It’s increasingly evident that the market is taking the weaker labour market data as good news for inflation and the soft-landing scenario. In fact, last week we got many big misses heading into the NFP report, but the US Jobless Claims showed that the labour market...
SNB total sight deposits w.e. 1 September CHF 467.6 bn vs CHF 471.4 bn prior
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,...
Dollar loses a bit of ground to start the session
And that is weighing on the dollar slightly, but nothing too significant. Of note, it is the euro and pound which are advancing just a touch more against the dollar after having previously stuck in narrow ranges in Asia. EUR/USD was holding in a 13 pips range earlier...
Russell 2000 Technical Analysis – “Make it or break it” moment
It’s increasingly evident that the market is taking the weaker labour market data as good news for inflation and the soft-landing scenario. In fact, last week we got many big misses heading into the NFP report, but the US Jobless Claims showed that the labour market...
Switzerland Q2 GDP 0.0% vs +0.1% q/q expected
Prior +0.3%The Swiss economy stagnated in Q2 and with prospects looking rather gloomy this quarter, recession risks are certainly on the table towards the year-end. It looks like at least the SNB will perhaps go with one final rate hike later this month.MoneyMaker FX...
Market Update – September 4- The first full week of a historically negative month for Stocks and Gold kicks in
First of all a reminder: US and Canadian cash markets will be closed today because of the Labour Day celebration, obviously resulting in diminished flows this afternoon. Going back in chronological order, APAC is led by the excellent performance of the China50 and...
FX option expiries for 4 September 10am New York cut
There aren't any nearby significant expiries on the board for today. As such, trading sentiment is likely to be rather muted as traders will have little to work with considering that it is a US holiday as well.For more information on how to use this data, you may...
S&P 500 Technical Analysis – Back to an uptrend
It’s increasingly evident that the market is taking the weaker labour market data as good news for inflation and the soft-landing scenario. In fact, last week we got many big misses heading into the NFP report, but the US Jobless Claims showed that the labour market...
Germany July trade balance €15.9 billion vs €18.0 billion expected
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,...
ICYMI: China president Xi is expected to skip upcoming G20 summit
For some context, this will be the first time that Xi is skipping a G20 summit since taking charge of China in 2012. And what makes this rather eyebrow raising is that it just comes right after his trip to South Africa for the BRICS summit. Here's some speculative...
US holiday won’t do markets much good today
The sudden turnaround in the bond market on Friday is definitely a curious one but perhaps it continues the theme from early August. The focus then was on the flood of supply in Treasuries, which still hasn't changed by the way, and traders might be responding to that...
ForexLive Asia-Pacific FX news wrap: China property stocks surge
Session wrap Forex news for Asian trading on Monday, 4 September 2023 <!--> --> Hong Kong listed Chinese property developer shares rose strongly during the session with news over the weekend that deeply indebted Country Garden Holdings had been given approval...
ECB President Christine Lagarde speaking Monday, 4 September 2023, also Lane and Panetta
While the US and Canada are out on holiday today:the UK and Europe are open as normal. There are European Central Bank speakers on the agenda as follows:1330 GMT, 0930 US Eastern time: Speech by ECB President Christine Lagarde at the Distinguished Speakers Seminar...
Hong Kong’s Hang Seng higher following news that Country Garden extends bond deadline
Property developer Country Garden Holdings has been reported as having won approval over the weekend to extend payments for an onshore private bond. The fate of an offshore bond due later this week remains unknown.It comes after four top-tier cities have all eased...
China state planner says will set up a special bureau for development of private economy
The vice chair of China's state planner, the National Development and Reform Commission of the People's Republic of China (NDRC), says the country's central government approved setting up a special bureau within the NDRC for the development of the private economy.the...
BlackRock’s Rieder thinks there will be no further Federal Reserve FOMC rate hikes
BlackRock’s chief investment officer in global fixed income Rick Rieder after the US jobs report on Friday:“The Fed should be done. You can put your shoulder behind a bit more of interest-rate exposure than has been the case certainly over the last few months.”The...
Australian Q2 2023 Business Inventories -1.9% q/q (vs. expected +0.4%)
April - June quarter data from Australia. Business Inventories -1.9% expected 0.4%, prior 1.2%the surprise drop in this will drag down Q2 GDP by around 1%Gross Company Profits -13.1% q/qexpected -1.9%, prior +0.5%mining company profits slumped, dragging down this...
PBOC sets USD/ CNY reference rate for today at 7.1786 (vs. estimate at 7.2795)
The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.CNH is the offshore yuan. USD /CNH has no restrictions on its trading...
Australian Melbourne Institute Inflation for August 2023: 0.2% m/m (prior 0.8%)
Australian Melbourne Institute Inflation gauge for August 2023 rose 0.2% m/m in August (July was + 0.8%) And for the y/y, a jump to 6.1%prior 5.4%For underlying inflation the 'trimmed mean' came in at +0.1% m/m (prior +0.6%) and +5.7% y/y (prior +5.1%)in...
Moody’s cut its China economic growth forecast for 2024 to 4% (from 4.5% previously)
Moody's rating agency has downgraded its GDP forecast for China next year:the 2023 forecast remains at 5%2024 cut to 4% from 4.5% the firm was expecting previouslyMoody's reasoning that:China is facing "considerable growth challenges" stemming from weak business and...