XE Market Analysis: Europe – Mar 08, 2019

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The Yen has outperformed amid a coursing risk-off theme, which has been exacerbated by a big miss in Chinese trade data. China’s exports plunged 20.7% y/y, well off the median forecast for a comparatively moderate drop of 4.8%. China’s SSE equity index closed with a loss of 4.4%, while the MSCI Asia-Pacific (ex-Japan) index has declined by over 1.2%. Japan’s Nikkei closed 2.0% for the worse, while S&P 500 futures are down by 0.4% in overnight trading, extending the 0.8% decline the regular version of the index closed with on Wall Street yesterday.