And the remaining odds? Well, they are siding with a 50 bps move instead. Keep in mind, that those odds were roughly flipped at one point yesterday after the hot UK inflation data as seen here.As such, a 25 bps move will be disappointing for those expecting a more...
Major currencies not up to much so far today
After falling yesterday, the dollar is finding some steadier footing today but it is more of the case that major currencies in general are finding little appetite to get moving. Here's a snapshot of things and a bit of a look at some dollar pairs:EUR/USD is little...
ENO Token Lists on LATOKEN to Transform the Wine Industry
ENO the native token of an emerging wine industry platform, has been listed on LATOKEN. The news marks a milestone in the history of wine while cementing LATOKEN’s reputation as a testbed for innovative new tokens.The ENO platform aims to provide access to a rapidly...
SNB’s Jordan: The view that policy would be better by not tightening today is false
Most likely we will have to tighten monetary policy againBut we can also take a more gradual approachA gradual approach is appropriate at present, we can look again in SeptemberHe's leaving the door open with one foot in case they may take a step back to keep rates...
Market Update – June 22 – ”Super Thursday”
The Asian stock market was negative with JPN225 down -0.9%, although with the BoJ sticking to its accommodative policy stance and corporate reforms helping to lift sentiment, Japanese markets have outperformed over the past year. China and Hong Kong are on holiday...
SNB’s Jordan: We cannot rule out further monetary policy tightening
Monetary tightening has strengthened Swiss francStill, underlying inflation pressure has risen furtherThere is a danger inflation may become entrenched above 2%Inflation caused by higher rents not a reason to refrain from future rate hikesThey are certainly keeping...
Growth worries or build up to quarter-end?
The selling is continuing in equities today, as it has been all through this week. Here's a look at how European indices are performing on the week, taking into account the losses at the moment:Eurostoxx -2.8%Germany DAX -2.5%France CAC 40 -3.1%UK FTSE -2.3%This isn't...
SNB raises policy rate by 25 bps to 1.75%, as expected
Prior 1.50%Rate hike is to counter inflation, which has increased again over the medium-termAdditional rate hikes cannot be ruled out to ensure price stabilityIn the current environment, the focus is on selling foreign currencyWill remain active in the FX market as...
European stocks off to a rough start today
Eurostoxx -1.1%Germany DAX -1.0%France CAC 40 -1.3%UK FTSE -1.2%Spain IBEX -1.6%The downside momentum continues on the week, with US futures also sitting lower today. S&P 500 futures are at the lows, down by 14 points or 0.3% currently. Just keep an eye out on the...
France June business confidence 100 vs 100 prior
No change to the reading in June, as French business morale sticks at its long-term average with manufacturing climate improving slightly but offset by weaker construction activity. The services sector climate remained stable with a 102 reading - similar to...
Japan maintains overall economic assessment for the month of June
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,...
BOJ’s Noguchi: Exchange rate should move stably reflecting fundamentals
Yen decline last year was too rapidWeak yen hurts households via rising prices but benefit firms via increase in overseas profits, rise in inbound tourismMonetary policy does not directly target exchange rateDon't need to make operational tweaks to YCC for the time...
Trade ideas thread – European session 22 June 2023
The risk rotation continues to play out and that is one of the major themes in markets this week. I'm still trying to find a balance in viewing whether this is just jitters about inflation, high rates, and softer global growth, or perhaps a building up of quarter-end...
Gold continues to look heavy on the week
Gold (XAU/USD) daily chartI probably don't have to keep hammering on this subject but the chart is certainly one of the more interesting ones to watch so far this week. Gold had held on to its 100-day moving average (red line) for a few weeks now and for that to give...
FX option expiries for 22 June 10am New York cut
There aren't any expiries that are too significant for the day, that is sitting close to where price action is at the moment at least. There is a large one for EUR/USD near 1.0900 but that is a bit of a distance to where we are trading for now. However, with the SNB...
The SNB and BOE are in the spotlight in European trading
Major currencies are not showing much appetite so far today but the dollar was somewhat softer in trading yesterday. That comes against the backdrop of softer equities once again with bond yields retreating in the US session as well.There is a consistent theme...
The latest round of the central bank bonanza wraps up today
Here's a recap of the other decisions in case you need them:And for today, we are likely to see 25 bps rate hikes for both the SNB and BOE. Things are more certain with regards to the former, as the SNB will continue to keep pace with the ECB in the battle against...
Bank of Japan board member Noguchi spoke earlier – recap
The headline comments from Bank of Japan board member Asahi Noguchi are here:Reuters have a recap post of his remarks, highlighting: said the bank must maintain ultra-loose monetary policy to ensure wages, seen as key to driving inflation to the bank's 2% target,...
New Zealand data – May credit card spending +3.3% y/y (vs. +13.9% 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,...
ForexLive Asia-Pacific FX news wrap: Awaiting the Swiss National Bank and Bank of England
Session wrap Forex news for Asian trading on Thursday, 22 June 2023 <!--> Eamonn Sheridan Thursday, 22/06/2023 | 02:56 GMT-0 22/06/2023 | 02:56 GMT-0 --> Mainland China and Hong Kong were both closed for a holiday today, Dragon Boat Festival. This sapped...