USD/JPY, Nikkei News and AnalysisJapanese officials consider all options amid evidence of currency speculationUSD/JPY rises on dollar bid, nervously eying the psychological 150 markNikkei on track for fifth consecutive day of gains, bull flag provides optimismThe...
ECB’s Kazimir: The preferable option would be to hike rates by 25 bps next week
One more, likely last rate hike, still neededThe alternative option would be to hike in October or DecemberInflation remains stubbornly high, price growth expectations too far above 2%As we move closer to the decision next week, it looks like maybe ECB policymakers...
US MBA mortgage applications w.e. 1 September -2.9% v +2.3% prior
Prior +2.3%Market index 183.6 vs 189.0 priorPurchase index 141.9 vs 144.9 priorRefinance index 388.1 vs 407.1 prior30-year mortgage rate 7.21% vs 7.31% priorMortgage applications declined once again in the past week with both purchase and refinancing activities...
Bitcoin Technical Analysis – Watch this key support
Last week, Bitcoin jumped following the news that Greyscale won the lawsuit against the SEC as the D.C. court ruled that the SEC improperly rejected the Bitcoin spot ETF. This was seen as a positive news as Greyscale will have to reapply for a spot ETF but that an ETF...
How Can We Predict the Next Big Altcoins?
Every other day in the crypto industry, there is one altcoin or the other that sees runaway success. Take PRIME, an Ethereum altcoin that has seen a 42% spike in value over the last week. PRIME is the native token of Echelon Prime, a Web3 gaming ecosystem that has...
A slower day for major currencies as the bond selling pauses for now
Dollar pairs are generally little changed as the bond selling from Friday and yesterday is taking a bit of a breather - for now at least. 10-year Treasury yields are down just 0.6 bps to 4.262% on the day, not really hinting at much so far in European trading. That is...
Eurozone July retail sales -0.2% vs -0.1% m/m expected
Prior -0.3%; revised to +0.2%It's a mixed report as there was a positive revision to the June numbers at least. Looking at the breakdown, retail sales dipped in July mainly thanks to a decline in auto fuel purchases (-1.2%). Meanwhile, there were positive increases in...
UK August construction PMI 50.8 vs 50.5 expected
Prior 51.7The headline may still show a slight rise in construction output in August but new orders suffered their steepest decline since May 2020 amid rising borrowing costs. S&P Global notes that:"UK construction companies experienced another slump in house...
Copper Technical Analysis – Watch out for a breakout
The weakening global growth and the deteriorating Chinese economic data keep on weighing on Copper putting a lid on any rally. The Chinese authorities seem to be stepping up their policy support for the economy, so the market finds itself between bad and good news....
ECB’s Knot: Markets may be underestimating September rate hike chances
Bringing inflation to 2% by the end of 2025 is the bare minimumRate hike is a possibility, not a certaintyHe touts the headline but then goes on to say that is is just merely a 'possibility'. That's no firm conviction that policymakers are leaning towards a rate hike...
Germany August construction PMI 41.5 vs 41.0 prior
> Germany August construction PMI 41.5 vs 41.0 prior Latest data released by HCOB - 6 September 2023 <!--> Justin Low Wednesday, 06/09/2023 | 07:30 GMT-0 06/09/2023 | 07:30 GMT-0 --> <!--> , ADVERTISEMENT - CONTINUE READING BELOW --> Tags...
Market Update – September 6 – Saudis, Russia extend voluntary production cuts
US stocks fell on Tuesday – with the exception of the US100 – weighed down by higher oil prices and rising Treasury yields. Saudi Arabia will extend its 1 million barrel per day voluntary oil production cut until the end of the year, according to the...
WTI Crude Oil Technical Analysis – Time for a pullback
Although Global growth seems to be more and more in peril as the economic data of the biggest economies in the world keep on deteriorating, Crude Oil is finding strength from the supply side as OPEC+ tries to maintain prices above the 70$ level and some are...
Japan’s Matsuno says watching FX moves with high sense of urgency
Sharp FX moves are undesirableImportant for FX to move stably reflecting fundamentalsWill respond appropriately if necessary without ruling out any optionIt's the usual verbal intervention by Japan and a rehash of what Kanda commented earlier here. But as the yen...
FX option expiries for 6 September 10am New York cut
There are a couple to take note of on the day, as highlighted in bold.The first being a set of expiries for EUR/USD at 1.0740-50, which could keep price action more limited closer to said levels before rolling off later in the day. As for technical upside, the 1.0800...
ECB’s Villeroy: We are near or very near the peak on interest rates
Our option are open at the next and upcoming rate meetingsMaintaining rates for a sufficiently long period now counts more than further rate hikesI think markets can very well agree on his last point but with the euro area economy stumbling, how long can the ECB put...
ECB’s Villeroy: There is a slowdown but no recession
Had first successes against inflation but need to persevereMust bring inflation down to 2% level between now and 2025On the headline, that's typically the tagline for when a recession comes. The moment the R-word is mentioned, that's when you know you're in trouble....
USDCHF Technical Analysis – This breakout might be significant
US:The Fed hiked by 25 bps as expected and kept everything unchanged at the last meeting.Fed Chair Powell reaffirmed their data dependency and kept all the options on the table.Inflation measures since then showed further disinflation. The labour market displayed...
Germany July factory orders -11.7% vs -4.0% m/m expected
Prior +7.0%; revised to +7.6%Yowza. That headline screams like a shocker but things need to be put into context. As noted last month here, factory orders in Germany saw staggering jumps in both May and June due to large individual orders i.e. anything more than €50...
A couple of light releases to move things along in Europe
The dollar is in a good spot after yesterday's advance, although sitting marginally lower so far today. The bond market selling is seeing a breather and that is helping with broader market sentiment - for now at least.There is some verbal intervention by Japan in...