Snippet comments from Goldman Sachs on technology stocks in the US ... but there is still reason to go higher (see TINA comments below):tech stocks are coming off a good weeknot going up on ‘good’ newsnot going up for the right reasons “The bad news for the sector...
Bank of America still look for 1 more Fed rate hike, +25bp in November (75bp cuts in 2024)
Bank of America says hawks and doves both got something from Jackson Hole:BoA's main takeaways:Fed Chair Powell's speech at Jackson Hole was somewhat balanced, with hawkish and dovish elements. Markets took the comments as slightly hawkish, moving closer to our call...
ANZ is looking for downside in EUR/USD this week, GBP more favoured on crosses
This summary is via the folks at eFX. For bank trade ideas, check out eFX Plus. For a limited time, get a 7 day free trial, basic for $79 per month and premium at $109 per month. Get it here. ANZ has released its latest currency outlook, and it presents a bearish view...
UBS on China’s latest supportive policy:- “we see reason for optimism” (and a weaker yuan)
The news out of China from the weekend was of supportive policy moves:A snippet from UBS, analysts there are optimistic on the developments. On more broader moves from Chinese policy makers:China’s broader package of response measures is starting to take shape. This...
Goldman Sachs forecast USD/JPY to 155 if the BOJ maintains its dovish stance
From a Goldman Sachs note on the JPY Friday last week. In brief the analysts expect USD/JPY to 150 if the BOJ maintains its ultra-easy monetary policy. If the Bank backs away from this though that's a risk to the forecast.Goldman Sachs forecast 155 in 6 months for...
Federal Reserve policy rates have likely peaked, first cut only likely middle of 2024
A snippet from US financial firm Principal Asset Management, says that while the Federal Open Market Committee (FOMC) has likely hit peak Fed Funds the message from Powell doesn't rule out further hikes if necessary. “As long as economic growth is strong, a resurgence...
RBA Deputy Governor Michele Bullock speaking Tuesday: “Climate Change and Central Banks”
Coming up late in the afternoon Sydney time, at 5.40pm local0740 GMT0340 US Eastern timeThe gist of the climate change / central bank nexus is that the impacts of change on the economy through extreme weather events, floods, heatwaves, fires and what you poses a risk...
ICYMI – Sweden’s Riksbank Deputy Governor said SEK is 20% undervalued
Sweden's Riksbank Deputy Governor Martin Floden spoke on Monday, saying the crown is undervauked by 20%.Also:“Inflation is heading in the right direction, but there is still a long way to go and monetary policy will probably need to remain tight for a fairly long...
Australian LNG workers strike – rolling stoppages, bans and limitations
Disputes at LBG facilities have been driving price volatility. Australia union: workers at Chevron's LNG facilities in Australia to participate in rolling stoppages, bans and limitationsIndustrial actions will escalate each week until Chevron agrees to our bargaining...
ICYMI – China Fin Min Kun asked for efforts to further implement proactive fiscal policy
Chinese media reported late in the evening, China time, that China's Finance Minister Liu Kun asked for efforts to further implement a proactive fiscal policysupport the real economyprevent and resolve local government debt risksThe fin min was at a "key meeting" in...
The head of banking supervision at the San Francisco Federal Reserve to retire
You would have to wonder if this was on the cards all along after the regional banking crisis caught fire with the failure of SVB and First Republic Bank.If you are looking for a scapegoat the supervisory folks at the West Coast Fed fit the bill nicely. Randall...
Economic calendar in Asia Tuesday, 29 August 2023
Japanese employment data for July won't be shifting around FX rates much at aupon release. A quest calendar otherwise. This snapshot from the ForexLive economic data calendar, access it here. The times in the left-most column are GMT. The numbers in the right-most...
Trade ideas thread – Tuesday, 29 August 2023
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,...
US equity close: Nice start to the week
> US equity close: Nice start to the week Closing changes for the main US equity indexes <!--> Adam Button Monday, 28/08/2023 | 20:10 GMT-0 28/08/2023 | 20:10 GMT-0 --> <!--> Closing changes:S&P 500 +0.6%DJIA +0.6%Nasdaq Comp +0.8%Russell 2000...
Forexlive Americas FX news wrap: A holiday in the UK keeps a wrap on FX
Markets:Gold up $5 to $1916US 10-yaer yields down 3.9 bps to 4.2000%WTI crude up 38-cents to $80.21S&P 500 up 28 points to 4434AUD leads, JPY lagsThe holiday in the UK on Monday set the tone for the session. There was some dollar buying early in Europe that was...
TD sees August non-farm payrolls at 180k and 3.5% unemployment
TD Securities has projected a 180k increase in Non-Farm Payrolls (NFP) for August, exceeding the consensus expectation of 168k. The bank also forecasts the unemployment rate to remain stable at 3.5%, aligning with the general consensus. According to TD, wage growth is...
September seasonals highlight a painful backdrop for stock markets
August isn't over yet but looking back at the August seasonal trends post, this month has gone almost exactly to script. At the start of the month, I highlighted how it was a tough month for risk trades and that is what has unfolded along with pain in NZD/USD, which...
White House says it’s increasingly confident that Prigozhin died in plane crash
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,...
US sells 5-year notes at 4.400% vs 4.399% WI bid
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,...
Gold rises to the highest since August 10
Gold dailyGold has started the new week on a strong note as the FX market largely remains range-bound in part due to a UK holiday. It's up $7 to $1921 after touching $1925, which was the highest in more than two weeks.The gold market is responding to bonds. Yields are...