The pair is now down to 1.0634 on the day, lower by 0.3% as it owes more to a slump in the euro with the dollar keeping relatively steadier on the session. The greenback was slightly softer earlier on but 10-year Treasury yields are now up 2.1 bps to 4.858% and that...
AUDUSD Technical Analysis – The pair is trading within a triangle
US:The Fed left interest rates unchanged as expected at the last meeting.The macroeconomic projections were revised higher, and the Dot Plot showed that the FOMC still expects another rate hike by the end of the year with less rate cuts projected in 2024.Fed Chair...
Market Update – October 24
The sell off in Treasuries abated in the later part of Monday as low prices attracted buyers. Stock markets are also looking somewhat more stable and most Chinese stock gauges improved after the country’s sovereign wealth fund bought exchange traded funds to...
ECB’s Makhlouf: Far too early to tell consequences of Middle East situation
> Central Banks > ECB's Makhlouf: Far too early to tell consequences of Middle East situation Central Banks Remarks by ECB policymaker, Gabriel Makhlouf <!--> --> <!--> --> We are watching the developments very closelyThey are bound to have...
USDCAD Technical Analysis – Watch these levels for the next direction
US:The Fed left interest rates unchanged as expected at the last meeting.The macroeconomic projections were revised higher, and the Dot Plot showed that the FOMC still expects another rate hike by the end of the year with less rate cuts projected in 2024.Fed Chair...
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UK October flash services PMI 49.2 vs 49.3 expected
Prior 49.3Manufacturing PMI 45.2 vs 44.7 expectedPrior 44.3Composite PMI 48.6 vs 48.7 expectedPrior 48.5The headline reading is a 9-month low and it points to further moderation in overall activity in the services sector. With both manufacturing and services sectors...
Loan demand by firms and households continue to decline sharply – ECB survey
Eurozone banks tightened credit standards further in Q3, more than expectedDecline in net demand for loans was significantly stronger than banks had expectedThis is mainly driven by higher interest rates, lower consumer confidenceIn other words, higher rates plus...
RBA’s Bullock: Australian dollar relatively stable, not a concern for policy
Focused on brining inflation to target within reasonable timeframeThere are risks inflation could return to target more slowly than forecastWill not hesitate to raise rates if there is a material upward revision to inflation outlookAustralian dollar is relatively...
Eurozone October flash services PMI 47.8 vs 48.7 expected
> Eurozone October flash services PMI 47.8 vs 48.7 expected Latest data released by HCOB - 24 October 2023 <!--> --> <!--> Prior 48.7Manufacturing PMI 43.0 vs 43.7 expectedPrior 43.4Composite PMI 46.5 vs 47.4 expectedPrior 47.2 --> Tags Most...
Flailing German economy fails to breath confidence in the euro
EUR/USD 1-minute chartThat translates to roughly a 30-pip drop after a slight nudge higher on the French PMI headline i.e. services sector beat. But the details continue to highlight problematic issues with the euro area economy as a whole - in particular Germany....
Germany October flash manufacturing PMI 40.7 vs 40.0 expected
Prior 39.6Services PMI 48.0 vs 50.0 expectedPrior 50.3Composite PMI 45.8 vs 46.7 expectedPrior 46.4There might be an improvement in the manufacturing sector although the bar is evidently set quite low for that. But the more pertinent issue here is that the services...
We are going to see higher interest rates for longer – Larry Fink
Increase in US deficit is highly inflationaryWe will not see a hard or soft landing in 2024Fed will have to raise interest rates furtherFink is BlackRock's CEO and his argument above sort of goes against what Bill Gross is saying yesterday here. Touché.MoneyMaker FX...
EURUSD Technical Analysis – Bearish flag in the making?
US:The Fed left interest rates unchanged as expected at the last meeting.The macroeconomic projections were revised higher, and the Dot Plot showed that the FOMC still expects another rate hike by the end of the year with less rate cuts projected in 2024.Fed Chair...
France October flash services PMI 46.1 vs 44.6 expected
Prior 44.4Manufacturing PMI 42.6 vs 44.4 expectedPrior 44.2Composite PMI 45.3 vs 44.4 expectedPrior 44.1It is a bit of a contrast as the French services sector contracts at a slower pace in October, beating estimates, while the manufacturing sector slumped further to...
Dollar slips alongside Treasury yields to start the session
And that is dragging the dollar down with it as risk trades continue to see a modest recovery. S&P 500 futures are up 0.4% while major currencies are starting to extend gains against the greenback, continuing from yesterday. USD/JPY in particular is losing...
UK August ILO unemployment rate 4.2% vs 4.3% expected
Prior 4.3%Employment change -82k vs -198k expectedPrior -207kJust be wary that there are changes made to this dataset as noted here. ONS warns that the latest estimates "should be used with extreme caution". So, even with the slight tick lower in the jobless rate, it...
Germany November GfK consumer sentiment -28.1 vs -26.6 expected
Prior -26.5; revised to -26.7That's another poor reading as consumer morale is set to decline for a third month in a row heading into November, dashing any hopes of a potential recovery in household sentiment before the end of the year. GfK notes that: "The high...
FX option expiries for 24 October 10am New York cut
There are a couple to take note of for the day, as highlighted in bold.They are both for USD/JPY at the 149.50 level and the 150.00 mark. As such, the expiries should help to limit price action in between those levels so long as bond yields also keep steadier on the...
GBPUSD Technical Analysis – Is this a correction or a reversal?
US:The Fed left interest rates unchanged as expected at the last meeting.The macroeconomic projections were revised higher, and the Dot Plot showed that the FOMC still expects another rate hike by the end of the year with less rate cuts projected in 2024.Fed Chair...