Prior 52.3Composite PMI 44.6 vs 44.7 prelimPrior 48.5Weaker demand conditions continue to weigh on overall business activity as the final estimates reaffirm a sustained downturn in the German economy in Q3. Price pressures in the services sector continue to stay...
France August final services PMI 46.0 vs 46.7 prelim
Prior 47.1Composite PMI 46.0 vs 46.6 prelimPrior 46.6The downward revisions just paint a worse picture of France's economic contraction in Q3, with the services sector seeing its sharpest fall in two-and-a-half years. New orders are seen falling for a fourth month...
Italy August services PMI 49.8 vs 50.5 expected
Prior 51.5Composite PMI 48.2Prior 48.9With both Spain and Italy showing contractions in economic activity as well in August, it really deepens the downturn that the euro area economy is now facing towards the end of Q3. Germany is still the sickest person in the room...
Dollar in charge as higher yields come back into focus
There was a bit of a breather yesterday with US markets closed but with the return of Treasuries today, or more specifically the selling of bonds, that is helping to prop the dollar higher across the board. The greenback is leading the way in the major currencies...
USDJPY Technical Analysis – The data is key now
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...
Spain August services PMI 49.3 vs 51.5 expected
Prior 52.8That's a miss and it is the first time since last October that Spain's services sector enters contraction territory. There were fresh falls in new business and overall activity while employment growth was the softest since January. HCOB notes that:“Summer is...
European equities off to a softer start at the open today
Eurostoxx -0.5%Germany DAX -0.5%France CAC 40 -0.7%UK FTSE -0.6%Spain IBEX -0.3%Italy FTSE MIB -0.4%The bond market, or more specifically Treasuries, is back in play today and 10-year yields in the US are up 4.5 bps to 4.218% currently. That is keeping the dollar more...
China reportedly set to launch new state-backed fund to boost chip industry
The fund will aim to raise around $40 billion to bolster the chip industry and will focus on areas including equipment for chip manufacturing. It is being reported that the fund was approved by Beijing in recent months and that the finance ministry itself plans to...
Market Update – September 5 – RBA on hold, Chinese services deteriorate after a Monday without US lead
Yesterday was a rather calm day, lacking the US drive, and as the hours passed it partially soured. The European indices all finished slightly in the red, however no more than -0.24% on the FRA40, while the only significant figure from the Eurozone – apart from...
FX option expiries for 5 September 10am New York cut
There aren't any significant expiries to take note of on the day. As such, trading sentiment will rely mostly on broader market developments - in particular, the bond market I would say. US traders will return to the fray today and we are already getting a teaser with...
EURUSD Technical Analysis – Watch this key trendline
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...
Cricpayz: Revolutionizing Payment Solutions for High-Risk Merchants, Expanding to Europe
Since its inception in 2020, Cricpayz has emerged as a pioneering payment solution provider, catering to high-risk merchants in India. With a focus on transforming the payment landscape, the company's innovative approach has propelled it into rapid growth, making it a...
USD/JPY pulls higher as the bond market returns to play
USD/JPY daily chartTreasuries are back open for business and with yields pushing higher again, that is underpinning the dollar ahead of European trading. In particular, USD/JPY is now up 0.3% to 146.87 as it looks to retest the highs for the year. That comes after...
ECB’s Lane: August inflation data is welcome but we need to see that continue
We do expect bumpiness in easing of energy, food inflationEasing in services inflation helps limit narrative that tourism is keeping services inflation highThere's still much to be desired for the ECB in terms of inflation developments surely. But it is all about what...
Final PMI readings for Europe coming up later today
The main thing today is that US traders are back, or more specifically that the bond market is back open for trading. Treasury yields are looking to nudge higher again and that will be one to watch after the sudden turnaround on Friday. In case you missed it: US...
Minimal change to the RBA outlook after today’s decision
Here's a look at the OIS curve before and after today's meeting:That pretty much says it all in terms of how impactful the policy decision and statement was. Essentially, traders are still not pricing in any more rate hikes for the RBA from hereon.The central bank...
AUD/USD stays pinned lower today as RBA sticks to the script
And that continues to see AUD/USD hold lower today by 0.5% at 0.6425, being pressured from China worries. In particular, the poor PMI reading here is one to blame as that is also triggering a bout of yuan weakness and selling in Chinese equities.AUD/USD daily...
The full statement of the September RBA monetary policy meeting decision
At its meeting today, the Board decided to leave the cash rate target unchanged at 4.10 per cent and the interest rate paid on Exchange Settlement balances unchanged at 4.00 per cent.Interest rates have been increased by 4 percentage points since May last year. The...
ForexLive Asia-Pacific FX news wrap: China sentiment slump: Country Garden worry, poor PMI
China's Country Garden has paid coupons of USD22.5mn - avoids defaultEuropean Central Bank President Lagarde speaking again today, Schnabel, de Guindos alsoChina's Country Garden seeking to extend payments of another 7 onshore bonds by 3 yearsAUD, NZD, CNH all down:...
China’s Country Garden has paid coupons of USD22.5mn – avoids default
Country Garden was due to make the payments today, otherwise the 'grace peiod' would have expired leaving the firm open to default demands from creditors. News crossing now that the payments have been made. We can breathe now for a few days before the next lot are...