If I was going to write an early wrap the focus would be on the weakness of the USD in Asian morning trade
The weakness has been across the board, but some outperformers (and under)
OK ... why?
(ps. note that correlation is not causation ... read the following with that in mind)
USD weakness was pretty much kicked off by the story in the Wall Street Journal on the US Russia probe:
Mueller Issued Subpoena for Russia-Related Docs From Trump Campaign Officials
- In that post I linked to a WSJ story, if you cannot access the Journal, here is an ungated sources that has popped up since: More than a dozen top Trump campaign officials subpoenaed in Mueller probe
After this there was a slow-moving USD slide, very slow, but persistent. It accelerated firstly against the GBP, Cable popped above 1.3210 (check out a chart ... there was covering to do above there).
EUR gained more quickly after this.
For the yen, the story is further mixed with the North Korea news:
The news Reuters reported on had been broken a few hours before by more specialist sites, but Reuters was the first major wire to break it. The yen strengthened. The Nikkei gave back some its morning pop.
Further mixed into the murk was the BOJ buying less JGBs than in a previous operation.
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Anyway, if I was gonna write an early wrap that'd pretty much cover it I guess. Any further factors anyone would like to add please do so in the comments.
And please don't say "it was all just algo buying" of I'll get very cross indeed. (No, I won't, I'll just have a giggle)
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ps. RAN have posted up a 'wrap' so far also, here (not gated):
