Prior 80.09kUS layoffs fall to a seven-month low in June, as employers were seen cutting 40,709 jobs - down 49% compared to May. Still, the number for the month is well above that of the same period last year (32,517 job cuts). The year-to-date figure shows 458,209...
US MBA mortgage applications w.e. 30 June -4.4% vs +3.0% prior
Prior +3.0%Market index 206.5 vs 216.1 priorPurchase index 162.4 vs 170.3 priorRefinance index 421.3 vs 439.2 prior30-year mortgage rate 6.85% vs 6.75% priorMortgage activity sees a sharp fall in the past week ahead of the long weekend in the US, with both purchases...
China’s Xi calls to deepen war, combat planning in visit to Eastern Theater Command
For some context, the Eastern Theater Command resides in the Jiangsu province and is responsible for the security of the Easter China Sea and Taiwan Strait. A better depiction of that territory can be seen below:Considering recent China-Taiwan tensions, you can see...
Dollar slips across the board ahead of North America trading
That is one equation in markets that more often than not, doesn't make much sense. But the flows are showing up that way so far in European trading, with the dollar losing ground now across the board. EUR/USD is up 0.3% to 1.0886 at the highs for the day:EUR/USD...
US Treasury secretary Yellen to meet with China’s Liu He on Friday
The meeting will also include US business leaders and Yellen will then also meet with Chinese premier, Li Qiang, after. The official says that Yellen will address "unfair practices" by China and that the US has always made it clear that it does not support a...
A couple of data points to watch out for later in US trading
The first one to watch will be the US ADP employment change (1215 GMT), and then we have the US weekly jobless claims data (1230 GMT). Following that, there is the US ISM services PMI (1400 GMT) and that could be a real market mover depending on the data and what the...
Dollar little changed on the day so far
And with selling in equities and bonds so far on the session, it might just be a matter of time before the bids start flowing into the dollar - like what we saw yesterday.EUR/USD and GBP/USD are both up 0.1% to 1.0865 and 1.2720 respectively, showing little poise....
China state media confirms Yellen’s arrival in Beijing
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,...
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Bitcoin wandering in the range
Market pictureThe cryptocurrency market lost another 0.5% of its capitalisation overnight, to 1.2 trillion. Most losses came on Wednesday afternoon, while capitalisation has risen since Thursday morning. Since last May, the market has failed to develop growth when it...
UK June construction PMI 48.9 vs 51.0 expected
Prior 51.6That's a notable miss as UK construction activity moves back into contraction territory towards the end of Q2. A steep and accelerated decline in house building weighed on the sector, with residential work falling at its fastest pace in just over three...
Market Update – July 6 –FOMC archived, Jobs data ahead the next milestone
Last night, the FOMC minutes showed the FED sees more rate hikes ahead but at a slower pace. Policymakers decided against a rate rise, citing the lagged impact of policy and other concerns as reasons to skip the June meeting after 10 straight rate increases which have...
Germany June construction PMI 41.4 vs 43.9 prior
Prior 43.9The downturn in the German construction sector intensifies as housing activity posts its sharpest decline since February 2010. Rising interest rates and growing economic uncertainty is weighing on the building sector and new orders is also seen falling at...
What is the bond market saying this week?
Bond yields are pushing higher across the board as traders are continuing to see major central banks tighten further beyond the summer, it would seem. 2-year gilt yields are up 4 bps today to 5.42% - its highest since 2008 - and that sort of sentiment is being shared...
USD/JPY backs away from the 145.00 mark
I would argue that a combination of profit-taking and intervention fears is what is contributing to the latest descend in USD/JPY today. The idea that 145.00 could be the level where Japan steps in to intervene in the currency market is so far enough to put off...
BOE’s Bailey says cannot give a date on when interest rates will start to come down
Expects inflation to fall markedly but it will be hard for borrowers stillAs of now, he also surely can't give a date on when they may be stopping the tightening cycle anyway. So, to talk about rate cuts is a bit premature and a little too far down the road - not...
Germany May factory orders +6.4% vs +1.2% m/m expected
Prior -0.4%; revised to +0.2%Looking at the breakdown, domestic orders rose by 6.2% and foreign orders by 6.4%. The sharp increase is largely to do with large-scale orders, which may be a one-off, as the manufacture of other transport equipment was seen up by 137%...
Trade ideas thread – European session 6 July 2023
The dollar and yen are holding in good spots since trading yesterday, with the latter pushing gains in the new day with USD/JPY even falling to 143.75 at the moment. The drop back below 144.00 is giving sellers some added room to work with, as buyers are feeling...
BOE’s Bailey: There is evidence some retailers are overcharging customers
Moves by regulators on retail prices will help to lower inflationWell, he better be praying really hard that he is right on this one. Because now with markets now looking at 6% rates and growing stagflation risks, the BOE isn't exactly in a comfortable spot at the...
SNB’s Maechler: Further rate hikes cannot be ruled out
It cannot be ruled out that we will need to further hike interest ratesThis comes despite the June inflation figure falling back to the SNB's target for price stability, which is defined between 0% and 2%. The data in the next few months is going to be key in...