Vertex Labs (https://vertexlabs.uk/), the brain behind the Caduceus metaverse protocol, Vertex Network and 3D metaverse platform, LightCycle, has acquired London-based digital art studio, Digimental Studio (Digimental), the driving force behind blue-chip 3D NFT...
USDCAD Technical Analysis – Choppiness Remains
On the daily chart below, we can see that USDCAD has been pretty much rangebound for half a year, probably because the two most hawkish central banks, the Fed and the BoC, were seen coming to the end of their tightening cycle. We have two major levels here, the...
USD/JPY rebound a brief one as lower yields weigh
USD/JPY vs US Treasury 10-year yieldsWhatever the story may be, USD/JPY price action will still be very much driven by the bond market. And with 10-year Treasury yields down nearly 10 bps to 3.721% at the moment, that is weighing on price more than anything else...
Equities start to gather some optimism in European morning trade
It's still early in the day but risk tones are certainly improving on the session at least. S&P 500 futures are now up 0.6% as the optimism picks up and that is helping with sentiment in broader markets as well.S&P 500 futuresEuropean indices are mostly...
USD/JPY fades earlier dip as Japan officials only deliver verbal warning
USD/JPY 5 mins chartKanda may deny that the meeting today was meant to serve as a verbal intervention against yen weakening but we have seen countless times in the past that it is certainly part of the agenda. With USD/JPY having threatened to run away earlier today,...
Japan top currency diplomat Kanda says officials are watching forex moves closely
Important for currencies to move stably reflecting economic fundamentalsNot focusing on any forex levels specificallyClosely watching forex moves, will respond appropriately if necessaryAs mentioned earlier here, the message should reflect the usual warnings that we...
Eurozone May final consumer confidence -17.4 vs -17.4 prelim
Economic confidence 96.5 vs 98.9 expectedPrior 99.3Industrial confidence -5.2 vs -4.0 expectedPrior -2.6Services confidence 7.0 vs 10.2 expectedPrior 10.5Euro area economic sentiment slides further in May, with services confidence also impacted alongside the subdued...
EURUSD calmly continues to consolidate downwards
About two weeks ago in this post we considered the hypothesis that the USD was about to temporarily end its downtrend that began last autumn:today we will see how it is doing by focusing on the most important pair, which weighs 57.6% of the USD Index basket: the...
GBPUSD Technical Analysis – Shift in Sentiment
On the daily chart below, we can see that GBPUSD has recently fell back within the previous major range between the 1.1839 support and 1.2444 resistance. The moving averages have been reliable in indicating the trend and they are now pointing to the downside. The...
SNB total sight deposits w.e. 26 May CHF 516.7 bn vs CHF 515.7 bn prior
Domestic sight deposits CHF 505.2 bn vs CHF 504.5 bn priorSwiss sight deposits rose slightly in the past week after having dipped in the many weeks prior, following a normalising of financial conditions after the whole Credit Suisse crisis in March to April.MoneyMaker...
Eurozone April M3 money supply +1.9% vs +2.1% y/y expected
Prior +2.5%Broad money growth continues to slow down considerably in the euro area and this might be a bit of a concern as credit conditions tighten further amid the rate hikes by the ECB. This will definitely be a spot to watch in the months ahead in assessing...
Russia’s Novak says to discuss oil market situation with oil companies on 30 May
Novak endured a bit of a fiasco last week as seen here, but the latest headline above shouldn't be anything too noteworthy. In any case, this does tee up a reminder to the upcoming OPEC+ meeting on 4 June. That will be a weekend risk for oil traders, so just a bit of...
European equities in a bit of a bind at the open today
Eurostoxx -0.2%Germany DAX flatFrance CAC 40 -0.6%UK FTSE -0.2%Spain IBEX flatThis comes with US futures holding minor gains but mostly related to tech stocks. S&P 500 futures are up 0.2% and Nasdaq futures up 0.4%, while Dow futures are flat. Looking back at...
Switzerland Q1 GDP +0.3% vs +0.1% q/q expected
Prior 0.0%GDP +0.6% vs +0.6% y/y expectedPrior +0.8%The Swiss economy grew by more than expected in Q1, supported by domestic demand and rising exports mostly. Consumer spending increased by 0.6% on the quarter and the recovery in the travel sector has played a main...
Spain May preliminary CPI +3.2% vs +3.5% y/y expected
Prior +4.1%HICP +2.9% vs +3.4% y/y expectedPrior +3.8%The headline reading and the EU-harmonised reading will be a welcome development for the ECB. And with core annual inflation also seen dropping to 6.1% - down from 6.6% previously - that should help brighten the...
Switzerland KOF leading indicator index 90.2 vs 95.3 expected
Prior 96.4; revised to 96.1The outlook for the Swiss economy dims in May amid growing concerns about the global economic outlook in general. But if inflation pressures start to abate in the European region, that could spur a turnaround in sentiment ahead of the...
Japan top currency diplomat to brief media after emergency meeting among financial bodies
Kanda will be speaking to the press after and that sort of indicates that there should be some warnings about not letting the currency freefall and that speculative moves should be deterred. If Japanese officials were to intervene, they wouldn't be saying anything and...
USD/JPY dips on emergency meeting by Japanese authorities
USD/JPY 15 mins chartThe pair just fell down from 140.85 to 140.35 before keeping around 140.50 levels now after the announcement here.It looks to be some position squaring just in case Japanese officials sound some warning about the currency falling rapidly. Japan's...
BOJ, Japan MOF and FSA to hold emergency meeting at 0830 GMT today
There's no context to the announcement but I reckon it will just be a look in to financial conditions and perhaps the Japanese currency itself, as it has weakened past 140 against the dollar and looks set to fall further. In any case, this is a bit of a heads up and...
Dollar gets to work in the new week
The dollar is picking up from where it left off last week as gains are coming through once again. EUR/USD is down 0.2% to fresh ten-week lows at 1.0685 while USD/JPY is touching 140.90 as buyers look to extend the break above the 140.00 mark and are eyeing 142.00...