Info comes via Reuters. Citigroup is with the consensus forecasting no Fed Funds change at the September FOMC meeting, but to raise the rate in November by 25 bps. Citi had previously forecast a September hike but say recent inflation data has led it to expect a...
China’s PBOC have been busy: Cut its RRR, ‘asked’ banks not to buy dollars. Panicking?
They've been busy little bees at the People's Bank of China.Justin had the news on two moves from the Bank:andOn the Reserve Requirement Ratio (RRR) cut, this is sort of encouraging news on the one hand and sort of concerning on the other hand. On the plus side ......
JP Morgan raise their forecasts for iron ore citing ‘resilient’ China
JP Morgan analysts with a note on mining stocks, Rio Tinto and others re iron ore are being viewed favourably.On China JPM have this to say:China steel demand has proven more resilient as infrastructure demand offsets poor property sector demand (both ~30% of China...
Forexlive Americas FX news wrap: Euro falls to the lowest since March after ECB hike
Markets:S&P 500 up 0.9%Gold up $3 to $1909US 10-year yields up 3.8 bps to 4.29%WTI crude oil up $1.96 to $90.48CAD leads, EUR lagsWe've been in the doldrums for awhile but the combination of a Chinese RRR cut, another round of strong US economic data and signals...
Economic calendar in Asia – Friday, 15 September 2023 – China economic data for August
The data from China due today is expected to show some improvement. there have been plenty of indications that there are some green shoots poking through. Also, the latest Citi Economic Suprise Index re China is showing data is beating pessimistic estimates. Coming...
Trade ideas thread – Friday, 15 September 2023
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,...
North American equities run 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,...
The stock market is all-in on the soft landing narrative but that’s not the only driver
SPX dailyGood news is good news again.The S&P 500 is roaring today, up 43 points, or 1.0% to 4512. That's a one-week high and an impressive performance despite rising Treasury yields.It's getting tough to pin down exactly what this market is trading around. In...
French finance ministry lowers 2024 GDP forecast to 1.4% from 1.6%
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,...
CIBC: Summer sizzle in retail sales defies expectations: what’s next for the US consumer
US retail salesIn a surprising twist, the US retail sales for August have left market expectations in the dust, showcasing a resilient consumer base keen to keep the summer spending vibe rolling. But CIBC hints that the party might not last long. Here’s what you need...
Euro breaks the May low as the post-ECB selling continues
The 'sell the fact' mode continues in the euro. The surprise rate hike was priced in after the leak on Monday and now the sellers are arriving with ECB President Christine Lagarde strongly suggesting that the central bank is done hiking rates.A close below the 1.0635...
USDCAD trades to new session lows
USDCAD falls to new session lowsThe USDCAD is trading to a new session alone in the process is testing a swing area between 1.3494 and 1.35039. Below that is the September 1 low at 1.34889. Get below those levels and traders will start to think about the 200 day...
EURUSD breaks lower. Looks toward the next target at 1.0635
EURUSD falls to a new session lowThe EURUSD is training to a new session low and in the process is moving away from the swing area between 1.06583 and 1.06669. The low price has just traded to 1.06445. The swing low from May 31 at 1.0635 is the next key target. Below...
Atlanta Fed GDPNow estimate for 3Q growth falls to 4.9%
Atlanta Fed GDPNow estimate for Q3 falls to 4.9% from 5.6%The Atlanta Fed estimate for 3Q growth fell to 4.9%. The last estimate on September 8 came in at 5.6%.In their own words:The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the...
Crude oil futures back below $90, but buyers remain in control
Crude oil traded above $90 for the 1st time since NovemberCrude oil prices have risen by $1.33, marking a 1.5% increase, and are currently trading at $89.85. Today's peak reached $90.26, the first time it surpassed $90 since November 8, before retracting slightly. A...
Trudeau is getting desperate in Canada: Will unveil plans to cut cost of living today
AI imageCanadian Prime Minister Justin Trudeau is watching his popularity plummet.The country is two years away from an election unless his coalition partners in the NDP want to pull the plug but waiting isn't likely to do him any good. The nation has completely...
European equity close: The UK leads strong gains
Closing changes in Europe:Stoxx 600 +1.6%German DAX +1.0%Francis CAC +1.4%UK's FTSE 100 +2.1%Spain's IBEX +1.4%Italy's FTSE MIB +1.5%These are some big gains after a period lackluster trading in European equities. Is this the start of something bigger, or a trendline...
The EURUSD is lower and so are the EURGBP and the EURJPY. What are the technicals saying?
The EURUSD is lower after the ECB rate decision. What about some of the other cross-currency pairs including the EURGBP and EURJPY. In the video above, I take a technical look at those currency...
China is a mystery and met coal prices deepen the intrigue
Everyone agrees that China is struggling, though there a major disagreements on how bad it is or how bad it will get. Today, the PBOC cut the reserve requirement ratio for banks in yet-another move to shore up the economy. The real estate sector is struggling...
WTI crude oil rises above $90 to a fresh high for the year
By this point the story is well-known -- OPEC+ is putting a squeeze on the market and it's under-supplied somewhere in the 1-3 million barrel per day range. That should narrow in October as China backs off a filling inventories but unless OPEC breaks, global...