It's all just semantics at this point as the debt ceiling issue is now kicked down the road once again, as it has always been over the past many decades. As mentioned earlier in the week, this isn't going to be a concern for markets anymore as the focus switches back...
ETHUSD Technical Analysis
On the daily chart below, we can see that ETHUSD has been basically ranging for a month. The cryptocurrency is struggling to take off as hawkish Fed bets are placing a lid on it given that liquidity and looser monetary conditions are the main drivers of Ethereum. The...
Saxony May CPI +6.5% vs +7.6% y/y prior
Given the readings from the state releases so far today, we should likely see the national reading later come in below the estimate of 6.5%. I reckon we should be getting something around 6.2% to 6.4%, which would represent a notable drop from the 7.2% reading in...
Italy May preliminary CPI +7.6% vs +7.4% y/y expected
Prior +8.2%HICP +8.1% vs +7.5% y/y expectedPrior +8.7%This is perhaps the only downer to the inflation data that we have seen since yesterday, as it comes in above forecasts. That said, the numbers still do point to a further moderation in price pressures from April...
Chinese yuan drop but another tailwind for the dollar
USD/CNH (Offshore yuan) daily chartThe run above 7.00 this month has been a key one for the Chinese offshore yuan and that is building further today after a weak set of PMI data in Asia trading.The currency has now fallen to its weakest levels since November against...
ECB’s de Guindos: Inflation data today and yesterday has been positive
Victory over inflation is not there yetBut the trajectory is correctHe's referring to the reports from Spain, France and German states so far this week. As much as the readings are a positive development for headline annual inflation, core prices are still where the...
Copper Technical Analysis
On the daily chart below, we can see that since the China reopening rumours/news back in November 2022, Copper has been rallying strongly as the market expected more demand for the metal considering also that China is the world’s largest copper importer and consumer....
ECB’s Villeroy: It is quite likely that inflation has passed its peak in France
Will bring inflation down to 2% between now and 2025Perseverance counts for ore than speed regarding monetary policyHe is commenting after the earlier report here. While there are positive developments with regards to headline annual inflation, core prices remain a...
Bavaria May CPI +6.1% vs +7.2% y/y prior
The other state readings released at the same time:Hesse CPI +5.9% vs +6.9% y/y priorBrandenburg CPI +6.3% vs +7.6% y/y priorBaden Wuerttemberg CPI +6.6% vs +7.3% y/y priorLooking at the drop in annual inflation for German states, that could point to a considerable...
Switzerland May Credit Suisse investor sentiment -32.2 vs -33.3 prior
> Switzerland May Credit Suisse investor sentiment -32.2 vs -33.3 prior Latest data released by Credit Suisse and CFA Society Switzerland - 31 May 2023 <!--> Justin Low Wednesday, 31/05/2023 | 08:00 GMT-0 31/05/2023 | 08:00 GMT-0 --> <!--> Prior...
Italy Q1 final GDP +0.6% vs +0.5% q/q prelim
GDP +1.9% vs +1.8% y/y prelimThat's a slight revision higher to Italy's growth in Q1 after a 0.1% contraction seen in Q4 last year. Looking at the breakdown, consumer spending rose by 0.3%, government spending by 0.2% and investments by 0.2%. That was offset by...
Germany May unemployment change 9k vs 15k expected
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,...
Dollar holds firmer to start the session
Month-end trading will keep things interesting today but it looks like the dollar is getting back to where it left off from last week. Lower Treasury yields did hurt the greenback yesterday but so far today, the currency isn't fazed by that same sentiment today....
European equities see red at the open today
Eurostoxx -0.7%Germany DAX -0.8%France CAC 40 -0.8%UK FTSE -0.6%Spain IBEX -0.5%This follows from the rough mood late in Wall Street yesterday and also the softer tones today. US futures are down roughly 0.3% at the moment. For French stocks, they are getting a bit of...
Traders pare ECB rate hike bets after French inflation data
That comes after the softer French inflation report earlier, which follows a similar trend to the Spanish report from yesterday. And if Germany's industrial state is any indicator, we should see the same for Europe's biggest economy as well later today. In terms of...
France May preliminary CPI +5.1% vs +5.5% y/y expected
Prior +5.9%HICP +6.0% vs +6.4% y/y expectedPrior +6.9%The miss on estimates would suggest that price pressures are actually tailing off quicker than anticipated, even if a lot of this has to do with the high energy prices from last year being phased out. The downside...
France Q1 final GDP +0.2% vs +0.2% q/q 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,...
France’s Le Maire: Inflation is going down, and is actually going down quite strongly
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,...
French finance minister says Q1 final GDP was +0.2% q/q
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,...
Goldman Sachs raises BOE terminal bank rate forecast to 5.25%
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,...