Trading ranges remain muted, perhaps as the overall USD outlook remains anchored by the assumption that the USDCNY cap around 7.00 will hold for now. Nonetheless, the fresh bout of weak risk appetite was a sharp change of direction from yesterday and the JPY and CHF are responding to the signal. The CHF is getting a bit of extra help from fresh European existential concerns raised by Italian Interior Minister Matteo Salvini delivering a fresh dose of defiant rhetoric on violating EU budget rules and Italian yields stretching to their widest levels versus core EU yields this year, all amidst the active countdown into ... (full story)