Headlines:Markets:USD leads, AUD lags on the dayEuropean equities lower; S&P 500 futures down 0.4%US 10-year yields down 6.2 bps to 3.736%Gold up 0.3% to $1,918.66WTI crude down 1.4% to $68.53Bitcoin down 0.3% to $30,079The risk mood in markets was already leaning...
ECB’s de Cos: We will hike rates again in July, not possible to say what comes after that
Core inflation is more resistant than expectedWe still have ground to coverWe will raise interest rates again in JulyNot possible to say what we will do afterwardsThey have pretty much pre-committed to a rate hike already next month, so there's no backing down from...
부업 안하고 공짜로 240만원 돈받는 법!? ㄷㄷ
https://www.youtube.com/watch?v=3Ks0bMux93U #부업 #월세 #shorts 안녕하세요? 절약왕 정약용 인사드려요 ^^ 오늘은 부업 안하고 공짜로 240만원 돈받는 법을 소개합니다 만19세 ~ 34세의 무주택 청년이면 나라에서 매달 20만원씩 1년간 받을 수 있습니다 대학생, 직장인 상관 없습니다 2023년 8월까지 지원이 가능하니 영상 내용에 해당하는 분이라면 지원하셔서 혜택을 보시길 바랍니다 영상이 도움이 되셨다면, [구독]과 [좋아요]...
UF AWARDS APAC 2023 Announces Winners
A benchmark of excellence in fintech and financial services, the UF AWARDS are some of the most sought-after accolades. Taking this benchmark to the APAC region, the UF AWARDS APAC shine a light of prestige on the most deserving Brokers and B2B market players locally....
More Rate Hikes
The BoE was the major surprise in June’s round of European central bank decisions. Governor Bailey reacted to yesterday’s hot inflation report by delivering a 50 basis point hike, while maintaining a tightening bias. Norges Bank also hiked the policy rate...
Japan finance minister says firmly watching FX moves
Sharp currency movement is undesirableCurrency rates should be set by the market, reflecting fundamentalsSays does not want to comment on FX levelsA little bit of jawboning and verbal intervention there as USD/JPY is treading water above 143.00 for the first time...
UK PMI helps to reaffirm the market mood so far today
The UK PMI data here was weaker than estimated and that is reaffirming the sort of risk averse mood we're seeing so far on the session. Similar to the euro area readings earlier, this just prompts further questions about the resolve of the BOE and it comes just a day...
UK June flash services PMI 53.7 vs 54.8 expected
Prior 55.2Manufacturing PMI 46.2 vs 46.8 expectedPrior 47.1Composite PMI 52.8 vs 53.6 expectedPrior 54.0Similar to the euro area, the UK economy also showed signs of slowing towards the end of Q2 but is at least still posting slight growth. The manufacturing sector...
GBPUSD Technical Analysis – Pullback or Top?
The Fed decided to pause its tightening cycle at 5.00-5.25% as it wants to see more data before delivering another hike. The Fed is trying to reach an optimal level of monetary restraint that would bring inflation back to target without too much damage to the economy....
Eurozone June flash services PMI 52.4 vs 54.5 expected
Prior 55.1Manufacturing PMI 43.6 vs 44.8 expectedPrior 44.8Composite PMI 50.3 vs 52.5 expectedPrior 52.8On the balance of it, the fall in services activity isn't as stark as the French reading alone. However, it still leads to the euro area economy basically grinding...
Market Update – June 23 – Risk Aversion Extends
After 50 bp rate hikes from the BoE and Norges Bank, ongoing hawkish comments from Chair Powell – who further warned of one or maybe two more additional rate hikes this year – exacerbated the selling. Asian stock markets have remained under pressure and...
The risk aversion today deepens as recession fears grow in Europe
Equities are falling to fresh lows on the day as bonds are bid across the board. It's a typical risk-off day at the moment as the rather disappointing French and German PMI readings just adds to the misery for risk sentiment on the week.S&P 500 futures are down...
Germany June flash services PMI 54.1 vs 56.2 expected
Prior 57.2Manufacturing PMI 41.0 vs 43.5 expectedPrior 43.2Composite PMI 50.8 vs 53.5 expectedPrior 53.9I typically report the manufacturing reading as the headline for Germany (since it matters more for the economy) but after the French miss earlier, the services...
Bond yields slump as French PMI disappoints
And that is reverberating across broader markets as well. 10-year Treasury yields are also down at the lows for the day, lower by 4 bps to 3.758% currently. The more disappointing report here is adding to the risk aversion that we have already been seeing to start the...
Euro falls as French economy shows disappointing end to Q2 performance
That's resulting in a quick drop in the euro, with EUR/USD falling from around 1.0920 levels earlier to a low of 1.0885. Of note, sellers are also looking to take out the 200-hour moving average on the day - which will see the near-term bias switch to being more...
France June flash services PMI 48.0 vs 52.0 expected
Prior 52.5Manufacturing PMI 45.5 vs 45.4 expectedPrior 45.7Composite PMI 47.3 vs 51.0 expectedPrior 51.2Ouch. That is a painful reading on the services front, falling to a 28-month low and is a big blow to the euro and the ECB's conviction to tighten further. The...
European equities see red at the open again today
Eurostoxx -0.4%Germany DAX -0.8%France CAC 40 -0.4%UK FTSE -0.3%Spain IBEX -0.5%This continues from the conversation here. Even US futures are also lower again today after the reprieve for tech stocks yesterday. S&P 500 futures are down 0.3% currently as the...
Spain Q1 final GDP +0.6% vs +0.5% q/q prelim
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USDCHF – The SNB wants to sound hawkish: but does it really need to?
Yesterday, was a day with plenty of unexpected events. The Norwegian Norges and the British BOE have displaced investors by surprising to the upside (50 bps hikes instead of the expected 25); the Turkish CBRT has done the same but heavily to the downside (650 bps to a...
USDCAD Technical Analysis – Make it or Break it Moment
Last week, the Federal Reserve decided to pause its tightening cycle, maintaining interest rates at a range of 5.00-5.25%. The Federal Open Market Committee (FOMC) is awaiting further economic data before determining whether to implement another rate increase. Their...