Following a lower set of revisions, the euro area economy marginally contracted in Q1. Meanwhile, the annual reading is also revised lower to +1.0% from the +1.3% reading from the second estimate. The negative quarterly reading means that the euro area suffered a...
Gold continues to hold on at key technical support for now
Gold (XAU/USD) daily chartGold is up 0.5% on the day to around $1,948 levels now but it has been a rather challenging last one week or so for buyers. We saw price crack back below the $2,000 mark last month and that continued towards a test of key support in the form...
Blockchain Pioneer Acquires International Fashion House Blk DNM
Stockholm's headquartered blockchain technology company ChromaWay today reveals its acquisition of the iconic Swedish-American fashion brand BLK DNM. The acquisition aligned with the recent relaunch of BLK DNM as a modern, community-driven fashion house. It marks...
Market Update – June 8 – Ripples from the BOC Reverberate
The USDIndex continues to rotate around 104.00 holding its positive bias, the BOC surprised with a 25 bp rate hike after no changes since January, following the RBA surprise earlier in the week. Yields rallied (2/10 yr inversion now up to 78 bp) the FED’s...
Large FX option expiries in focus for USD/JPY and EUR/USD today
I provided the details on the expiries earlier here but just in case you missed it:"The first being for EUR/USD and that sits closer to the 1.0700 mark. As such, it could act as an anchor for price action or at least keep it from straying away too far to the downside...
A tentative start to the day for European equities
Eurostoxx -0.1%Germany DAX -0.2%France CAC 40 flatUK FTSE +0.1%Spain IBEX flatThere isn't much appetite to start the session and this follows from the more subdued performance yesterday as well. US futures also aren't helping with a slow showing, as we see S&P 500...
Trade ideas thread – European session 8 June 2023
The struggle for conviction continues in broader markets this week, as the slow countdown to the Fed next week plays out. That said, there are some interesting technical observations that might be of some attention:AUD/USD holds a daily close below its 200-day moving...
FX option expiries for 8 June 10am New York cut
There are a couple of big ones to take note of, as highlighted in bold.The first being for EUR/USD and that sits closer to the 1.0700 mark. As such, it could act as an anchor for price action or at least keep it from straying away too far to the downside before...
The Fed wait continues..
In case you missed it, the central bank bonanza this week delivered a couple of surprises to markets as both the RBA and BOC decided to raise interest rates instead of keeping on the sidelines:The latter in particular led a turnaround in the Treasuries market...
Bank of Canada Deputy Governor Beaudry is speaking Thursday – economic progress report
Due at 1525 North America Eastern Time / 1925 GMT: Bank of Canada Deputy Governor Paul Beaudry delivers a speech, the Bank's Economic Progress Report. At the Greater Victoria Chamber of Commerce. This is a regular speech that follows a BoC meeting where the meeting...
Vice governor of PBOC says Bank has ability to maintain stable FX market operations
The People's Bank of China has a number of vice governors. I'm not sure which one this is, comments being carried by news wires:We have confidence, conditions and capacity to maintain stable operations of the FX marketForex market is generally stableyuan market...
Bank of Korea senior official says far too early to relax over inflation
Bank of Korea senior official: Does not hold view that monetary tightening is overIt is still too early to be relaxed over inflationBoK statement: Early shift in domestic monetary policy may add pressure on local currencyRecently increased volatility in local currency...
ForexLive Asia-Pacific FX news wrap: Chinese bank rate cuts
There were yuan deposit rate cuts by a range of Chinese banks today after calls from the authorities to do so. The cuts are aimed at providing a boost to the economy and have sparked renewed speculation of a Loan Prime Rate cut from the People’s Bank of China this...
JP Morgan is wary of a Federal Open Market Committee (FOMC) rate hike next week
JP Morgan provide this graph if their analysis of central bank speakers, clearly showing how much hawkish the European Central Bank currently is compared with a relaxing Federal Reserve and Bank of England. Which naturally leads to the view that there are more hikes...
US President Biden has ordered “all available federal firefighting assets” to Canada
US President Biden and Canada's Prime Minister have spoken. The White House says Biden has ordered the deployment of "all available federal firefighting assets" to fight wildfires in Canada.Not FX related, but perhaps some encouraging news for those in eastern areas...
Citi forecasts gold to USD2200 after a dip first
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,...
Asia Day Ahead: Higher Treasury yields triggered profit-taking in Nasdaq overnight
Recommended by IG Get Your Free Top Trading Opportunities Forecast Get My Guide A quiet US economic calendar overnight shifted much of the market focus to the Bank of Canada (BoC), who mirrored the Reserve Bank of Australia (RBA)’s decision this week with a surprise...
China financial regulator says economy still recovering, demand will increase
Li Yunze is Director of China's National Administration of Financial Regulation. Out with some upbeat remarks:economy is still recoveringdemand will be boosted, expandedwill optimise private financing, strengthen financial services for private businessthe recent...
Australian April Exports -5% m/m (prior 4%) & Imports 2% m/m (prior 2%)
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,...
South Korea’s fin min says inflation is still high, will be the policy focus for now
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,...