Today we are taking a look at:

  • Sterling falls to weakest level since 1985, trade-weighted sterling is competitive, but 5-year CDS spread is still elevated
  • USDZAR sharply weaker on the back of a strong dollar in the local session; sterling and yen weak, euro strengthen after ECB taper headlines
  • Top 40 rises 0.81%, led by industrials and financials; global equities mixed – US sharply lower, while Asia upbeat this morning
  • Eurozone PPI remains in deflation, but improves in August; IMF revises global growth forecast lower in latest WEO
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