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It shouldn't come as too much of a surprise really. We've been sort of stuck in this mood for more than a week now. The summer lull is really kicking into effect in Europe. EUR/USD is flattish at 1.0876 and sitting within a 23 pips range so far today while USD/JPY is...
Despite good economic data like lower core inflation, stable jobless claims, lower inflation expectations and strong consumer spending that support the soft-landing narrative, the Russell 2000 just keeps on falling with very shallow pullbacks. One of the main reasons...
Nothing new in the FOMC minutes – “significant upside risks to inflation which might require further tightening” pushed recent dip buyers to the sidelines, allowing yields to drift higher into the day’s end. – Today, implied Fed funds...
Despite good economic data like lower core inflation, stable jobless claims, lower inflation expectations and strong consumer spending that support the soft-landing narrative, the S&P 500 just keeps on falling with very shallow pullbacks. One of the main reasons...
Eurostoxx -0.5%Germany DAX -0.5%France CAC 40 -0.5%UK FTSE -0.4%Spain IBEX -0.5%This follows the negative late showing in US stocks yesterday. As bond yields continue to climb, it is weighing on the overall risk mood. US futures are up marginally by 0.1% now but as...
This year, the symposium will carry the theme of "Structural Shifts in the Global Economy". In 2022, the theme was "Reassessing Constraints on the Economy and Policy". As always is the case, the agenda and list of participants will only be finalised in the days...
Despite good economic data like lower core inflation, stable jobless claims, lower inflation expectations and strong consumer spending that support the soft-landing narrative, the Dow Jones just keeps on falling with very shallow pullbacks. One of the main reasons...
Watch this space. 10-year Treasury yields are up another 5 bps today to 4.31% now and that is the highest level since October last year. The bond market continues to be at the wheel and if we do see yields break higher later today, expect that to have ramifications...
There is just one to take note of for the day, as highlighted in bold.That being for EUR/USD at 1.0880 but I don't see the expiries set as being that big of a pull factor for price action. There isn't any technical significance attached to the level and the downside...
It goes without saying that Japan is the leading example in this space and China is also looking to go down that path. In fact, so are a lot of countries. But when you have been on the path of surging economic growth over the past two decades, this sort of reality...
It's not like markets need any more reason to not move, right? Rightttt? I mean, we've been seeing some typical summer lull days in Europe as of late and today might be no different. All the action and turnaround in market moves seems to be happening in the US and...
The selling today is in part to do with the poor Australian jobs report earlier here. But it also comes against the backdrop of a firmer dollar from yesterday and with growing concerns over the Chinese economy and a flailing yuan currency as well.AUD/USD daily...
As has been the case in the last week or so, the turnaround came in US trading again. And that saw Treasury yields climb with 10-year yields now testing the highs from October last year.US Treasury 10-year yields (%) daily chartAs mentioned earlier in the week, if...
AP with this report on a deal between a US and Israeli firm scuttled by China. A $5.4 billion acquisition of Israeli chip manufacturer by Intel has been called off after China failed to sign off on the deal amid rising tensions with the United States. The deal...
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
China was once again a focus with Hong Kong’s Hang Seng index plunging again, on approach to 20% down from its high in January this year. After falling circa 2% it has found support and as I post its only down around 1% on the day. Rumours are circulating that Chinese...
Morgan Stanley has jumped on board to cut its economic growth forecast for China:cuts 2023 GDP growth forecast to 4.7% from their previous forecast at 5.0%cuts 2024 growth forecast to 4.2% from previously at 4.5%Many of the cuts we have had from analysts are back...
Major Chinese State owned banks selling dollars to buy yuanhad been doing so earlier this week during Asia hours, also during London and US hoursonce again seen active today, 17 August 2023, buying USD/CNY in spot marketEarlier this week:The intervention didn't make a...
The data is here, a large drop in full time employment makes the report even worse then the sad headlines:But, the ABS have noted a warning on this data:“July includes the school holidays, and we continue to see some changes around when people take their leave and...
A sad report from Australia. Outsized fall in full time employment is not encouraging. AUD/USD marked lower to under 0.6370.The unemployment rate at 3.7% is still just off its nearly 5-decade low, but is back up at the level from May last year. underutilization rate...