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May Canada retail sales +0.2% vs +0.5% expected

May Canada retail sales +0.2% vs +0.5% expected

The advance reading was +0.5%Prior was +1.1% (revised to +1.0%)Ex autos 0.0% vs +0.3% expected (prior was +1.3%, revised to +1.2%)June advance reading 0.0%Year-over-year sales +0.5% vs +1.4% priorComing into this report, core sales had risen for five consecutive...

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Canadian retail sales highlight the economic calendar

Canadian retail sales highlight the economic calendar

The US economic calendar is bare today but there are two notable releases from the Great White North at the bottom of the hour. The new housing price index is coupled with an important report on May retail sales and the advance June data.The May retail sales consensus...

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USDCHF Technical Analysis – The USD comes back to life

USDCHF Technical Analysis – The USD comes back to life

USDCHF 4 hourThe miss in the US NFP and CPI reports triggered a selloff in the US Dollar across the board. The market got increasingly confident that the July hike will be the last one for this cycle and what will follow are rate cuts sometime in early 2024. The...

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The aussie elation yesterday proves short-lived

The aussie elation yesterday proves short-lived

The Australian dollar got a double boost in trading yesterday but that is ultimately proving to be short-lived as the currency declines further again today. Against the dollar, AUD/USD traded to a high of 0.6846 yesterday but is now down nearly 100 pips from there to...

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USDJPY Technical Analysis – BoJ kills again the JPY

USDJPY Technical Analysis – BoJ kills again the JPY

The miss in the US NFP and CPI reports triggered a broad USD selloff as the market expected the Fed to be done with rate hikes after the July FOMC meeting. In fact, the market has even started to bring forward rate cuts, although it looks premature due to a strong...

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Market Update – July 21 – US100 falls, US30 shines

It has been a mixed session on Wall Street where US500 and US100 lost 0.7% and 2.3% respectively but US30 wrapped up a ninth day of wins, its longest winning streak since 2017 and its highest intraday level since April 2022. This can feel like rotation -for now- after...

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ECB to Hike Again

The ECB is expected to deliver another 25-basis point hike next week, while keeping all options open for September. This will mean the presser should be a tad more dovish than in June, when Lagarde signaled more tightening is underway. However, while a September hike...

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European equities see mixed start to the session

European equities see mixed start to the session

Eurostoxx -0.3%Germany DAX -0.5%France CAC 40 +0.1%UK FTSE +0.1%Spain IBEX +0.1%It's a more mixed and tentative one as we get the session underway so we'll have to see how Wall Street takes to this later. For now, US futures are marginally higher by around 0.2% so...

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USDCAD Technical Analysis – Awaiting a big breakout

USDCAD Technical Analysis – Awaiting a big breakout

The miss in the US CPI report last week has led to a broad US Dollar weakness as the market anticipated one last hike at the July FOMC meeting. The falling inflation with a resilient labour market have also strengthened the soft-landing narrative and caused a positive...

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UK June retail sales +0.7% vs +0.2% m/m expected

UK June retail sales +0.7% vs +0.2% m/m expected

Prior +0.3%; revised to +0.1%Retail sales -1.0% vs -1.5% y/y expectedPrior -2.1%; revised to -2.3%Retail sales (ex autos, fuel) +0.8% vs +0.2% m/m expectedPrior +0.1%; revised to 0.0%Retail sales (ex autos, fuel) -0.9% vs -1.6% y/y expectedPrior -1.7%; revised to...

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