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10:20
Morning Call: Softer dollar boosts commodities, stocks
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10:35
Morning Call: Markets stabilise as trade tensions ease
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19 September 2018 at 8:36 GMT
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9:42
Morning Call: Trump hits China with tariff plan
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18 September 2018 at 7:29 GMT
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Macro Monday week 38: Keep Global Macro and Carry On
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10:00
Morning Call: US yield curve lifts, boosting dollar
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17 September 2018 at 7:23 GMT
43:30
Technical analysis webinar – A view of the market: Larsson
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12 September 2018 at 14:44 GMT
11:15
Morning Call: Chinese shares fall further
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11 September 2018 at 8:36 GMT
11:34
Morning Call: USD, SEK in focus
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10 September 2018 at 7:49 GMT
2:47
The week ahead in macro
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10 September 2018 at 7:37 GMT
14:02
Morning Call: Is Japan next?
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07 September 2018 at 7:35 GMT
Video / 26 September 2017 at 7:29 GMT

From the Floor: Risk-off rules as North Korea spooks markets

#SaxoStrats

  • Risk-off rules as North Korea spooks markets – Moltke-Leth
  • Yen up after Japan election call & North Korea worries – Hardy
  • EURUSD pushing on downside pivots below 1.1850
  • Brent breaks the band on momentum and supply concerns – Hansen
  • Brent now aiming at the psychologically-important $60/b mark – Hansen
  • Gold returns to relative safety above $1,300/oz – Hansen


SAXOSTRATS
 
By Clare MacCarthy

Markets are starting the European trading day in a risk-off mood after North Korea escalated its war of words with the White House saying that Donald Trump's latest rebuttal was tantamount to a declaration of war.

"There's a pretty clear risk-off mood across markets and this has generally affected the euro the most on the downside in the wake of the Germany election, on the upside we're seeing the Japanese yen and the Swiss franc," says John J Hardy, Saxo's head of forex strategy. That the yen should be gaining despite its geographical proximity to North Korean missiles is explained by yesterday's decision by prime minister Shinzo Abe to call a snap election. The euro, on the other hand, is being pushed lower by the European Central Bank's apparent confidence that ending QE will be a painless exercise.

Meanwhile, the ongoing rally in crude oil continues to cause surprise, says Ole Hansen, Saxo's head of commodities strategy. "The rally is stoking additional demand with shorts being covered and new longs being initiated." One new factor behind the rally is yesterday's developments in Kurdistan which threaten to block off the region's access to its export markets via Turkish pipelines and hence endanger supply.

Backwardation is attracting buyers to Brent
Brent
 Source: Bloomberg

Clare MacCarthy is an editor at TradingFloor.com



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