Prior was 49.0Output, new orders and employment all declinedLead times posted a record improvementFirms commented that market demand was subduedCompanies noted that new export orders were again down, with some firms noting lower demand from the neighbouring...
The US is on holiday today but Canadian markets are open
It's Independence Day in the US and That will keep a lid on markets once Europe files out.The holiday has cleared the US economic calendar but it's not a holiday in Canada, which returns from its own long weekend today. That leaves the S&P Global Canadian...
ForexLive European FX news wrap: Aussie bounces around as RBA holds cash rate unchanged
Headlines:Markets:NZD leads, EUR lags on the dayEuropean equities mixed; S&P 500 futures flatGold up 0.3% to $1,927.98WTI crude up 1.6% to $70.91Bitcoin down 0.3% to $31,040The 4th of July holiday in the US is putting a dampener on the market mood today. Major...
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How did June shape up to be for central banks and tighter policy?
In terms of the size of the rate hikes, it's still a surprising hawkish one all things considered. The remainder of the year is going to be more interesting but if anything else, it is likely to see major central banks grow less hawkish over time. Some food for...
ICYMI: China made a big change at the country’s central bank this week
This puts him in line as the next PBOC governor and is likely a directive for Yi Gang to step down from the post. Yi has been in charge of China's central bank since 2018. As for Pan, he replaces Guo Shuqing as party secretary for the central bank with Guo now...
Some hope on the inflation front for the UK
This has been a problem for many months now with UK food price inflation having run at its fastest pace in 45 years back in April here. It has fallen back to roughly 14.6% in June, down from the 18.3% reading in May, but is still a major problem generally. However,...
Are the concerns about the global economy warranted?
There's definitely some arguments for and against the debated question above. However, at the end of the day, I would say that all that matters is what markets care about. So, let's take stock of the situation currently as we head into the second-half of the year.The...
USDCAD Technical Analysis – Focus on the 1.3225 level
The market expects the Fed to hike by 25 bps at the July meeting given that the economic data kept on surprising to the upside since the last FOMC meeting, although a lot will depend on the next NFP and CPI reports. Fed Chair Powell reiterated that they expect two or...
Dollar little changed as market appetite sapped
The fact that dollar pairs today are keeping within 20 pips change of one another speaks to the lack of appetite so far in European trading. The changes are roughly 0.10% to 0.15% mostly, indicating that traders are really not having much to work with. This comes with...
GBPUSD Technical Analysis – Awaiting the NFP
Since the last FOMC meeting the US economic data surprised consistently to the upside leading to a more hawkish pricing for interest rates expectations. In fact, Fed Chair Powell said that the majority of the FOMC expects two or more rate hikes coming if the economy...
Aussie pares losses after RBA setback earlier
Besides the move in the Australian dollar, other major currencies are leaving a lot to be desired so far in European trading. As for the aussie rebound itself, it keeps within the range and technical levels highlighted here with the confluence of the 100 and 200-day...
FX option expiries for 4 July 10am New York cut
With it being a US holiday, the expiries board is rather thin today and there aren't any notable ones to take note of. Just keep in mind that there is a large one for EUR/USD at 1.0900 tomorrow, as that could factor into play in the day ahead.For more information on...
Germany May trade balance €14.4 billion vs €17.5 billion expected
Prior €18.4 billionThe German trade surplus narrows slightly as exports fell 0.1% on the month while imports grew by 1.7% on the month. An interesting thing to note is that German trade with Russia has dropped significantly since the whole Russia-Ukraine conflict....
China major state-owned banks reportedly to have cut dollar deposits again
The report comes via Reuters, stating that China's major state-owned banks have lowered their dollar deposit rates once again with effect from 1 July. The rates were cut by as much as 150 bps with the sources claiming that some banks were not offering rates above the...
Aussie slips as the RBA presses the pause button
The market pricing heading into today's decision showed roughly 63% odds for a no change move, so it isn't an overwhelmingly disappointing decision for aussie bulls. Besides that, the RBA kept any language changes to a minimum and the forward guidance is more or less...
Full statement of the RBA monetary policy decision for July 2023
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...
RBA leaves the cash rate unchanged at 4.10%
Prior 4.10%Higher rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do soIn light of this and the uncertainty surrounding the economic outlook, the RBA decided to hold interest rates steady this...
Australian Dollar Dips After RBA Pauses on Hiking Cycle. Will AUD/USD Go Lower?
Australian Dollar, AUD/USD, RBA, CPI, Fed – Talking PointsThe Australian Dollar slipped after the RBA left rates unchanged at 4.10%The move caught some traders off guard and the Aussie Doller tumbled below 0.6650The unreliable monthly CPI was cited by the RBA. Will...
Reserve Bank of Australia policy decision & statement due the bottom of the hour – preview
The RBA announcement is coming up at 2.30pm Sydney time, which is 0430 GMT and 0030 US Eastern time. Earlier previews are here:TD are looking for a rate hike:Another line-ball call with consensus expecting no hike and OIS market pricing in an approximate 50% prob of a...