ECB's NagelThe Bundesbank President isn't giving anything up today but his other recent comments suggest that he will be pushing to hike rates.Today's focus though is banking and he said that he's confident that the banking resolution framework would work if...
ForexLive European FX news wrap: Quiet markets with London out
Headlines:Markets:AUD leads, JPY lags on the dayEuropean equities higher; S&P 500 futures up 0.2%US 10-year yields flat at 4.239%Gold flat at $1,914.73WTI crude down 0.2% to $79.70Bitcoin down 0.3% to $25,951It was a quiet session with London out on holiday today,...
Nasdaq Composite Technical Analysis – Watch these key levels
Last week was the Jackson Hole Symposium week and we have heard from many Fed members about their opinions on the momentary policy going forward. There seems to be a consensus for a pause in September as they try to “carefully” assess the lag effects of their...
ECB’s Holzmann: There is a case for rate hike if no surprises turn up
Not in the clear yet on inflationECB is behind the curve, can assess policy once at 4%Should start debate on ending PEPP reinvestmentsHe looks to be trying to push for it but it is quite evident that not all ECB policymakers are sharing this view. In terms of market...
Gold Technical Analysis – The bears remain in control
The quick rise in the US real yields and the US Dollar in August weighed a lot on Gold and the yellow metal sold off with very shallow pullbacks along the way. Recently, the less hawkish comments from Fed members and the miss in the US PMIs gave Gold some support as...
EURO Forecast: EUR/USD, EUR/GBP Eye Reprieve Following Testing Week
EUR/USD, EUR/GBP PRICE FORECAST: Trade Smarter - Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter WEEKLY FORECAST: US Dollar Forecast: Powell Adopts Hawkish Tone but DXY Eyes Potential...
Market Update – August 28 – Higher for Longer
China bourses rallied after China announced support for equities markets; Beijing lowered stamp duty on stock traders for the first time the 2008 financial crisis and at the same time pledged to slow the pace of initial public offerings in an effort to boost investor...
Japan maintains overall assessment of its economy in August
The only standout is that the Japanese government raised the view on exports for the first time in three months, noting that it is "showing movements of picking up recently". Besides that, here is the rest of the overall assessments:Private consumption is picking...
Dow Jones Technical Analysis – Key resistance in sight
Last week was the Jackson Hole Symposium week and we have heard from many Fed members about their opinions on the momentary policy going forward. There seems to be a consensus for a pause in September as they try to “carefully” assess the lag effects of their...
SNB total sight deposits w.e. 25 August CHF 471.4 bn vs CHF 476.2 bn prior
> SNB total sight deposits w.e. 25 August CHF 471.4 bn vs CHF 476.2 bn prior Latest data released by the SNB - 28 August 2023 <!--> Justin Low Monday, 28/08/2023 | 08:00 GMT-0 28/08/2023 | 08:00 GMT-0 --> <!--> Domestic sight deposits CHF 461.7 bn vs...
Eurozone July M3 money supply +0.4% vs 0.0% y/y expected
Prior +0.6%Broad money growth did not slow as much as estimated but it is still reflecting a further tightening in credit conditions. The credit crunch is starting to become more evident in Europe and that will be a key consideration that the ECB needs to be mindful...
Major currencies lightly changed so far on the day
The aussie and kiwi were higher earlier on, lifted by some relief from China. But they have pared the early gains now, which weren't a whole lot to begin with anyway. In the case of AUD/USD, large option expiries and some key near-term technicals are at play so there...
China scraps the last of its Covid travel requirement measures
It has been the case that inbound travellers to China will still need to take an antigen rapid test (ART) at least 48 hours before their flight to the country. That is despite airlines no longer checking the Covid test results of passengers but it is part of the entry...
Market Outlook for the Week of Aug. 28th – Sept. 1st
During the Jackson Hole Symposium on Friday, Federal Reserve Chair Jerome Powell reaffirmed the Fed's commitment to achieving the 2% inflation target. He highlighted that if economic conditions demand it, further interest rate hikes may be appropriate.Powell also...
European equities kick start the day on a positive note
Eurostoxx +0.9%Germany DAX +0.8%France CAC 40 +0.9%Spain IBEX +0.8%The slightly more positive mood in US futures, which are up 0.2%, is also helping. But the large part of these gains are a catch up to the Friday move. Be reminded that UK markets are closed today so...
S&P 500 Technical Analysis – The bears remain in control
Last week was the Jackson Hole Symposium week and we have heard from many Fed members about their opinions on the momentary policy going forward. There seems to be a consensus for a pause in September as they try to “carefully” assess the lag effects of their...
France’s Le Maire: There will not be any reduction in interest rates in the coming months
So, he is now doing the ECB's job for them? It would be bad form for him to overstep such a line I would say. But at least he is being consistent with what ECB policymakers themselves are preaching, that being rates will stay restrictive for a sufficient period of...
FX option expiries for 28 August 10am New York cut
There are a couple to take note of on the day, as highlighted in bold.The first being for EUR/USD near the 1.0800 mark and that could see price action be more drawn to the figure level as the 200-day moving average at 1.0805 is also of keen interest at the moment....
AUD/USD bounce limited by key near-term resistance so far today
AUD/USD hourly chartThe mood in the aussie is helped by a stronger Chinese yuan as Beijing is making some waves to start the new week. AUD/USD is up 0.5% to 0.6433 currently and is running up against its 100-hour moving average (red line) at the same level. For now,...
Russell 2000 Technical Analysis – Watch this key support zone
Last week was the Jackson Hole Symposium week and we have heard from many Fed members about their opinions on the momentary policy going forward. There seems to be a consensus for a pause in September as they try to “carefully” assess the lag effects of their...