UK:The BoE kept interest rates unchanged at the last meeting. The central bank is leaning more towards keeping interest rates “higher for longer” but it kept a door open for further tightening if inflationary pressures were to be more persistent. Key economic data...
Eurozone August retail sales -1.2% vs -0.3% m/m expected
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Eurozone August PPI +0.6% vs +0.6% m/m expected
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,...
The bond rout cools off a little, for now at least
US Treasury 10-year yields (%) 10-mins chartIt's a volatile mess out there but the drop back down in yields in European morning trade so far is at least providing a light breather for broader markets. The dollar is seeing gains pared on the day with the euro and pound...
NZDUSD Technical Analysis – Still stuck in a range
US:The Fed left interest rates unchanged as expected at the last meeting.The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike...
UK September final services PMI 49.3 vs 47.2 prelim
> UK September final services PMI 49.3 vs 47.2 prelim Latest data released by S&P Global - 4 October 2023 <!--> Justin Low Wednesday, 04/10/2023 | 08:30 GMT-0 04/10/2023 | 08:30 GMT-0 --> <!--> Prior 49.5Composite PMI 48.5 vs 46.8 prelimPrior...
Saudi Arabia reaffirms will continue voluntary oil output cuts until end of December
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,...
Eurozone September final services PMI 48.7 vs 48.4 prelim
Prior 47.9Composite PMI 47.2 vs 47.1 prelimPrior 46.7The revisions are a slight improvement to the initial estimates and they are better than in August at least. But the devil lies in the details, as demand for euro area goods and services is seen falling at its...
Germany September final services PMI 50.3 vs 49.8 prelim
Prior 47.3Composite PMI 46.4 vs 46.2 prelimPrior 44.6The German services sector grew marginally towards the end of Q3 but demand conditions are still subdued for the most part, with new business seeing an accelerated decline on the month. Adding to that is the first...
France September final services PMI 44.4 vs 43.9 prelim
Prior 46.0Composite PMI 44.1 vs 43.5 prelimPrior 46.0Despite better revisions, softer demand conditions continue to weigh on France's services sector towards the end of Q3. The contraction reading is now on a four-month streak as business confidence also slumps to its...
Italy September services PMI 49.9 vs 50.0 expected
Prior 49.8Composite PMI 49.2Prior 48.2That points to just another marginal contraction in Italy's services sector for a second month running, with overall activity also seen easing slightly towards the end of Q3. HCOB notes that:"The service sector in Italy is stuck...
WTI Crude Oil Technical Analysis – Bearish signs keep on accumulating
Crude Oil eventually reached the $95 level as the resilience in the global economy and the supply cuts from Saudi Arabia and Russia caused an incredible rally in the past couple of months. The bullish sentiment though is now overstretched, and we are now starting to...
Spain September services PMI 50.5 vs 49.8 expected
Prior 49.3The good news at least is that there is an improvement in Spain's services sector towards the end of Q3, albeit a marginal one. But output was still well below the average seen so far on the year with business confidence also falling to a nine-month low....
European equities see red at the open as higher yields weigh
Eurostoxx -0.5%Germany DAX -0.6%France CAC 40 -0.5%UK FTSE -0.4%Spain IBEX -0.6%Italy FTSE MIB -0.7%Now, that's a familiar theme that dates back to last year when the Fed was aggressively hiking interest rates. It's funny how the end of that cycle is leading to the...
10-year German bund yields hit 3% for the first time since 2011
10-year German bund yields (%) daily chartThat is the first time since 2011 that 10-year yields in Germany have come in above 3%. This is a spillover from the major breakout in Treasury yields, as the bond market selling goes global. As higher yields continue to...
FX option expiries for 4 October 10am New York cut
There is just one to take note of, as highlighted in bold. That being for EUR/USD at 1.0475 but even so, the level doesn't really hold much technical significance. As such, the expiries may not feature much into play but it could help sellers to keep price action more...
USDCHF Technical Analysis – Key levels in play
US:The Fed left interest rates unchanged as expected at the last meeting.The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike...
10-year JGB yields hit 0.80%, first time since 2013
Higher yields is the name of the game right now and despite efforts by the BOJ to try and limit that, they might be finding it tough to swim against the current - even in a market that they pretty much monopolise. 10-year Treasury yields are also seen up to 4.85%...
PMIs on the agenda in European trading today
The key story in markets is still that of higher yields with it driving broader sentiment as well. The dollar continues to sit in a good spot all across the board, even if we did see Tokyo intervene yesterday. USD/JPY was hammered down from 150.00 to 147.27 but is now...
USD/JPY steadies after Tokyo intervention overnight
Japanese officials are not officially saying it but they aren't denying it either. And that pretty much confirms what happened overnight. In case you missed it: USD/JPY smashed lower in sign of interventionThat brought USD/JPY down to a low of 147.27 before a quick...