EUR/USD 5 mins chartEUR/USD is slipping further to 1.0950 levels from around 1.0970 earlier after the French PMI data, as the German PMI data here confirms a recession in Europe to end the year. The pair does have some large option expiries at 1.0950, so that could...
Germany December flash manufacturing PMI 43.1 vs 43.2 expected
Prior 42.6Services PMI 48.4 vs 49.8 expectedPrior 49.6Composite PMI 46.7 vs 48.2 expectedPrior 47.8It's a wake up call for the euro as traders are reminded that the economy is indeed headed for a recession to wrap up the 2023 year. These are some poor figures overall...
Euro retreats slightly after poor French PMI data
EUR/USD is down from 1.0996 to 1.0970 currently with EUR/GBP also easing from 0.8608 to 0.8595 at the moment. This follows the poor French PMI data here, with services activity slumping to a 37-month low and manufacturing output also sliding to a 43-month low. The...
France December flash services PMI 44.3 vs 46.0 expected
Prior 45.4Manufacturing PMI 42.0 vs 43.3 expectedPrior 42.9Composite PMI 43.7 vs 45.0 expectedPrior 44.6That's a notable miss on estimates with both the services and manufacturing sectors contracting further than in November. That's not a good vote of confidence to...
European equities look to positive spirits in final day of the week
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ECB’s Villeroy: Next policy move should be lowering rates barring any surprises
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France November final CPI +3.5% vs +3.4% y/y prelim
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ECB’s Villeroy: Nobody suggested rate cuts at latest meeting
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Bundesbank sees German economy contracting this year, then mild growth in 2024
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FX option expiries for 15 December 10am New York cut
There is just one to take note of, as highlighted in bold.That being for EUR/USD at 1.0950, in which I detailed its potential impact in this post here. Besides that, there isn't any significant ones that should impact price action across the board before we wrap up...
USD/JPY maintains downside break heading into final stretch of the week
USD/JPY vs US Treasury 10-year yields (%) daily chartThe key catalyst for the dive lower this week was a more dovish Fed. That also led to a big rally in bonds, with 10-year yields still trading under 4% at 3.95% on the day currently. In turn, that translated to a...
EUR/USD held back closer to 1.1000 for now, awaits PMI data
EUR/USD daily chartA more dovish Fed and less dovish ECB are the major drivers for EUR/USD this week, with the pair accelerating gains since Wednesday from 1.0800 to 1.1000 overnight. The latter figure level is holding back the upside momentum for now, after having...
PMI data in focus in European trading today
The dollar is little changed on the day amid varying ranges among major currencies, with the Japanese yen continuing to see larger movements overall. USD/JPY is back to flattish levels to 141.85 but is off its earlier high of 142.46 in early Asia trading. The...
ECB’s Muller says too early to talk about rate cuts in the near-term
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Barclays now sees the ECB delivering first 25 bps rate cut in April next year
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ForexLive Asia-Pacific FX news wrap: Chinese yuan gains – strong setting, mixed data
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Goldman Sachs is forecasting an initial rate cut from the Bank of England in June 2024
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Deutsche Bank on Powell’s “breaking out the punchbowl early”
Deutsche Bank response to the FOMC/Dots/Powell presser on Wednesday is a note titled: “December FOMC: Powell breaks out punchbowl early at the holiday party.”Says the new developments don't impact their base case for rate cuts next year:Powell’s dovish tone Wednesday...
BOJ meet next week – no change to policy expected, but could come as soon as January
Via the latest Reuters poll on the Bank of Japan outlook, main points:BoJ will begin to unwind ultra-loose monetary policy in January, 21% of economists say. BoJ will end negative interest rates in 2024, 84% of economists say in their end-quarter forecast; from 71% in...
ICYMI – US regulator (SEC) will take a “new look” at spot bitcoin ETF applications
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