Import prices year on yearUS import prices for June -0.2% versus -0.1%. Prior month -0.4% versus -0.6% previously reportedUS export prices for June -0.9% versus -0.2%. Prior month -1.9%U.S. import prices have declined in 5 out of the first 6 months of 2023, following...
Canadian manufacturing sales for May 2023 1.2% versus 0.8% expected
Canada manufacturing sales for June rises 1.2%Details of the report showManufacturing sales was driven primarily by increases in sales of chemical products (+4.8%), motor vehicles (+4.8%), and machinery (+4.2%). Primary metal manufacturing sales saw the biggest drop...
WSJ Timiraos: July is all but decided. Hawks already pushing for September
In his latest article, Nick TImiraos of the WSJ says July is locked in, and hawks are pushing for September.The July 26 hike would result in the highest interest rates seen in 22 years. Highlights:The focus of the meeting is likely to be what circumstances might...
ForexLive European FX news wrap: Dollar rout hits pause for now
Dollar technicals:Headlines:Markets:EUR leads, JPY lags on the dayEuropean equities mixed; S&P 500 futures up 0.1%US 10-year yields up 0.7 bps to 3.765%Gold down 0.1% to $1,958.60WTI crude flat at $76.89It was a quieter session in Europe today as markets are...
US announces to automatically forgive $39 billion in student debt
Well, just around two weeks after the Supreme Court shot down the student loan forgiveness prorgramme here, we are seeing a somewhat similar relief measure being announced by the Biden administration. It would automatically forgive $39 billion in student debt for...
Chancer Presale Rockets Past $750k Milestone in Under 4 Weeks
Chancer, a revolutionary blockchain-based predictive markets app that’s taking the crypto and betting world by storm, has raised a whopping $750,000 in just 4 short weeks during its exciting presale. Stage 1 is now set to imminently sell out, with under 23% of tokens...
AUD/USD upside push stalls at the June highs, at least for now
However, this doesn't change the fact that the technical predicament for the dollar remains extremely poor at the moment. There are major technical pushes all across the board and it may be just a matter of time before the selling resumes. And that means AUD/USD is...
USD/CHF has got that old saying in markets written on it
USD/CHF weekly chartThis builds on my post from Wednesday here and yesterday here. As highlighted at the time, USD/CHF was on the verge of a much steeper drop as it flirts with its lowest levels since January 2015. And alas, here we are.If you need a refresher, the...
It’s been an exceptional week for the euro and pound against the dollar
The dollar crumbling across the board has a lot to do with the solid runs higher in both EUR/USD and GBP/USD. But the stronger hawkish bias towards the ECB and BOE are also helping both the euro and pound gather some solid momentum in the latest upturn against the...
A bit of a breather so far today
The dollar demise this week is being met with a pause today as the greenback steadies itself a little. The ranges for the day are considerably mild after all the hot and heavy action in the past two days, as the dollar keeps little changed mostly across the...
Eurozone May trade balance -€0.3 billion vs -€11.7 billion prior
Prior -€11.7 billionThe euro area trade deficit narrowed considerably in May, with the seasonally adjusted number also seen at -€0.9 billion. On the latter, it was helped by exports moving up by 2.9% on the month while imports declined by 0.1% on the month. The...
The summer week when the dollar sold off – EMs know how to smile too
The US Dollar was -3.32% down from 102.86 at last Thursday’s close to 99.45 at yesterday’s settlement. This is how far the USD basket against six other majors (USDX) has fallen in the last five sessions building up on some very positive data in the US,...
Market Update – July 14
Another soft inflation report in the way of PPI further fueled expectations the FOMC will be done hiking rates after the upcoming 25 bp increase on July 26. That view further fueled the rallies on bonds and stocks, while knocking the USD sharply lower. The bull curve...
FX option expiries for 14 July 10am New York cut
There aren't really any significant ones to take note of for the day. As such, trading sentiment is going to revolve mostly around the technicals and the dollar mood. It looks like markets are taking a bit of a breather from the hot and heavy action since the US CPI...
BOJ announces to host first discussion on long-term policy review in December
This is a new initiative undertaken by the BOJ as they seek to conduct a e review of monetary policy from a broad perspective. And it looks like it will be one that will take quite some time. The first discussion/workshop will take place later in December this year...
European equities little changed to kick start the day
Eurostoxx flatGermany DAX -0.1%France CAC 40 +0.1%UK FTSE flatSpain IBEX +0.1%It has been a good week for equities, especially tech stocks but the gains are being consolidated for now. US futures are also little changed close to flat levels on the day as markets are...
USDCAD Technical Analysis – Bearish
The miss in the US CPI report led to a sizeable depreciation in the US Dollar as the market cheered the lower core inflation readings and expected the Fed to be done soon with its tightening cycle. In fact, the market priced out the chances of more than one rate hike...
GBPUSD Technical Analysis – Bullish
The US CPI report missed expectations across the board causing a big weakening in the US Dollar. The market started to price out additional rate hikes in the future but maintained the July rate hike odds unchanged. This may be due to the tightness in the labour market...
Switzerland June producer and import prices 0.0% vs -0.3% m/m prior
Prior -0.3%Looking at the breakdown, producer prices were unchanged on the month while import prices increased by 0.1%. Overall, it still points to a further moderation in price pressures and the hope for the SNB is that the trend will continue in the second-half of...
China invites global investors for rare symposium next week – report
As China's economy is sputtering, it seems like Beijing is stepping up initiatives to try and bolster the economy. The latest being reported is that financial regulators have invited some of the world's biggest investors for a rare meeting next week, to encourage...