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China Property Slowdown Concerns Traders

China Property Slowdown Concerns Traders

Yesterday the risk averse tone seen across the markets on the back of Chinese property concerns saw safe haven currencies such as the Swiss franc and Japanese yen benefiting the most. Sterling was holding a slightly softer position against the euro and the dollar. Despite a strong risk-off mood yesterday (which generally benefits the dollar), USD failed to make any gains against the euro. This shows that there is strong support for the euro against the dollar around the $1.17 mark. 

As we get started this morning, as mentioned EUR/USD opens above the $1.17 mark. A weaker tone to sterling is reflected in EUR/GBP trading just above the midpoint of 85-86p and GBP/USD is changing hands just below the $1.37 area. 

Data wise, the calendar for today is fairly empty. Traders will be more focused on developments in China and the potential fallout that may impact other companies and financial markets – this is not to be underestimated. Traders will also keep their pencils sharpened for this week’s Fed and BoE policy meetings. Don’t be surprised if the safe haven currencies continue to hold the upper hand on the exchanges today.

 

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