Eurostoxx -0.2%Germany DAX -0.2%France CAC 40 -0.2%UK FTSE +0.2%Spain IBEX +0.2%This comes with US futures also nudging a little lower, with S&P 500 futures and Dow futures down 0.2% now. Nasdaq futures are keeping flattish though, as tech stocks are still seen...
US debt ceiling concerns – justified or not?
This isn't the first time this has become an issue over the years and it certainly won't be the last. Time and time again, we have reached this point but each and every time before, this gets resolved one way or another.Yes, we may have run close to the deadline and...
Eurostoxx futures flat in early European trading
German DAX futures flatUK FTSE futures flatThis mirrors the mood in US futures, which are also holding rather flattish at the moment. This points to a more tentative mood as the DAX sticks near record highs while the S&P 500 saw a pullback from the highs for the...
Trade ideas thread – European session 22 May 2023
Not so fast there, dollar bulls. It looks like last week's break higher in the greenback is being checked back now as key technical levels are being called into question. That is going to make things a little trickier to start the new week, especially with equities...
FX option expiries for 22 May 10am New York cut
There is a large one to take note of for today, as highlighted in bold.That being for EUR/USD at 1.0825-30, which also sees the 100-hour moving average (currently at 1.0826) in play. As such, that could be an area where any upside momentum is more limited during the...
Little on the agenda in Europe to start the new week
The debt ceiling talks in the US remain one of the bigger topics in focus at the moment. However, that won't be settled any time soon and things will heat up even more as we get towards the first week of June. But coupled with Fed chair Powell's more balanced remarks...
Dollar breakout gets an early check back
Dollar bulls were hopeful to try and secure a breakout move for a stronger rebound last week. The technicals were certainly lining up well but we are seeing that get checked back now to start the new week, building on the dollar's drop on Friday.It could be some...
Federal Reserve speakers Monday, 22 May 2023 include Bullard, Barkin, Bostic and Daly
The times below are listed in US Eastern time / GMT format:08:30/1230 Federal Reserve Bank of St. Louis President James Bullard participates in a discussion on the U.S. economy and monetary policy 10:50/1450 Federal Reserve Bank of Richmond President Thomas Barkin and...
A sudden spate of event cancellations in China does not seem COVID – related
Media reports are of an unusual spate of sudden cancellations or shutdowns in the past week. The events cancelled range across across arts, business and equality:a convention for female tech entrepreneurs in Shanghaia concert by a Japanese band in Guangzhoua...
European Central Bank speakers due on Monday, 22 May 2023 include Lane, Villeroy
The times below are listed in US Eastern time / GMT format:05:00/0900 Opening remarks by ECB Vice President Luis de Guindos at workshop "Policy proposals to reduce the climate insurance protection gap" 05:00/0900 Guest lecture by Member of the ECB's Executive Board...
ForexLive Asia-Pacific FX news wrap: US debt limit talk continue. China rates kept on hold
Biden says his talk with McCarthy went well, will speak again Monday (US time)UK Times reports coordinated manipulation by central banks to rig LiborGoldman Sachs are not expecting major Chinese policy stimulus to spur economyUS Commerce Dept firmly opposes Chinese...
Biden says his talk with McCarthy went well, will speak again Monday (US time)
This is US debt limit talks related, of course. A bit of positive news. As the news flow on this swings from optimistic to pessimistic and back again there are market impacts. Hence we post these b/s sort of headlines just to keep track. Don't have to like it....
UK Times reports coordinated manipulation by central banks to rig Libor
The UK Times with the report that Rigging of Libor was ‘state-led’.The Times is gated, here is the link if you can access it. If you can't access the Times report @izakaminska has distilled "a few of the most shocking extracts" of the piece in a series of tweets:This...
Goldman Sachs are not expecting major Chinese policy stimulus to spur economy
The People's Bank of China left rates unchanged today:Unchanged now for the 9th month in a row. Recap of what's happening with China's economy:weakening yuanwidening yield differentials with the USrecent data shows a faltering economy after the initial post-COVID...
US Commerce Dept firmly opposes Chinese bans that have no basis in fact
The context for this is the ban China has slapped on the Us firm:The US Commerce Department responding now, say it vehemently rejects China's limitations on Micron says ban is unfounded in realitysays that alongside recent raids on other US companies, run counter to...
Almost half of medium-sized British companies plan to delay investment plans
A survey conducted by Accountants BDO has found that nearly 50% of medium-sized British companies plan to delay investment plans due to last month's rise in corporation tax. The headline rate rose to 25% in April from 19% in the year prior. 46% of businesses surveyed...
PBOC Loan Prime Rates (LPR) remain unchanged at today’s rate setting, as expected
People's Bank of China policy rate settingCurrent LPRs, which have unchanged for 9 consecutive months:3.65% for the one yearmost new and outstanding loans in China are based on the one-year LPR4.30% for the five yearmost home mortgage rates are based on the...
PBOC sets USD/ CNY reference rate for today at 7.0157 (vs. estimate at 7.0141)
Earlier:People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.CNH is the offshore yuan. USD /CNH has no restrictions on its...
White House official says teams will keep working on debt ceiling issues Sunday night
Just an update on the US debt limit negotiations.Biden and McCarthy are to meet Monday, US time. Underlings from the two sides have been meeting Sunday afternoon/evening in Washington. Now a statement from White House Adviser Richetti says that work will continue...
Nomura is looking for a stronger US dollar in the near term
A snippet via Nomura on the dollar. Analysts at the firm cite global economy woes manifesting:European and Chinese data surprises are in free-fall. ZEWs, IP, Factory orders and retail sales have really pushed the euro area data surprise to big lowsWhich is reason...