There was a light bounce in equities in the first hour of European trading today but that has quickly faded as we see S&P 500 futures now fall to be down by 0.4% at the lows for the day:That is keeping the market mood more sluggish and cautious, with European...
Eurozone April current account balance €4.0 billion vs €31.2 billion prior
Prior €31.2 billionThe euro area current account remains in surplus territory but shrank by quite a sum in April. Of note, the surplus recorded for goods was the main reason for the drop - recording a surplus of €16 billion (€25 billion lower than March).MoneyMaker FX...
ZuluTrade Participates in iFX EXPO Asia 2023 as Diamond Sponsor
ZuluTrade, a Finvasia Group company and provider of the world-leading social trading and wealth management platform, has announced its participation in iFX EXPO Asia as a Diamond Sponsor. iFX EXPO is the largest financial B2B expo in the world, with annual events...
HSBC slashes China 2023 GDP forecast to 5.3% from 6.3% previously
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,...
European equities slightly lower to start the day
Eurostoxx -0.3%Germany DAX -0.4%France CAC 40 -0.2%UK FTSE -0.1%Spain IBEX -0.1%Despite rate cuts by China, concerns continue to linger about their economic outlook and that is weighing on the market mood. US futures are also looking fairly sluggish so far today, with...
GBPUSD Technical Analysis – Policy Divergence
The Fed has eventually paused its tightening cycle at 5.00-5.25% because it wants to see more economic data before deciding on another hike as they are trying to find the right level of restraint to bring inflation down without too much economic pain. The BoE, on the...
FX option expiries for 20 June 10am New York cut
There is just one to take note of, as highlighted in bold.That being for USD/JPY with a large one seen at 142.00, close to where price action is resting now. That could see it act as more of a magnet for price to stick around in the session ahead before rolling off...
Market Update – June 20 – PBoC cuts, RBA doubtful, UK rates surge
Last night the People’s Bank of China cut its 1y and 5y loan prime by 10 bps each to 3.55% and 4.20% respectively, as broadly expected. The move triggered a classic ”sell the fact” reaction and APAC markets – with the exception of Australia –...
Germany May PPI -1.4% vs -0.7% m/m expected
Prior +0.3%PPI +1.0% vs +1.7% y/y expectedPrior +4.1%Looking at the details, there were increases in the prices of capital goods (0.2%) and non-durable consumer goods (0.1%) - mainly food products. That is offset by softer developments in intermediate goods (-1.1%)...
Switzerland May trade balance CHF 5.48 billion vs CHF 2.60 billion prior
Prior CHF 2.60 billion; revised to CHF 2.56 billionThe Swiss trade surplus expanded strongly in May as exports were seen up a whopping 21.1% on the month while imports grew by 7.3% on the month. Switch watch exports were seen up 14.4% in May compared to a year ago, in...
Trade ideas thread – European session 20 June 2023
How low can you go, Mr. Yen? The Japanese currency has suffered a real beatdown last week and while the decline hasn't deepened so far this week, it will take a lot to convince of a turnaround in the momentum.USD/JPY is inching above 142.00 now but faces some...
China rate cuts not really lifting broader market mood for now
In case you missed the earlier headline:It has been coming since the weekend and even with the rate cuts, China is expected to do more in order to try and shore up confidence and bolster economic performance.At the start of the year, everyone was so sure of a major...
RBA Dep Gov Bullock says higher rates are the only tool the RBA has to curb inflation
Reserve Bank of Australia Deputy Governor Bullock speaking, indicating there are further rate hikes to come from the Bank. The comment on 'need to slow demand' is a clear indication. The Bank's tool right now is rate hike, that's how it'll slow demand for goods and...
Plenty of Federal Reserve speakers ahead – Bullard, Barr, Williams
A heads up to for potential economic outlook/policy comments from these that could shift markets. Bullard and Williams are never shy of expressing opinions. 1030 GMT/0630 US Eastern time: Federal Reserve Bank of St. Louis President James Bullard gives "Optimal...
Citi cuts its China GDP forecast for 2023 to 5.5%, from 6.1%
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,...
RBA Dep Gov Bullock says employment and economy need top grow below trend for a while
Reserve Bank of Australia Deputy Governor Michele Bullock speechSummary Headlines via Reuters: Employment, economy need to grow below trend for a whileEconomy would be closer to sustainable balance point with unemployment at 4.5%Australia is at or even above estimates...
Reserve Bank of Australia Deputy Governor Michele Bullock speech – live link
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: The PBOC cut rates, as expected
The People’s Bank of China cut its 1- and 5-year Loan Prime Rates today by 10 bp each. It's the first LPR cut in 10 months. Rates are now:1-year 3.55% (from 3.65%)5-year 4.2% (from 4.3%)The cuts were expected and followed 3 cuts to separate policy rates last week. In...
Bank of England’s Hall speaks on Tuesday, 20 June 2023 – not on monetary policy
Noting this even though it does not appear we'll get remarks on monetary policy. The Bank looks set for further hikes regardless though. 1500 GMT/1000 US Eastern time: External member of the Bank of England Financial Policy Committee Jonathan Hall delivers speech at...
Japan’s Industry Minister says FX stability is important
Japan's Industry Minister represents real businesses that are impacted by forex swings, so he has a case to comment. Earlier we had the same sort of remark from the finance minister. Its his department that'd be ordering intervention in the currency, if it comes to...