Core PCE data slightly below expectations plus a GDP reading that surprised at +2% (remember, however, that the comparison is against 2022 Q1 which was -1.6%) in the US were enough to give a final boost to US Indices – and of course their global peers – to...
Switzerland June manufacturing PMI 44.9 vs 42.3 expected
Prior 43.2Swiss manufacturing conditions improved in June but it still marks a contraction towards the end of Q2. This is the sixth month running that the reading runs below the 50.0 threshold as production remains in decline while a reduction in the order backlog...
European stocks hold slightly higher at the open
Eurostoxx +0.4%Germany DAX +0.3%France CAC 40 +0.3%UK FTSE +0.3%Spain IBEX +0.6%This follows up on the strong gains on Friday, which helped to solidify a good month for European equities. There was a bit of a scare during the third week of June (two weeks ago) but the...
Spain June manufacturing PMI 48.0 vs 47.7 expected
Prior 48.4Despite the reading being higher than estimates, it still marks a further contraction in Spain's manufacturing sector as it is lower than May. Worsening demand conditions continue to weigh as downturns in output and new orders were both sustained. HCOB notes...
Switzerland June CPI +1.7% vs +1.8% y/y 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,...
Morgan Stanley bumps up ECB terminal rate forecast to 4% from 3.75% previously
That translates to a 25 bps rate hike in July and one more after in September. It will definitely come down to the data but after seeing the June inflation figures here, there is reason to believe that price pressures will remain sticky beyond the summer. And that...
Weekly Market Outlook (03-07 July)
UPCOMING EVENTS:Monday: US Holiday Early Close, Swiss CPI, US ISM Manufacturing PMI.Tuesday: US Independence Day, RBA Policy Decision.Wednesday: China Services PMIs, FOMC Meeting Minutes.Thursday: EZ Retail Sales, US ADP, US Jobless Claims, US Job Openings, US ISM...
Trade ideas thread – European session 3 July 2023
And just like that, we're past the halfway point in 2023 already. While month-end and quarter-end might have made things a little dicey towards the end of last week, we can now move on from that and continue to keep the focus on the balance between inflation, the...
FX option expiries for 3 July 10am New York cut
There is just one to take note of for today, as highlighted in bold.That being for EUR/USD at the 1.0900 mark. However, the level doesn't really hold much technical significance so it may not factor in too much into the equation when you look at trading sentiment...
USD/JPY continues to hold near the potential intervention marker for now
It's a brand new week, month, quarter, half-year for markets but this is a bit of a familiar story. It is one that we already went through during October last year, with just a different handle for USD/JPY. The pair is up 0.2% today to 144.60 and all eyes are...
S&P 500, Nasdaq Ahead of US Jobs Data: No Sign of a Reversal
S&P 500, SPX, NASDAQ 100, NDX - OUTLOOK:The Nasdaq 100 index looks overbought with some signs of fatigue, but there is no sign of a reversal.The S&P 500 index has broken above key resistance.Which way for the two indices? Recommended by Manish Jaradi Get Your...
ECB’s Nagel is speaking on Monday, Europe time.
Germany's Bundesbank President (and European Central Bank Governing Council member) Nagel is speaking on Monday, 3 July 2023. Nagel is a persistent hawk, and he won't be switching lanes anytime soon. He speaks at 1200 GMT, which is 0800 US Eastern time, at a financial...
EU industry chief Breton says Japan & the European Union will strengthen chip cooperation
Thierry Breton is the current Commissioner for Internal Market of the European Union.He said the European Union will deepen cooperation with Japan on semiconductorsmove to strengthen control over the technology"We believe that it's extremely important to secure the...
ForexLive Asia-Pacific FX news wrap: China’s manufacturing PMI came in at a beat
It was an active session for economic data with the focus on China’s second manufacturing PMI. Last week we had the official PMIs, from China’s National Bureau of Statistics (NBS). The official manufacturing PMI stayed in contraction for its third consecutive month....
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Japan Matsuno believes improvement in the BOJ Tankan reflects gradual recovery of economy
Japan chief cabinet secretary Matsuno says that he believes the improvement in the BOJ Tankan reflects a gradual recovery of the economy, but will continue to closely monitor trends in overseas economies and prices.He's right about the improvement in the economy,...
Australia trade minister expects more announcements on improving trade with China soon
I posted earlier on Murray Watt, Australia's agriculture minister's remarks on the heavy going in negotiations of a Free Trade Agreement with the European Union:His remarks were over the weekend to local public broadcaster ABC. He also had very brief comments on his...
China June 2023 Caixin / S&P Global Manufacturing PMI 50.5 (prior 50.9)
China June Caixin Manufacturing PMI comes in at 50.5expected 50.2prior 50.9Last week we had the official PMIs, and manufacturing remained stuck in contraction:China has two primary Purchasing Managers' Index (PMI) surveys - the official PMI released by the National...
Australia ANZ-Indeed Australian Job Ads fell 2.5% m/m in June (prior +0.1%)
While down in June compared with May job vacancies are still 47.5% higher than pre-pandemic levels as tightness in the labour market continues.Down 10% y/yANZ:"It will take time for the labour market tightness to ease," "But the direction of change is clear, and we...
Australian May Building permits +20.6% m/m (expected +2.0%)
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,...