It was a round trip in the DAX as it started soft, recovered and then finished on the floor.On the day:Stoxx 600 flatGerman DAX +0.6%Francis CAC -0.3%UK's FTSE 100 +0.4%Spain's Ibex -0.6%Italy's FTSE MIB -0.6%On the week:Stoxx 600 +1.5%German DAX +1.3%Francis CAC...
British Pound Latest: GBP/USD Slips Going Into the Weekend, EUR/GBP Little Changed
GBP/USD and EUR/GBP Analysis and ChartsThe 2023 UK Annual National Accounts revise prior GDP releases higher.Next week’s economic calendar is uninspiring.For all market-moving economic data and events, see the DailyFX CalendarThe newly released UK Annual National...
BofA: Four spots to consider selling US dollar rallies
USDCAD dailyBank of America (BofA) analysts are suggesting that traders consider selling USD rallies, particularly against the Canadian Dollar (CAD), Japanese Yen (JPY), Israeli Shekel (ILS), and Indian Rupee (INR). The team identifies specific technical indicators...
US dollar jumps higher as Treasury yields pop. What’s driving it.
It's unclear what's happening in the bond market today as US 30-year yields lead the way higher, up 8.5 bps to 4.288%. The front-end is more subdued with 2s flat at 4.85%, though well-above the post-NFP low of 4.76%.Given the dovish data today, it's tough to explain...
Treasuries & Stocks Rally on Jobs Data, USD Tumbled
Treasury yields and the Dollar tumbled while equity futures rallied on the August jobs report that showed more cooling than expected. This report was close to Goldilocks with slowing in employment with a 2023 average monthly gain of 236k versus 399k for 2022. The...
US July construction spending +0.7% vs +0.5% expected
US construction spendingUS construction spending for July % versus 0.5% expectedtotal construction spending $1,972.6 billion versus $1,938.4 billion last monthConstruction spending year on year +5.5% vs +3.5% priorprivate construction +1.0% vs +0.5% priorresidential...
US August ISM manufacturing PMI 47.6 vs 47.0 expected
ISM manufacturingPrior report 46.4Prices paid 48.4 vs 43.9 expected. Last month 42.6Employment 48.5 vs 44.2 expected. Last month 44.4New orders 46.8 vs 47.3 priorManufacturing has been in a recession for some time but there are some green shoots. I suspect this survey...
Fed’s Mester: Inflation still too high, but sees progress
Federal Reserve Bank of Cleveland President Loretta Mester gives closing remarks onsite before hybrid Inflation: Drivers and Dynamics Conference 2023 in Frankfurt, Germany. She's well-traveled at the moment as she spoke at Jackson Hole a week ago.Job market still...
US August final S&P Global manufacturing PMI 47.9 vs 47.0 prelim
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,...
Canada August S&P Global PMI 48.0 vs 49.6 prior
Canada PMIPrior was 49.6Fourth month below 50Lowest since June 2020Fifth straight decline in new orders; lowest since MarchFull reportCommenting on the latest survey results, Paul Smith, Economics Director at S&P Global Market Intelligence said: “Canada’s...
Bad news is still good news for US equities. But for how long?
US equities are set for another gain today with S&P 500 futures up 0.6%. They rallied after US unemployment rose to 3.8% from 3.5%. The caveat for corporation is that rising unemployment came on a surge of people entering the labor force, which increases labor...
WTI crude oil breaks the August high — touches $85 for the first time since November
Today is the seventh straight day of gains for oil and it's broken out to the highest levels of the year. The $85 level has been a barrier for crude this year but yesterday Russia's Novak said that next week OPEC+ will announce a new supply agreement. He didn't say...
Weekly Market Recap (28-01 September)
Monday:BoJ Governor Ueda spoke on the weekend at the Jackson Hole Symposium and leant again on the dovish side:We think that underlying inflation is still a bit below our target.This is why we are sticking with our current monetary easing framework.BoJ Governor...
US dollar sinks as unemployment rate hits the highest in 18 months
The US dollar is softer against the euro, pound and yen following the August non-farm payrolls report. The US added 187K jobs compared to 170K expected but the market focus was on the unemployment rate, which rose to 3.8% from 3.5%. That's the highest since February...
August Jobs Report: Payrolls Rise by 187K, Setting Gold and USD on Opposite Paths
AUGUST LABOR MARKET REPORTAugust U.S. nonfarm payrolls increase by 187,000 versus 170,000 expectedThe unemployment rate rises to 3.8%, as the participation rate ticks up to 62.8% from 62.6%Average hourly earnings rise 0.2 % m-o-m and 4.3% y-o-y, one-tenth of a percent...
US August non-farm payrolls +187K vs +170K expected
Prior +187K (revised to +157K)Two-month net revision -110K vs -49K priorUnemployment rate 3.8% vs 3.5% expectedPrior unemployment rate 3.5%Participation rate 62.8% vs 62.6% priorU6 underemployment rate 7.1% vs 6.7% priorAverage hourly earnings +0.2% m/m vs +0.3%...
Canada Q2 GDP -0.2% vs +1.2% expected
Canada qq GDP annualizedQ1 was +3.1% (revised to +2.6%)Q/Q not annualized 0.0% vs +0.8% prior (revised to +0.6%)GDP + vs +2.21% y/y in Q1Implicit price +0.7% q/q vs +0.2% priorExports +0.1% vs +2.4% prior Imports +0.5% vs +0.2% priorHousehold spending on goods +0.1%...
Locked and loaded for the August edition of non-farm payrolls
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 European FX news wrap: Currencies tightly bound awaiting NFP
Headlines:Markets:JPY leads, AUD lags on the dayEuropean equities higher; S&P 500 futures up 0.4%US 10-year yields up 0.6 bps to 4.096%Gold up 0.2% to $1,943.79WTI crude up 1.1% to $84.53Bitcoin up 0.1% to $26,050It was a quiet session for FX as traders are...
RBA to keep cash rate unchanged next week – poll
34 of 36 economists see the RBA leaving the cash rate unchanged next week21 of 35 economists see the RBA hiking to 4.35% or higher by year-endThe remaining 14 economists forecast no more rate hikes for the yearAmong Australia's "big four", ANZ, CBA, and Westpac are...