We have a busy week ahead with several key economic events and announcements from central banks.On Tuesday, in the United States the focus will be on the release of the CPI data. In the United Kingdom, BoE Governor Andrew Bailey will address the House of Lords...
Weekly Market Outlook (12-16 June)
UPCOMING EVENTS:Tuesday: UK Jobs, US CPI.Wednesday: US PPI, FOMC Policy Announcement. Thursday: PBOC MLF, ECB Policy Announcement, US Retail Sales, US Jobless Claims.Friday: BoJ Policy Announcement, University of Michigan Consumer Sentiment.Tuesday: The UK...
Equities creep higher to start the session
S&P 500 futures are now up 16 points, or 0.4%, on the day as equities are pushing gains a little to start European morning trade. Regional indices are also gaining added ground after the more positive open, with the DAX now up 1.0% and CAC 40 up 0.8% on the...
SNB total sight deposits w.e. 9 June CHF 509.8 bn vs CHF 519.0 bn prior
Domestic sight deposits CHF 498.3 bn vs CHF 504.5 bn priorThat's the lowest level in Swiss sight deposits since July 2016 as conditions have reverted back to how it was before the whole Credit Suisse fiasco. Here's the look over the past three months:MoneyMaker FX EA...
FX option expiries for 12 June 10am New York cut
There might not be any significant expiries for today but it is a big week and there will be some major ones on the board to be wary of in the days ahead.In particular, keep an eye out for the ones in EUR/USD, especially on Friday, with there being a host of large...
European equities kick start the day on more positive footing
Eurostoxx +0.5%Germany DAX +0.6%France CAC 40 +0.6%UK FTSE +0.3%Spain IBEX +0.5%This follows from the marginal gains by Wall Street at the end of last week, and also a slightly more optimistic start this week - at least for tech stocks. S&P 500 futures are up 0.2%...
BOE’s Haskel: Further rate hikes cannot be ruled out
Important that we lean against the risks of inflation momentumMonitoring indicators of inflation momentum and persistence closelyThe BOE will be meeting next week and currently, a 25 bps rate hike is roughly 83% priced in according to the OIS market.MoneyMaker FX EA...
Plus500 Enhances its OTC Trading Platform with Addition of BAIGUI
Plus500 (LON:PLUS), the leading global multi-asset fintech group, recently added the BITA Artificial Intelligence US Giants Index (BAIGUI) to its array of financial instruments available to customers. Expanding Plus500’s spectrum of sector indices, BAIGUI enhances the...
Trade ideas thread – European session 12 June 2023
It's shaping up to be a quiet day and there might not be much in it until we get to the US CPI data tomorrow at the very least. There are some interesting technical setups in play though, so let's take a look in preparation of the main events this week.USD/CAD holding...
A near empty calendar day coming up in Europe
Major currencies aren't doing a whole lot on the day and it is likely to stay that way until we get to US trading at least. The dollar was a little pressured towards the end of last week but it hasn't really broken down just yet - at least from a technical...
Central banks in the spotlight this week
Given that the ECB is set to raise interest rates by 25 bps and the BOJ is not likely to produce any surprises, the main focus will be on the Fed instead. And it doesn't come any bigger than a debate on whether policymakers will "skip" a meeting or push through with...
Steady as she goes to start the new week
The main focus this week is on central banks as we will have the Fed, ECB, and BOJ all lined up in the days ahead. Not only that, there will be a slew of major economic data on the cards as well but none of which is on the agenda today. As such, we might be in for...
More from ex BOJ dep Gov Wakatabe – policy on hold this week
The headlines on this hit earlier:The Bank of Japan monetary policy meeting is on Thursday and Friday this week. The 15th and 16th of June. The statement will be Friday, most likely in the 0230 to 0330 GMT time window (there is no firmly scheduled time or the BOJ...
Former Treasury Secretary Summers says US has underlying 4.5-5% inflation
Former Treasury Secretary Summers spoke, remotely, at the start of the two-day Caixin Asia New Vision Forum in Singapore today. Summers said core inflation in the US running hot:“The United States is, today, an underlying 4.5-5% inflation country,” And did not sound...
Goldman Sachs warn property weakness likely a multi-year growth drag on China’s economy
Bloomberg say the drop in iron ore today, its first in nine sessions, is "as Goldman Sachs Group Inc. warned that property weakness would likely be a multi-year growth drag for China’s economy."GS says:it sees persistent problems in Chinese real-estateno quick...
New Zealand PM Hipkins to visit China at the end of this month
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 Asia-Pacific FX news wrap: More Chinese banks cut deposit rates
Later this week we’ll get the People’s Bank of China setting the rate on its Medium Term Lending Facility (MLF). The MLF will be set on Thursday, the 15th. The chance of a cut to the rate, expected of around 10 basis points for the one-year, is firming up with more...
Bank of America say they remain bearish US stocks, investors are too bullish, Fed not done
I had this earlier from Bank of America on their Federal Open Market Committee (FOMC) outlook:With high inflation sticky, BoA argue the risk is for further Fed rate hikes:"We remain bearish; still think biggest 'pain trade' next 12 months Fed funds 6% not 3%,"BoA add...
Nomura cites a “strong signal” for a cut to MLF rate this week and the LPR next week
Last week China commercial banks cut rates:More Chinese banks cut ratesIndustrial and Commercial Bank of China cuts yuan deposit ratesNomura looking for a 10bp cut:“We believe the cut in banks’ deposit rates sends a strong signal that the PBOC is paving the way for a...
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