The risk mood is beginning to sour and an early tell was selling in bitcoin. The sales have accelerated in the past 15 minutes and bitcoin broke the recent range low of $25,269. The next level to watch is the June low of $24,750.Bitcoin dailyIn March, bitcoin briefly...
BOE’s Mann: I would rather err on the side of over-tightening
If I am wrong and inflation and economy drop more significantly, I wouldn't hesitate to cut ratesIt's a risky bet that inflation expectations are sufficiently well-anchored and we can wait for core inflation to easeWe need to prepare for a world where inflation is...
US equities open higher. Tesla leads as it gets an upgrade
US equities are off to a strong start this week with the S&P 500 up 0.5% and the Nasdaq up 0.6%.Shares of Tesla are leading the way with a 5.5% rally after Morgan Stanley raised its price target on Tesla shares by 60% to $400, from $250, and recommended investors...
A three-year note auction highlights a light US economic calendar
Happy Monday.The Fed blackout went into effect on Saturday but we did hear from Nick Timiraos, who wrote what everyone already knows: That a pause is coming in Sept and that some officials see risks as balanced while others are still hawkish.I wouldn't expect any of...
ForexLive European FX news wrap: Yen holds opening gap higher, dollar eases
Headlines:Markets:AUD leads, USD lags on the dayEuropean equities higher; S&P 500 futures up 0.4%US 10-year yields up 4.6 bps to 4.302%Gold up 0.3% to $1,924.28WTI crude down 0.6% to $86.96Bitcoin down 1.1% to $25,609The major story so far today remains the surge...
Remembering the day
It's been more than two decades but it still feels surreal to think back to the events that transpired on this day in 2001. It was a tragic day by all accounts and the world was never the same after. To those who have experienced the tragedy of it all, I continue to...
Kremlin confirms North Korea’s Kim Jong Un to visit Russia in the coming days
It will be Kim's first international visit in more than four years and the first since after the Covid pandemic. His last trip was also to Russia back in 2019, in a meeting with Putin after the collapse of North Korea's nuclear disarmament talks with the US (Trump was...
GBP/USD Price Forecast: Anticipation Ramps Up for Pound Traders
POUND STERLING ANALYSIS & TALKING POINTSBoE peak rate market pricing continues to fall.UK labor data & US CPI the focal points this week.1.25 tentatively holds. Recommended by Warren Venketas Get Your Free GBP Forecast Get My Guide GBPUSD FUNDAMENTAL...
Nasdaq Composite Technical Analysis – Downside risk is high
Last week the US data surprised to the upside with the ISM Services PMI and Jobless Claims beating expectations by a big margin. The market didn't like the strong data as it raises the chances of another rate hike in November. In fact, the Nasdaq Composite sold off...
Understanding Forex Market Liquidity and its Impact on Trading
If you're interested in forex trading, it's crucial to learn the basics of forex liquidity. Understanding liquidity in the foreign exchange market is essential for traders to make informed decisions and navigate the market effectively. The forex market, with its vast...
USD/JPY halves losses from the opening gap lower today
The low of 145.90 came early in European morning trade and we are now roughly 80 pips above that. Despite the light recovery in the last two hours, the pair is still roughly down by 100 pips on the day but the price action is nevertheless encouraging for dip buyers....
Ueda, the Normalizer – USDJPY
In an interview published last weekend by the Japanese newspaper The Yomiuri Shimbun, BOJ Governor Kazuo Ueda touched on some interesting points that led – as soon as markets reopened Monday morning – to both a sharp appreciation of the JPY and the biggest...
Dollar holds lower so far on the day
Adding to that is the stronger Chinese yuan today, which is also inadvertently boosting the antipodean currencies. The aussie and kiwi are also spearheading gains on the day, as we see yen gains ease slightly on the session. But overall, the dollar is the laggard as...
European Commission cuts Eurozone growth forecast amid building recession risks
Eurozone GDP growth forecast seen at 0.8% in 2023 (prev. 1.1%), 1.3% in 2024 (prev. 1.6%)Germany GDP growth forecast seen at -0.4% in 2023 (prev. 0.2%), 1.1% in 2024 (prev. 1.4%)France GDP growth forecast seen at 1.0% in 2023 (prev. 0.7%), 1.2% in 2024Italy GDP growth...
PBOC to tighten scrutiny on bulk dollar purchases of $50 million and above – report
This is being reported by Reuters, noting that the PBOC will scrutinise bulk dollar purchases by domestic firms, citing three sources with direct knowledge of the matter. Companies will need to seek approval for purchase of dollars amounting to $50 million or more,...
Having reservations about the latest yen rally on BOJ Ueda’s remarks?
I am sympathetic to the above argument and I outlined my reasons earlier here. BlackRock also made mention earlier in the day that they don't see any major shifts by the BOJ, with expectations for any interest rate changes still anchored around March next year. Adding...
S&P 500 Technical Analysis – Watch this key support
Last week the US data surprised to the upside with the ISM Services PMI and Jobless Claims beating expectations by a big margin. The market didn't like the strong data as it raises the chances of another rate hike in November. In fact, the S&P500 sold off...
SNB total sight deposits w.e. 8 September CHF468.9 bn vs CHF 467.6 bn prior
Domestic sight deposits CHF 459.5 bn vs CHF 458.0 bn priorRemember the days when we talked about armageddon if both the SNB and BOJ were to tighten policy? Well, here we are on a day when the SNB raising rates in the last one year is considered normal and the BOJ...
Market Outlook for the Week of 11 – 15 September
Last week the BoC kept rates unchanged, as expected, leaving the door open for further hikes if necessary. However, analysts believe the hiking cycle has peaked and the Bank won't raise interest rates further.For the weak ahead there are several notable economic...
Gold Technical Analysis – Stuck in a range
Gold is still stuck in a range as the economic data remains mixed. We got very strong economic releases in August that led to a selloff in Gold as real yields and the US Dollar rose, ultimately weighing on the yellow metal. In the past couple of weeks though, the data...