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market overview What are the major central banks thinking of doing at the moment? <!--> Justin Low Monday, 03/07/2023 | 10:26 GMT-0 03/07/2023 | 10:26 GMT-0 --> <!--> US Federal ReservePolicymakers have gotten away with a "skip" decision in JuneBut...
This continues from the conversation last week here, with the technicals not much changed. Gold prices are down another 0.3% today to $1,912 levels at the moment as the dollar is keeping slightly firmer on the session. The near-term chart though is the interesting bit...
During the previous week, inflation data in the eurozone indicated a slowdown. However, the labour market remains tight, indicating ongoing strength in employment conditions. In the United Kingdom, concerns regarding economic growth persist, but for the time being,...
That is resulting in a decent jump in oil prices on the session, with WTI crude moving up by nearly 2% to around $71.60 currently. At the same time, Russia is also saying that it will reduce oil supply by 500k bpd in August and that will keep a lid on supply...
Prior 47.1There is a slight revision higher to the initial estimate, but it still marks a further downturn as compared to May. This comes despite price pressures falling as subdued demand conditions are weighing further on the manufacturing sector. S&P Global...
It isn't really much as the narrower ranges from earlier stretch out but they are mostly in favour of the dollar for the time being. The dollar is now up 0.3% against the euro and pound, with EUR/USD down to 1.0875 and GBP/USD down to 1.2670 respectively.It eats a bit...
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,...
Domestic sight deposits CHF 480.2 bn vs CHF 496.6 bn priorSwiss sight deposits continue to decline further as the SNB remains steadfast in trying to effectively translate their tighter policy to the economy. If you're wondering how that is, it also started from...
Prior 44.8The manufacturing output index falls to an eight-month low as subdued demand conditions are weighing. Other things of note, we are seeing manufacturing employment decline for the first time since January 2021 and business confidence dipped to a seven-month...
Prior 43.2The German manufacturing recession is seen worsening in June, as both output and new orders are falling at their fastest pace in eight months. Adding to that, employment growth is coming close to stalling and that points to potentially more serious problems...
Prior 45.7That's a decent revision higher but still reaffirms a contraction in France's manufacturing sector towards the end of Q2. The recent protests are also going to factor into the hard data surely, especially in the services sector so there is that to consider....
Prior 45.9That's a bit of a bummer as Italy's manufacturing shrinks at its steepest rate since Covid lockdowns. And that highlights further the deterioration in demand conditions throughout the region towards the end of Q2. HCOB notes that:"The recession in Italian...
Core PCE data slightly below expectations plus a GDP reading that surprised at +2% (remember, however, that the comparison is against 2022 Q1 which was -1.6%) in the US were enough to give a final boost to US Indices – and of course their global peers – to...
Prior 43.2Swiss manufacturing conditions improved in June but it still marks a contraction towards the end of Q2. This is the sixth month running that the reading runs below the 50.0 threshold as production remains in decline while a reduction in the order backlog...
Eurostoxx +0.4%Germany DAX +0.3%France CAC 40 +0.3%UK FTSE +0.3%Spain IBEX +0.6%This follows up on the strong gains on Friday, which helped to solidify a good month for European equities. There was a bit of a scare during the third week of June (two weeks ago) but the...
Prior 48.4Despite the reading being higher than estimates, it still marks a further contraction in Spain's manufacturing sector as it is lower than May. Worsening demand conditions continue to weigh as downturns in output and new orders were both sustained. HCOB notes...
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,...
That translates to a 25 bps rate hike in July and one more after in September. It will definitely come down to the data but after seeing the June inflation figures here, there is reason to believe that price pressures will remain sticky beyond the summer. And that...
UPCOMING EVENTS:Monday: US Holiday Early Close, Swiss CPI, US ISM Manufacturing PMI.Tuesday: US Independence Day, RBA Policy Decision.Wednesday: China Services PMIs, FOMC Meeting Minutes.Thursday: EZ Retail Sales, US ADP, US Jobless Claims, US Job Openings, US ISM...
And just like that, we're past the halfway point in 2023 already. While month-end and quarter-end might have made things a little dicey towards the end of last week, we can now move on from that and continue to keep the focus on the balance between inflation, the...