It's a tough call but the bottom line is that if the ECB is unsure that they have done enough on rate hikes, then this week is perhaps the last opportunity for them to actually deliver one more. Otherwise, the ship might have just sailed and pass them by.With the euro...
Germany September ZEW survey current conditions -79.4 vs -75.0 expected
Prior -71.3Expectations -11.4 vs -15.0 expectedPrior -12.3That's the lowest reading since August 2020 as the German economy continues to stutter amid growing risks of a deeper recession. The outlook reading was better than estimated and an improvement from August but...
Dollar keeps steadier to start the session
Major currencies are still mostly little changed as we settle down after the whole fuss with the Japanese yen, which was stirred up by BOJ governor Ueda over the weekend. There hasn't been any follow through in the yen buying as we do see USD/JPY up 0.2% today to...
European equities open slightly higher to kick start the day
Eurostoxx +0.2%Germany DAX +0.1%France CAC 40 +0.2%UK FTSE +0.2%Spain IBEX +0.3%Italy FTSE MIB +0.2%US futures are mostly little changed, with S&P 500 futures just down by 0.1%. That's not really giving traders much to work with as we get things going in European...
USDJPY Technical Analysis – Watch the US data
US:The Fed hiked by 25 bps as expected and kept everything unchanged at the last meeting.Fed Chair Powell reaffirmed their data dependency and kept all the options on the table.Inflation measures since then showed further disinflation. The labour market displayed...
Spain August final CPI +2.6% vs +2.6% y/y prelim
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,...
UK August payrolls change -1k vs 97k prior
Prior 97k; revised to -4kJuly ILO unemployment rate 4.3% vs 4.3% expectedPrior 4.2%July employment change -207k vs -185k expectedPrior -66kAverage weekly earnings +8.5% vs +8.2% 3m/y expectedPrior +8.2%Average weekly earnings (ex bonus) +7.8% vs +7.8% 3m/y...
Germany August wholesale price index +0.2% vs -0.2% m/m prior
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,...
GBPUSD Technical Analysis – Watch this key resistance
US:The Fed hiked by 25 bps as expected and kept everything unchanged at the last meeting.Fed Chair Powell reaffirmed their data dependency and kept all the options on the table.Inflation measures since then showed further disinflation. The labour market displayed...
FX option expiries for 12 September 10am New York cut
There aren't any significant expiries to take note of for the day. As such, trading sentiment will revolve around the risk mood and bond market developments if anything else. That being said, it's a quiet one today so there might not be much in it in terms of...
Japan senior lawmaker says took Ueda’s remarks to mean BOJ will continue with easing
Ueda has said that exit from easy policy will be after achieving 2% price targetTook his comments to mean that BOJ will continue with easing as suchSo far, Japanese officials haven't really bolstered the narrative put out by Ueda's interview over the weekend. If...
It’s a slow one as we look towards European trading today
After all the fuss surrounding BOJ governor Ueda's remarks yesterday, markets are not really up to much in the new day. In the FX space, dollar pairs are all sitting within 10 pips change of one another and that says a lot about the lack of appetite today.It's a real...
ForexLive Asia-Pacific FX news wrap: A subdued range day for major FX rates
Session wrap Forex news for Asian trading on Tuesday, 12 September 2023 <!--> --> News and data flow were light during the session and major FX traded within narrow ranges. On the data front we had two consumer confidence surveys from Australia, both of which...
The European Central Bank meet this week – preview of a 25bp rate hike
The European Central Bank meet on Thursday 14 September. The statement is due at 1215 GMT, 0815 US Eastern time, with President Lagarde's press conference a half hour later. Bank of America are expecting a 25bp rate rise for all three policy rates. Analysts at the...
Japanese Finance Minister Suzuki declined to comment on remarks by BOJ Governor Ueda
Japanese Finance Minister Shunichi Suzuki spoke earlier at his regular news conference. He didn't have much of note to say: Specific monetary policy up to boj to decideExpects the BOJ to conduct monetary policy appropriatelyExpects the BOJ to work closely with the...
China Property Developer giant Country Garden wins approval to extend bond payments
Reuters reporting, citing unnamed sources: Country Garden wins approval to extend six onshore bond repayments by 3 yearsThis is a positive news item for Chinese stocks, especially those in the property sector. Many of these are Hong Kong-listed. Its also good news for...
UBS on Ueda and PBOC warning: Verbal intervention in FX needs fundamentals to back it up
UBS with some advice for Bank of Japan Governor Ueda re this:And the PBOC re this:UBS are blunt:Bank of Japan Governor Ueda commented about perhaps being able to judge if (nominal) wage growth was sustainable at the end of the year. The fevered world of foreign...
Japan’s 20-year bond yield has hit its highest since May 2014
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,...
Australian August Business confidence 2 (was 1 in July) & Conditions 13 (11 in July)
National Australia Bank Business Survey for August 2023Australian business conditions showed a broad uptick in sales, profits and jobsemployment sub index +3 to +9sales index +1 to +18profitability +2 to +13forward orders, an indicator for the demand outlook +1 to...
PBOC sets USD/ CNY central rate at 7.1986 (vs. estimate at 7.2859)
The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.CNH is the offshore yuan. USD /CNH has no restrictions on its trading...