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...
Fed speakers Wednesday include O’Neill, Schmid, Bowman, Goolsbee
Timings below are GMT first / followed by US Eastern time:1400 / 1000 Federal Reserve Bank of St. Louis Interim President Kathleen O'Neill Paese gives welcome remarks before the 2023 Community Banking Conference hosted by the Federal Reserve Bank of St. Louis. This is...
Donald Trump is gaining some support amongst Republicans to be become Speaker of the House
Let's get this out of the way first, although no Speaker has ever held the role without being a sitting member of Congress, its not a requirement. An outsider can be drafted in. Trump is getting some support from some Republican members, Marjorie Taylor Green among...
ForexLive Asia-Pacific FX news wrap: RBNZ holds cash rate steady
US political news dominated the Tokyo pre-open with Speaker of the House of Representatives, Kevin McCarthy, voted out of the position. One of his deputies has taken on the (interim) job while jockeying for the Speakership gets underway. There will be a vote for the...
European Central Bank President Lagarde speaking Wednesday. Panetta, de Guindos too.
Lagarde is up twice during the sessions ahead, along with Panetta and de Guindos.Times below are GMT / US Eastern time:0815 / 0415 Welcome address (via video) by ECB President Christine Lagarde at 2023 ECB Conference on Monetary Policy: bridging science and practice...
Crypto: Ripple obtains full license to operate in Singapore
Four months ago, in June, the Monetary Authority of Singapore granted an initial in-principle approval. Now have a full license to act as a major payments institution. Ripple will continue to provide regulated crypto payment services in Singapore.Should be a bullish...
Japan chief cabinet secretary Matsuno: Will continue to take appropriate steps on FX
Japan chief cabinet secretary Matsuno: No comment on whether Japan intervened in fx marketImportant for currencies to move stably reflecting fundamentalsExcessive fx moves undesirableWill continue to take appropriate steps on fxFinance Minister Suzuki and his head of...
Taiwan central bank says will intervene in the TWD if fluctuates dramatically against USD
The Central Bank of the Republic of China (Taiwan) with the intervention threats: Says will intervene if dramatic fluctuations of the Taiwan dollar against the us dollarWe sell us dollars to smooth the market, the Taiwan dollar is decided by supply and demandSays...
More from Japan’s Kanda (Mr. Yen) – spoke with Prime Minister Kishida
Japan's Finance Ministry's Vice Finance Minister for International Affairs Kanda. He is the MoF official who will instruct the BOJ to intervene, when he judges it necessary. Often referred to as Japan's 'top currency diplomat'.More remarks from him crossing news...
Japan fin min Suzuki says will not rule out any options against excessive moves
Japan finance minister Suzuki comments: Currency rates should be set by the marketRapid FX moves undesirableFX stability is importantWon't rule out any options against excessive movesNo comment on whether Japan intervened in the FX marketWe are watching FX moves very...