The aussie and kiwi were higher earlier on, lifted by some relief from China. But they have pared the early gains now, which weren't a whole lot to begin with anyway. In the case of AUD/USD, large option expiries and some key near-term technicals are at play so there...
China scraps the last of its Covid travel requirement measures
It has been the case that inbound travellers to China will still need to take an antigen rapid test (ART) at least 48 hours before their flight to the country. That is despite airlines no longer checking the Covid test results of passengers but it is part of the entry...
Market Outlook for the Week of Aug. 28th – Sept. 1st
During the Jackson Hole Symposium on Friday, Federal Reserve Chair Jerome Powell reaffirmed the Fed's commitment to achieving the 2% inflation target. He highlighted that if economic conditions demand it, further interest rate hikes may be appropriate.Powell also...
European equities kick start the day on a positive note
Eurostoxx +0.9%Germany DAX +0.8%France CAC 40 +0.9%Spain IBEX +0.8%The slightly more positive mood in US futures, which are up 0.2%, is also helping. But the large part of these gains are a catch up to the Friday move. Be reminded that UK markets are closed today so...
S&P 500 Technical Analysis – The bears remain in control
Last week was the Jackson Hole Symposium week and we have heard from many Fed members about their opinions on the momentary policy going forward. There seems to be a consensus for a pause in September as they try to “carefully” assess the lag effects of their...
France’s Le Maire: There will not be any reduction in interest rates in the coming months
So, he is now doing the ECB's job for them? It would be bad form for him to overstep such a line I would say. But at least he is being consistent with what ECB policymakers themselves are preaching, that being rates will stay restrictive for a sufficient period of...
FX option expiries for 28 August 10am New York cut
There are a couple to take note of on the day, as highlighted in bold.The first being for EUR/USD near the 1.0800 mark and that could see price action be more drawn to the figure level as the 200-day moving average at 1.0805 is also of keen interest at the moment....
AUD/USD bounce limited by key near-term resistance so far today
AUD/USD hourly chartThe mood in the aussie is helped by a stronger Chinese yuan as Beijing is making some waves to start the new week. AUD/USD is up 0.5% to 0.6433 currently and is running up against its 100-hour moving average (red line) at the same level. For now,...
Russell 2000 Technical Analysis – Watch this key support zone
Last week was the Jackson Hole Symposium week and we have heard from many Fed members about their opinions on the momentary policy going forward. There seems to be a consensus for a pause in September as they try to “carefully” assess the lag effects of their...
Chinese equities trim gains as early relief begins to fade
In case you missed the headlines:The package of measures announced were all targeted to bolster market sentiment, in particular stocks. They include the halving of the stamp duty and restricting major shareholders' stock reductions, but they also cover slowing the...
Jackson Hole roundup: What did the central banksters say?
market overview A summary of what was remarked in Jackson Hole on Friday and over the weekend <!--> Justin Low Monday, 28/08/2023 | 04:08 GMT-0 28/08/2023 | 04:08 GMT-0 --> <!--> Here's a roundup of the headlines, in case you missed the happenings from...
Reminder: It is a UK holiday today
Month-end trading will be a focus point this week but we are likely to see a fairly quieter one in European trading today, considering that UK markets are closed. With London out, there won't be much for traders to work with in the session ahead. But keep in mind that...
ICYMI – JP Morgan see limited downside for crypto markets over the near term
A report from JPM late last week says the downside shift for Bitcoin looks to be ending. JPM cite their analysis of open interest in Chicago Mercantile Exchange’s (CME) bitcoin (BTC) futures: shows the unwinding of long positions appears to be in its end phase rather...
ForexLive Asia-Pacific FX news wrap: China shares up sharply after package to boost market
Weekend news from China drove Chinese stocks sharply higher (before the fade back):Shanghai Composite Index opens up over 5%Shenzhen Component Index up 5.7%Chinext Price Index up nearly 7% (tech heavy index)CSI300 up more than 5%Securities brokerages hit limit-up...
Brent oil – More on biggest US oil ETF to focus majority of its holding to spot month
I posted on this earlier here:Bloomberg have more on this, link is here (gated):In brief:The biggest US oil ETF is reviving the pre-pandemic investment strategyUnited States Oil Fund will, in September, begin reallocating the majority of its holdings to the nearest...
Federal Reserve Vice Chair for Supervision Michael Barr speaks on Monday
Due at 1630 GMT, which is 1230 US Eastern time, Federal Reserve Vice Chair for Supervision Michael Barr participates in "Banking Services" roundtable discussion with the Confederated Salish and Kootenai Tribes Council.This doesn't appear like it'll be event where Barr...
In H1 of 2023 Chinese auto exports were up 75.7% y/y
In the first six months of 2023, Chinese auto exports +75.7% year-on-year to 2.14 million vehiclesH1 overseas shipments of new energy vehicles (NEVs) -- a category that consists mainly of pure electric and hybrid models -- more than doubled to 534,000 units,...
US Commerce Sec says US stable economic relationship with China is profoundly important
U.S. Secretary of Commerce Gina Raimondo comments crossing: Says it is profoundly important that the US has stable economic relationship with ChinaThinks the US can make progress with China if both sides are 'direct, open and practical'Chinese Commerce Minister Wang...
Australian data: July retail sales +0.5% m/m (expected +0.3%)
Australian July retail sales +0.5% m/m is a good headline for this series. Its not a game changer, but a welcome bounce from the June drop. expected +0.3%, prior -0.8%for the y/y +2.1%These are the preliminary data, a further release for July will be made on September...
Chinese stock markets are set to rocket higher at the open, CSI300 to open 5.5% higher
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,...