*Liquidity 30% lower in Asia as weekend starts
*UK election ball sits in Labour's court
*Equities finish on a high
FX:
- Event risk was subdued and led to slow price action and tight ranges in Asia. Markets leaned on USD bid but faded the move somewhat late in the session.
- AUDUSD +0.16% gained late.
- NZDUSD -0.09% gained late but still finished down.
- USDJPY +0.03% finished flat as markets await US/China developments.
- USDCAD -0.05% was extremely tight. Bearish convictions remain.
- GBPUSD -0.01% finished flat as markets await Brexit developments.
- EM FX was an exception with USD selling off against most emerging market currencies. This was likely caused by calmer risk sentiment which sees EM FX attractive.
- USDCNH -0.09%.
- USDZAR -0.3%.
- USDTRY +0.24% with last night's CBT meeting still weighing on the pair.
Equities:
- Equities climbed on negligible headline risk and lower volatility. Positive earnings overnight have also helped.
- ASX Cash +0.68% extended week gains led by the Energy (+1.59%) sector. Resmed (RMD.AX) +11% and Resolute Mining (RSG.AX) +9.6% were the best performers.
- ASX Dec Futures +0.03% closed at 6,717.
- S&P 500 Futures +0.09%.
- Nikkei Futures -0.04%.
- CSI 300 Futures +0.8%.
Fixed Income:
- Yields were similarly quiet with trading largely flat.
- AUS 10y yields ticked higher +1bps but close the week lower -12bps at 106bps.
- US 10y yields did little to finish the week where it started at 176bps.
Commodities:
- Brent Crude Futures -0.4% have pulled slightly back from the week's highs on a marginal USD bid.
- Gold spot +0.14% edged higher on lingering uncertainty around Brexit and US/China trade.
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