Is the market getting too ahead of itself at this point? Schnabel's remarks here are a contributing factor (although I would argue she's not saying anything new) but we've basically gone from a shift in the timeline from June to April last week and then April to March...
Lower bond yields to start the session
European bond yields are leading the drop today, with 10-year German bond yields now down over 5 bps to 2.28% - its lowest in six months. It looks like Schnabel's remarks earlier here is reverberating somewhat as we get the session underway. Meanwhile, 10-year...
FX option expiries for 5 December 10am New York cut
There are a couple to take note of for the day, as highlighted in bold.The first ones are for EUR/USD at 1.0825 and 1.0860, which could keep price action more contained during the session in and around the expiries. That being said, a more risk-off push in broader...
ECB’s Schnabel: Further rate hikes “rather unlikely” after latest inflation data
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Dollar holds steady, eyes lighter trading session in Europe
The dollar continues to keep steadier in the new day, following a decent showing in trading yesterday. The changes are light and more delicate, as traders are still eyeing the bigger risk events coming up in the days ahead and next week. The aussie is the laggard and...
AUD/USD gets drawn back to key technical level after RBA hold
AUD/USD daily chartThe pair is down 0.6% on the day to 0.6582 currently with the aussie lagging against the rest of the major currencies bloc, after the RBA kept the cash rate unchanged in its final policy decision for the year. This key passage from November (after...
Can the BOJ beat the inflation clock?
The policy path by the BOJ right now is rather clear. They kicked the can down the road to next year's spring wage negotiations, in hopes that the stronger wages outcome there will provide them with a springboard to begin scaling back on ultra easy policy. But as...
ForexLive AsiaPacific FX news wrap: Up: China Services PMI; Down: Tokyo CPI; Sideways: RBA
It was a busy day in Asia on Tuesday with a couple of inflation data releases leading. South Korea was first, with its November CPI. South Korean data does not often get a mention in the wrap but today’s release showed the m/m headline CPI with its sharpest drop,...
RBI intervention to sell US dollars against INR
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AUD/USD is lower after the RBA ‘on hold’ policy decision and less hawkish rhetoric
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Reserve Bank of Australia leaves the cash rate unchanged at 4.35%, as expected
Reserve Bank of Australia (RBA)Headlines via Reuters:Whether further tightening of monetary policy is required to ensure that inflation returns to target in a reasonable timeframe will depend upon the data and the evolving assessment of risksBoard remains resolute in...
Driving stock market volatility: Morgan Stanley warns of fluctuations mid rate cut hopes
Morgan Stanley equity strategists have warned their clients about potential volatility in the stock markets this month due to fluctuating rates. Pointing out the current active narrative of expectations that the Federal Reserve can implement rate cuts next year as...
A break of the range of estimates for ISM Services PMI should prompt extended market move
The ISM Services PMI (Purchasing Managers' Index) is due Tuesday, 5 December 2023 at 10am US Eastern time.The range of estimates is 50.5 to 53.5, results outside of this range should be more likely to generate an extended market response.Its released by the Institute...
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BlackRock’s CIO Rieder says the Fed Funds rate is too restrictive today, sees mid-24 cut
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China data – Caixin Services PMI for November 51.5 (expected 50.8)
China Caixin Services PMI for November 2023expected 50.8, prior 50.4Key points from the report:Business activity and new orders increase at quickest rates in three months Confidence around the year-ahead improves Inflationary pressures weakenComposite is 51.6prior...
PBOC sets USD/ CNY central rate at 7.1127 (vs. estimate at 7.1476)
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Australian Q3 current account balance shows surprise deficit vs. a large surplus expected
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Japan data: Final November Jibun Bank Services PMI: 50.8 (prior 51.6)
The final numbers for Jibun / S&P Global PMIs from Japan for November 2023.Services show a big drop, but remain in expansion, at 50.8. This is the slowest in a year.vs prior 51.6Composite slips into contraction at 49.6prior 50.5***The final for the manufacturing...