FX pre-opening levels Sunday 12.10.2018

One hour before the open of the electronic markets it’s all misery. USD rallies sharply, risk getting a beating. All JPY and CHF crosses are trading lower.
EURUSD trades 1.1371, cable 1.2750, USDUSD 0.7370, NZDUSD 0.6570, USDJPY 110.40, EURJPY 125.60, EURCHF 1.1310.

TRY opens yet with another 10% plus dive. Erdogan doing nothing to stop the bleeding, US doesn’t either. Rates of 7.20 have been reported on some venues.
Just out though is Turkish finance minister saying Turkish institutions will take necessary steps on Monday morning to ease market tensions.
Turkey has drafted and action plan fro real economy sector, which is the most hit by be forex fluxtuations.

Ryan already reported on our home tab Trump being more positive towards Mexico than Canada on his tweets, hence CAD trades weaker around 1.3170 but MXN, put into the EM basket also suffers at around 19.08.
USDZAR is trading around 14.28
Russia is threatening to sell more USD assets is adding to the malaise. USDRUB is seen trading at 68!

Nikkei reports JPY watchers to expect JPY to continue to strengthen over time as the price gaps open wider. This is one for the longer term but if the overall situation doesn’t clear out soon, could take a foothold and send USDJPY down more.

Be very careful out there on the open it’s very illiquid.

I also expect tomorrow to get various official instances, at least verbally if not more, starting to get involved if the market tends to get out of hands.
It could be getting very wild.




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