Prior 48.8Manufacturing PMI 46.6 vs 44.8 expectedPrior 44.4Composite PMI 47.9 vs 48.0 expectedPrior 47.6The overall Eurozone readings are not as bad, even if it does reaffirm the sentiment from the French and German reports earlier. The downturn in the euro area...
Lower yields add to the drag in the dollar so far today
In turn, that is weighing further on the dollar as USD/JPY falls to a low of 147.45 and is contesting key technical support in the form of its 100-day moving average (red line) again now:USD/JPY daily chartThe softer French and German PMI data may have something to do...
Market Recap: China bourses move higher amid stimulus hopes; JGB yields spike
Economic Indicators & Central Banks: Expectations the FOMC is done hiking rates continued to support Wall Street even if aggressive rate cut bets have been trimmed, while earnings were mixed. Yields remain mostly higher, but off their peaks after the decent 2-year...
Germany January flash manufacturing PMI 45.4 vs 43.7 expected
Prior 43.3Services PMI 47.6 vs 49.5 expectedPrior 49.3Composite PMI 47.1 vs 47.8 expectedPrior 47.4Similar to the French report, there is a beat on the manufacturing index but the services index came in worse than estimated. At the balance, it leads to a further...
France January flash services PMI 45.0 vs 46.0 expected
Prior 45.7Manufacturing PMI 43.2 vs 42.5 expectedPrior 42.1Composite PMI 44.2 vs 45.2 expectedPrior 44.8That's a 4-month low in France's services sector activity and it reaffirms a continued contraction in the economy to start the new year. Even though the...
European equities on more positive footing to start the day
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Dollar slips to start the session as risk sentiment picks up
The greenback is losing some ground ahead of the European market open as risk sentiment is on the up while bond yields are also sitting lower today. USD/JPY is down 0.4% to 147.75 at the lows for the day, though still holding just above its 100-day moving average of...
The Hang Seng index rallies going into the close as China announces RRR cut
Hang Seng index daily chartHong Kong's main stock index is now up over 3% on the day and rallying into the closing stages, after the Chinese central bank announced the first RRR cut of the year here. It is a bigger one this time around as well as the reduction is 50...
PBOC to cut reserve requirement ratio from 5 February
It will be a hefty reduction this time around, as the Chinese central bank announces a 50 bps cut to the reserve requirement ratio (RRR). The weighted rate before the cut was 7.40%. In effect, this will release ¥1 trillion in the economy.For some context, China went...
PBOC governor Pan says will use various policy tools to keep liquidity reasonably ample
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FX option expiries for 24 January 10am New York cut
There are a couple of large ones to take note of for the day, as highlighted in bold.The first being for EUR/USD at the 1.0900 mark. That runs alongside the 200-hour moving average at the moment. And that should help to put a lid on price action for today, before the...
Ifo slashes Germany 2024 growth forecast to 0.7% from 0.9% previously
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PMI data to highlight the agenda in Europe today
That will give us a rough idea of how the Eurozone and UK economies are faring to start the new year. For the former, will it be a case of continued sluggishness and negative growth? For the latter, will the late rebound in activity in Q4 carry over to January? Those...
Bitcoin hangs on at key technical level as downside pressure mounts
Bitcoin (BTC/USD) daily chartThe dip yesterday was bought back up late in the day, as price barely hangs on at the 100-day moving average (red line). That is the key technical level in play for Bitcoin now as price threatens a steeper drop under the $40,000 mark. The...
The push and pull continues so far this week
The dollar remains steady overall so far this week, after some back and forth action in the past few sessions. USD/JPY in particular has been a volatile one, running lower after BOJ governor Ueda's remarks yesterday before giving all of that back. The pair now trades...
ForexLive Asia-Pacific FX news wrap: USD/JPY yen back under 148, renewed BOJ hike chatter
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Goldman Sachs says a Trump 2024 election win will likely boost bond yields and US dollar
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Warning from Wells Fargo: Stocks at record highs based on false hope
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Chinese authorities have ‘asked’ funds to restrict short selling stock index futures
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Societe Generale forecasts USD/JPY under 140 in Q2 of 2024
Key Insights: 1. BoJ Meeting Outcomes: The BoJ maintained its current policies but indicated positive prospects for wages and inflation, along with concerns about the side-effects of negative rates and yield curve control, suggesting possible policy changes by...