ASIA WRAP: Back And Forth

*Markets whipsaw on trade anxiety and mixed headlines
*But finish with a slightly positive risk-on tone
*USDCNH rejects 7.16 for a 55pip range day


  • Commodity bloc currencies ended stronger led by headlines that suggested the US are considering a currency pact and Trump will allow some US companies to supply Huawei.
  • AUDUSD +0.3%. NZDUSD saw outperformance +0.4%. USDCAD -0.2%. 
  • USDJPY kicked it all off by testing 107 then getting as high as 107.8 before finally settling at 107.5 to finish +0.03%. 
  • USDCNH ended -0.4% down on the day having tested 7.165 topside and 7.1 downside. 
  • USD was broadly weaker against EM FX but managed to find an exception in USDTRY, +0.2%, in light of the Turkey/Syria conflicts. 


  • S&P500 Futures fell -1.2% early on to touch 2,880-85 levels but saw the drop retrace over the day to help it close at 2,915. 
  • ASX Futures also opened precipitously lower to the tune of 50pts from 6,560 but couldn't manage the same sort of pullback, closing at 6,528. 
  • ASX Cash was choppy but ended flat +0.01%. 
  • Nikkei Futures were +0.37% at Asia close. 
  • CSI300 finished +0.5% higher. 

Fixed Income:

  • Yields also chopped and changed with the day's risk-on/risk-off rhythm. 
  • US 10y yields were down then back up to finish slightly softer at 157bps. 
  • AUS 10y yields also traded to a flat close around the 90bps mark. 


  • Gold spot had a tight range and finished, +0.1%.
  • Brent Futures also stayed quiet, -0.03%.