Where was the main action overnight? - ANZ

Analysts at ANZ explained that the main action was concentrated in currency and commodity markets overnight.

Key Quotes:

"The USD weakened across the board after Donald Trump called the USD “too strong” in part because China holds down its own currency."

"In contrast the GBP rose (1.24 vs USD) on the back of a stronger than expected CPI print and as Theresa May outlined Brexit plans. Global commodity prices pushed to six month highs."

"Grains and precious metals led the charge overnight. Grains pushed higher on the back of Argentina floods, reducing yield expectations, and strong US corn and ethanol exports. Elsewhere fixed income markets were choppy, but within tight ranges."

"Equity markets were a touch softer with the Dow Jones and S&P 500 both down 0.2%. The FTSE 100 closed down 1.5% due to GBP strength, but other European stock indices were only down 0.1-0.5%."