Major currencies are little changed on the session now with US futures having pared its early gains to keep more flattish. It's a more tentative mood overall in Europe as there is some pushing and pulling going on so far on the day. Here's a snapshot of dollar pairs...
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Market Update – August 29 – Stock markets supported by China hopes and falling yields
Treasuries and Wall Street rallied to kick off the last week of the month for what’s been a pretty bearish August. The same stands so far today. Rate hike fears amid a “higher for longer” policy stance, supply concerns, worries over spillover from...
RBA’s Bullock: Inflation is still too high, that will be my first priority as governor
May have to raise rates again, but watching data carefullyAll central banks are grappling with how much further to hikeIt's easier to speak now but let's see if she can walk the talk once she gets into the hot seat. As things stand, markets are not convinced of any...
USDCAD Technical Analysis – Time for a bigger correction?
US:The Fed hiked by 25 bps as expected and kept everything unchanged.Fed Chair Powell reaffirmed their data dependency and kept all the options on the table.The US economic data keeps on surprising to the upside, but inflation expectations and CPI readings continue to...
RBA’s Bullock: Climate change likely to lead to more volatile inflation outcomes
Impact of climate change on neutral interest rate is not clear cutCould put both upward and downward pressure on the neutral rateShe's mostly just commenting on climate change, which is the main topic she is speaking about right now. There isn't anything much that...
Dollar marginally lower as the session gets underway
The dollar is lightly changed for the most part but it is the riskier/high beta currencies (and these days, that tends to include sterling more often than not) that are benefiting slightly. This comes as we are seeing equities keep slightly higher to start European...
GBPUSD Technical Analysis – A possible fakeout points to more upside
US:The Fed hiked by 25 bps as expected and kept everything unchanged.Fed Chair Powell reaffirmed their data dependency and kept all the options on the table.The US economic data keeps on surprising to the upside, but inflation expectations and CPI readings continue to...
France August consumer confidence 85 vs 85 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,...
Germany September GfK consumer sentiment -25.5 vs -24.3 expected
Prior -24.4; revised to -24.6German consumer sentiment looks to fall further in September, with GfK noting that "the chances that it can sustainably recover before the end of this year are dwindling more and more". Given the more subdued environment, GfK also says...
Japan reportedly considers to extend fuel subsidies until year-end
The measure in question is one that is helping to keep gasoline prices below ¥180 a litre and it is being reported taht the government is working on a separate budget to finance the extension until year-end. This was introduced back in early 2022 amid rising fuel...
FX option expiries for 29 August 10am New York cut
There is just one to take note of on the agenda today, as highlighted in bold.That being for EUR/USD at the 1.0800 mark, which continues to be a key point of interest for the pair this week. The 200-day moving average at 1.0807 adds a technical layer to the expiries...
A light one on the agenda in Europe today
Major currencies aren't doing a whole lot though the dollar is mildly softer as we look towards European morning trade. The ranges are still relatively narrow, so let's see if there will be any appetite to stretch them out later on.Stocks are at least enjoying a...
The likelihood of fuel subsidies in Japan is firming up – from September
I popped up a flag on this last week:Reuters now, citing unnamed "sources with direct knowledge of the matter", saying this is gaining ground:Japan's government and ruling coalition are set to consider extending subsidies from Septemberpolicymakers are aiming to keep...
ForexLive Asia-Pacific FX news wrap: US dollar dribbled a little lower
Session wrap Forex news for Asian trading on Tuesday, 29 August 2023 <!--> --> It was a day of minor movement only for major forex rates. AUD, NZD, EUR, GBP and even the hapless yen all gained a few points against the USD. Ranges were lacklustre though and...
Chinese state media says the PBOC may cut banks’ RRR earlier than expected
State media with the report that a sooner-than-expected RRR cut may be on the way.The report cites rising rates in China despite recent official rate cuts. Says the People's Bank of China would cut the RRR to better maintain reasonable and ample liquidity. ---The...
Toyota production halt now at 14 plants in Japan – ‘system glitch’
Earlier on this is here, looks like some form of cyberattack (Toyota says it is not):Japan's industry minister says now he has received information that the output disruption has spread to 14 plants. Update from Toyota:a malfunction with its production systemthe...
Japan’s govmt says the country may be at an inflection point in its battle with deflation
The Japanese government's annual economic white paper says "Japan has seen price and wage rises broaden since the spring of 2022. Such changes suggest the economy is reaching a turning point in its 25-year battle with deflation". "We shouldn't dismiss the fact a...
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CryptoQuant data shows that Bitcoin trading volume is at its lowest in more than 4 years
CryptoQuant is a provider of on-chain and market data analytics for cryptocurrency investors.From their latest:Bitcoin’s trading volume hit its lowest level in almost five years this month analysis of CryptoQuant data from both spot and derivatives exchanges shows the...