcoin was continuing to coil inside a falling wedge technical pattern.
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