The more hawkish than expected revision to the FOMC Dot Plot last week keeps on weighing on the Nasdaq Composite as the market might starting to be worrying that the Fed could go further with its tightening cycle and eventually lead to a recession. Fed Chair Powell...
ForexLive European FX news wrap: Dollar remains in the driver’s seat
Headlines:Markets:USD leads, AUD lags on the dayEuropean equities mixed; S&P 500 futures up 0.4%US 10-year yields down 3.3 bps to 4.503%Gold down 0.5% to $1,891.72WTI crude up 1.5% to $91.77Bitcoin up 1.4% to $26,524It was a quiet session again but the dollar...
US MBA mortgage applications w.e. 22 September -1.3% vs +5.4% prior
Prior +5.4%Market index 189.6 vs 192.1 priorPurchase index 144.8 vs 147.0 priorRefinance index 411.7 vs 415.4 prior30-year mortgage rate 7.41% vs 7.31% priorMortgage applications declined once again in the past week with both purchases and refinancing activity falling...
Fed’s Kashkari: There is a risk that rates might have to go 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,...
Gold on the brink on latest dip below $1,900
Even though Treasury yields are not making new highs today, gold is once again slumping as the dollar remains steady overall. Of note, price is dipping below $1,900 and that is starting to stir up some nerves among buyers surely.Gold (XAU/USD) daily chartThe previous...
Copper Technical Analysis – Key support in sight
Copper continued to trade within a symmetrical triangle for months as the uncertainty on the global economy kept both buyers and sellers at bay. The recent more hawkish than expected FOMC dot plot might have given the market a wakeup call that the central banks will...
France prioritises inflation fight with 2024 budget bill
And that is largely to help households counteract inflation pressures while at the same time trying to rein in public finances, as announced by French finance minister, Bruno Le Maire. He warned that as price caps on gas and power prices are slowly being unwound, the...
GBPJPY Technical Analysis – Lower prices expected
UK:The BoE kept interest rates unchanged. The central bank is leaning more towards keeping interest rates “higher for longer” but it kept a door open for further tightening if inflationary pressures were to be more persistent. Key economic data like the latest...
Dollar keeps steadier so far on the session
Even as equities are finding a bit of a reprieve, currency traders are not really buying it. 10-year Treasury yields are down 2.7 bps on the day to 4.509% now and that is helping to give stocks a light breather. If anything, it could prove temporary and I reckon that...
USDCHF Technical Analysis – The bullish momentum is waning
US:The Fed left interest rates unchanged as expected.The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike by the end of the...
Market Update – September 27 – Temporary Optimism?
Chinese indexes stabilised after a 2-day decline amid fresh optimism that official measures will be able to boost the recovery. Industrial profits improved for the first time in a year and the People’s Bank of China said it would step up policy adjustment and...
Eurozone August M3 money supply -1.3% vs -1.0% y/y expected
Prior -0.4%Broad money growth in the euro area declines further as financial conditions continue to tighten and rather quickly I might add in the last few months. A credit crunch is something the ECB wants to avoid but considering the circumstances, they might have to...
Switzerland September Credit Suisse investor sentiment -27.6 vs -38.6 prior
Prior -38.6Swiss investor sentiment improved this month but is still sitting in a rather uneasy territory. UBS notes that that the barometer now shows that sentiment is "steadying at a level that historically suggests an economic slowdown, but not a...
Most Crucial Economic Events in the Second Half of 2023 – Part 2
With the global economy weakening, you may wonder what will impact capital markets in the second half of 2023. Will the food crisis worsen again? What factors will influence European currency this winter? What will be the key themes of the year ahead? Several vital...
ECB’s Elderson: Interest rates have not necessarily peaked
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,...
China can still achieve economic growth of above 5% this year – PBOC advisor
China economy can avoid 'Japanification'If the headline figure is the official tagline, then you can expect China to somehow "achieve" that as they always do. But how they do so and the details are something that will always be in the shadows. As for whether or not...
France September consumer confidence 83 vs 84 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,...
NZDUSD Technical Analysis – Key support in sight
US:The Fed left interest rates unchanged as expected.The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike by the end of the...
Germany October GfK consumer sentiment -26.5 vs -26.0 expected
Prior -25.5; revised to -25.6German consumer morale remains in the doldrums as households are pulling back on spending amid high inflation. GfK says that "the chances of a recovery in consumer sentiment are likely to have fallen to zero before the end of the...
FX option expiries for 27 September 10am New York cut
There are a couple of large ones to take note of, as highlighted in bold.The first being for EUR/USD near the 1.0600 mark, similar to yesterday. That should keep a lid on price action in any push higher amid an extension of the ranges for today. Sellers remain in...