Saturday , February 22 2020
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Boris Schlossberg

Boris Schlossberg

Real time analysis of forex market from co founder of BKForex Tweets are commentary only.

Articles by Boris Schlossberg

Both Gold and Risk Rally – Why?

3 days ago

Market Drivers February 19, 2020
Gold and USDJPY climb
UK inflation slight beat
Nikkei 0.89% Dax 0.51%
UST 10Y 1.55%
Oil $52/bbl
Gold $1610/oz
BTCUSD $10130
Europe and Asia:
GBP UK Core CPI 1.6% vs. 1.4%
North America:
USD PPI 8:30
CAD CPI 8:30
USD Fed Minutes 14:00
In an unusual correlation, both gold and risk assets move higher in Asian and early European trade today with US futures up about 35 basis points USDJPY firmly through the 110.00 figure and Gold approaching its 7-year highs set earlier this year during the Iran crisis.
The markets appear to be both ignoring the long term negative economic impacts of China shut down while at the same time hedging the risk by bidding Gold higher. On the equity side traders remain delirious with hopium bidding up equities despite yesterday’s

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AAPL Warning Sends Risk Tumbling

4 days ago

Market Drivers February 18, 2020
AAPL warns sends risk lower
UK Employment
Nikkei -1.40% Dax -0.67%
UST 10Y 1.55%
Oil $51/bbl
Gold $1587/oz
BTCUSD $9764
Europe and Asia:
GBP UK Employment Claimant Count 5K vs.22.6K
North America:
No Data
Equities and risk FX were lower in Asian and European trade today with Aussie once again hitting decade long lows as Apple warned that they no longer can stand behind their Q1 guidance given the problems with the workforce due to the coronavirus.
Although China is supposed to be back to work from the Lunar New Year holiday most experts believe that the country is operating at only 60% capacity with much of the population restrained from movement due to the quarantine measures put in place by the government.
The Apple warning was hardly unexpected

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Funda be Damned Risk On Rally Continues

5 days ago

Market Drivers February 17, 2020
PBOC pumps money – risk on flows continue
Japanese GDP sinks like a stone
Nikkei -0.69% Dax n/a
UST 10Y 1.59%
Oil $52/bbl
Gold $1582/oz
BTCUSD $9806
Europe and Asia:
JPY GDP -6.3% vs. -3.7%
North America:
No Data
The start of the week saw a mild but steady risk on bias as PBOC suggested that it may offer a lower rate on its medium-term lending facility in effect easing credit conditions in response to the ongoing coronavirus crisis.
The news helped to lift Chinese equities above their Lunar New Year opening gap with indices now erasing all of their coronavirus losses. Investors continue to take solace in the fact that the virus does not seem to be spreading outside of China in any significant way and even within China the official case count outside of

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Can US Consumer Take USDJPY to 110.00?

8 days ago

Market Drivers February 14, 2020
Markets very quiet
EU GDP stays just above even
Nikkei -0.59% Dax 0.21%
UST 10Y 1.59%
Oil $52/bbl
Gold $1575/oz
BTCUSD $10278
Europe and Asia:
EUR GDP 0.1% vs. 0.1%
North America:
USD Retail Saleas 8:30
It’s been a very quiet night in FX and equity markets but a mild risk-on tone has managed to prevail as the pace of new coronavirus cases has started to slow and there were no significant additional outbreaks outside of mainland China.
It’s still too early to tell just how much of an impact the virus will have on global Q1 GDP but for now, the market is operating under the assumption that normal business activity will resume in March as the quarantine period exhausts the infection.
That may be extraordinarily optimistic given the long incubation period

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Risk Finally Takes a Hit

9 days ago

Market Drivers February 13, 2020
Virus fears drive risk lower
USDJPY backs off 110.00
Nikkei -0.14% Dax -1.12%
UST 10Y 1.57%
Oil $50/bbl
Gold $1574/oz
BTCUSD $10163
Europe and Asia:
No Data
North America:
USD CPI 8:30
Risk took a hit in Asian and European dealing after Chinese authorities released fresh coronavirus figures that markedly increased the number of cases and deaths in one day.
The official count jumped by more than 14000 new cases in the Hubei province while the new death count also rose sharply by 242.
The news instantly rocked the markets with both equities and yen crosses pull lower and they have been drifting lower ever since. By mid day London dealing yen was trading at session lows of 109.68 while US futures were by 75 basis points.
Up to now financial markets have

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Why are Markets Ignoring the Coronavirus Risks?

12 days ago

Market Drivers February 10, 2020
Markets steady
Cable remains weak
Nikkei -0.60% Dax -0.11%
UST 10Y 1.59%
Oil $50/bbl
Gold $1572/oz
BTCUSD $9963
Europe and Asia:
EUR Sentix
North America:
No Data
Despite the rise in coronavirus deaths that have now put the toll above the SARS virus, markets were steady at the start of the week, shrugging off an initial flurry lower on the open to trade flat by European open.
There was little fresh news on a slow and listless Monday trade as the coronavirus figures continued to climb higher with cases now exceeding 40K and deaths rising above 900. Still, markets generally ignored the news with bulls taking solace in the fact that recovery rates – at least according to official statistics improved markedly.
Although few analysts believe the official

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What to Look For in Today’s NFP

15 days ago

Market Drivers February 7, 2020
Euro drifts to 1.0950
Equities hold steady
Nikkei -0.19% Dax -0.30%
UST 10Y 1.62%
Oil $51/bbl
Gold $1564/oz
BTCUSD $9771
Europe and Asia:
EUR Industrial Production -2.8% vs. -0.3%
North America:
USD Non-Farm Payrolls 8:30
CAD Employment 8:30
Financial markets were moribund ahead of the US Non-Farm Payrolls later in the day although the skew was to the risk off side as negative eco data surprises and new outbreaks of the coronavirus kept traders on edge.
In Europe, the French Industrial Production data came in woefully short of estimates printing at -2.8% versus -0.3% eyed. The news helped to drive euro to fresh four-month lows as it dipped towards the 1.0950 level. The Eurozone economy may face a particularly difficult time in the next quarter as the

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Is Euro the New “Yen”?

16 days ago

Market Drivers February 6, 2020
Equities consolidate at highs
Euro defends the 1.1000 level
Nikkei1 2.38% Dax 0.58%
UST 10Y 1.64%
Oil $51/bbl
Gold $1554/oz
BTCUSD $9644
Europe and Asia:
No Data
North America:
No Data
After yet another pop to record high in Asia session trade, equity indices were muted in moring European dealing while currencies remained quiet throughout on a night of little newsflow or economic data
It’s been a generally quiet night of trade with EURUSD defending the 1.1000 figure yet again as the pair remains weak. Although data in the Eurozone has improved mildly over the past month trade in the pair is ignoring the fundamental data and trading on carry trade flows alone.
With Ms. Legarde making it clear that ECB monetary policy will continue to be accommodative for

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Risk Rips Again on Virus Cure Hopes

17 days ago

Market Drivers February 5, 2020
Coronavirus cures spark risk flows
Final PMIs inline
Nikkei1.02% Dax 0.64%
UST 10Y 1.622%
Oil $50/bbl
Gold $1554/oz
BTCUSD $9243
Europe and Asia:
EUR PMI 51.3 vs. 50.9
GBP PMI 53.9 vs. 52.9
North America:
USD ADP 08:15
USD ISM Non-Manufactiring 10:00
Risk flows ripped to the upside in early European trade after Chinese scientists stated that they may have found an effective drug against the coronavirus while UK scientists stated that they may have a vaccine in a matter of months rather than years.
The news lifted investor spirits and sent stock index futures to fresh record highs as markets continued to ignore any negative impact of China’s economic lockdown. Markets are now in full melt-up mode aided by massive central bank liquidity and improving

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Risk Rebounds – Aussie Leads the Way

18 days ago

Market Drivers February 4, 2020
RBA Holds – Aussie rebounds
Equities rocket across the board
Nikkei 0.49% Dax 1.09%
UST 10Y 1.58%
Oil $50/bbl
Gold $1568/oz
BTCUSD $9194
Europe and Asia:
AUD RBA Keeps rates on hold
GBP PMI 48.4 vs. 46.6
North America:
USD Consumetr Confidence 10:00
A raging rally in risk characterized today’s markets as the reversal in Shanghai index aided by yet more liquidity measures by PBOC helped lead a strong move in equities elsewhere with US indices pointing to a greater than 1% gain on the open.
The coronavirus continues to ravage mainland China unabated with confirmed cases exceeding the 20,000 mark while deaths have now climbed above 425. However, as we noted earlier, “For now global markets view this as “China only” issue. Investors won’t panic unless the

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Risk Stabilizes – But for How Long?

19 days ago

Market Drivers February 2, 2020
China bans all selling – stems decline
Risk assets stabilize
Nikkei -1.01% Dax 0.37%
UST 10Y 1.52%
Oil $51.3/bbl
Gold $1577/oz
BTCUSD $9385
Europe and Asia:
EUR PMI 47.9 vs. 47.9
GBP PMI 50 vs. 49.8
North America:
USD ISM Manufcatuing 10:00
Risk assets stabilized in the wake of very aggressive liquidity infusion actions by Chinese authorities today with US stock index futures actually rallying into the European open.
Chinese equities were down by -7.7% but that was actually much less than the limit down -10% feared after PBOC added more than $170B in bank reserves via a reverse repo and banned all short selling and even outright selling from major institutions in order to stabilize asset prices.
The move worked for now as risk assets across the board

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Is Cable the Greatest Short Ever?

22 days ago

Market Drivers January 31, 2020
Aussie breaks .6700
French data misses but euro holds firm
Nikkei -0.55% Dax n/a
UST 10Y 1.61%
Oil $53.1/bbl
Gold $1577/oz
BTCUSD $9046
Europe and Asia:
EUR GDP 0.5% vs. 0.4%
EUR CPI 1.8% vs. 1.7%
North America:
USD PI/PS 8:30
USD Chiacgo PMI 9:45
USD U of M Surveyt 10:00
Quiet night in FX land with data out of Europe showing mixed results while equity indices were slightly lower from their feverish highs in the wake of yesterday’s big earnings beat by Amazon.
In the currency market cable remained well bid with the pair climbing towards the 1.3150 mark after the BOE held rates steady yesterday. Today is the final day of the UK in the EU as the country begins its transition out of the union and already there are rhetorical battles going on about the

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Risk Starts to Rebound

25 days ago

Market Drivers January 28, 2020
Comm dollars remain at lows
Equities bounce
Nikkei -0.55% Dax n/a
UST 10Y 1.61%
Oil $53.1/bbl
Gold $1577/oz
BTCUSD $9046
Europe and Asia:
No Data
North America:
USD Durable Goods 8:30
USD Consumer Confidence 10:00
Risk rebounded slightly in Asian and early European trade with equity indices in Europe and US futures pointing to a higher open as short-covering kicked in and traders turned their focus away from the coronavirus story towards marquee earnings reports later today.
The coronavirus continued to multiply in China with the official count now at more than 4000 cases and more countries including the Philippines and Hong Kong are now restricting travel to and from the mainland as the virus shows no signs of slowing down.
There is little doubt that

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Can Risk Reverse in US?

26 days ago

Market Drivers January 27, 2020
Comm dollars sink
IFO mkisses
Nikkei -2.03% Dax -2.107%
UST 10Y 1.61%
Oil $52.1/bbl
Gold $1583/oz
BTCUSD $8640
Europe and Asia:
EU IFO 95.9 vs. 97
North America:
No Data
A massive risk-off day in global markets today as with European and Asian bourses off by more than 2% while in FX commodity dollars suffered the most on fears of the spread of the coronavirus which threatens to become a pandemic in China weighing heavily on global growth.
Over the weekend the news of growing infections in Wuhan has exploded as doctors learned more about the virus. This particular strain could have an incubation period of up to 14 days and most troubling of all can sometimes present without symptoms such as high fever. The R0 which is the ratio of transmission is

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Has UK Economy Bottomed Out?

29 days ago

Market Drivers January, 24 2020
EU PMI mixed
UK PMI data beats but cable falls
Nikkei 0.13% Dax 1.37%
UST 10Y 1.74%
Oil $55.1/bbl
Gold $1561/oz
BTCUSD $8280
Europe and Asia:
EU Flash PMI 50.9 vs. 52.1
UK Flash PMI 52.9 vs. 51.1
North America:
CAD Retail Sales 8:30
USD Flash PMI 9:45
Currencies were generally flat in Asian and European trade today with the exception of cable which did a full reversal in London dealing despite the fact that UK flash PMI data surprised to the upside.
UK PMI flash PMI beat on both Manufacturing and Services with the Manufacturing report printing at 49.8 vs. 48.9 eyed while services rose to 52.9 versus 51 forecast. According to Markit, “January data from the IHS Markit / CIPS Flash UK Composite PMI® highlighted a decisive change of direction for the

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Markets Steady But Risks Lurk

January 23, 2020

Market Drivers January, 23 2020
AU Labor Data beats
Confusion on corona virus as markets steady
Nikkei -0.98% Dax -0.47%
UST 10Y 1.74%
Oil $55.1/bbl
Gold $1554/oz
BTCUSD $8473
Europe and Asia:
No data
North America:
EUR ECB Presser 8:30
Both FX and equity markets were generally steady in Asian and European trade today despite the fact that Chinese authorities have now closed off access to a second city in an effort to stem the spread of the corona virus.
China put a second city, Huanggang on lockdown as the death toll from the virus has risen to 17 people. The true state of danger from the virus remains unknown as it is difficult to gauge its virulence. Reports from the Chinese media have been confusing as to the number of casualties and more importantly, the type of casualties

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Wuhan Virus Spooks Markets

January 21, 2020

Market Drivers January, 21 2020
Wuhan virus spooks markets
BOJ sees steady inflation outlooks
Nikkei -0.91% Dax -0.49%
UST 10Y 1.79%
Oil $58.1/bbl
Gold $1556/oz
BTCUSD $8645
Europe and Asia:
GBP UK Wages 3.2% vs. 3.1%
North America:
CAD Manufcaturing Sales 8:30
Global markets were roiled by news of new coronavirus out of Wuhan China, fearing a SARS-like outbreak in Asia that could disrupt economic activity and create a possible public health emergency.
The WHO confirmed that the new virus can now be transmitted by person to person contact and fears have increased that with Chinese New Year’s celebrations only a few days away, the massive migration of Chinese could spread the virus beyond its hot zone.
While the virus does not appear to be as deadly as SARS it spread to health care

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Risk Continues its Rally – Will US Consumer Confirm?

January 16, 2020

Market Drivers January, 16 2020
Equities at record highs
US Retail Sales on deck
Nikkei 0.07% Dax -0.06%
UST 10Y 1.79%
Oil $58.1/bbl
Gold $1555/oz
BTCUSD $8615
Europe and Asia:
North America:
USD Retail Sales 8:30
Risk was bid in European trade today with US equity indices making fresh record highs in overnight futures trading while commodity currencies firmed with both Aussie and Kiwi getting a boost as the night wore on.
There was no major economic news in Asia or Europe and FX was content to tread water with investor sentiment remaining positive in the wake of the signing of the US-China phase 1 trade deal. One of the more interesting developments in FX is the muted action in USDJPY which so far is refusing the participate in the risk rally with the same type of enthusiasm as

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UK Inflation Drop Hints at Rate Cut

January 15, 2020

Market Drivers January, 15 2020
UK Inflation runs cool
Risk assets quiet
Nikkei -0.45% Dax -0.07%
UST 10Y 1.79%
Oil $58.1/bbl
Gold $1552/oz
BTCUSD $8695
Europe and Asia:
GBP UK CPI 1.3% vs. 1.5%
North America:
USD PPI 8:30
Currency markets were quiet at the midweek point as traders awaited the official signing of the US-China deal later today during North American hours.
On the data front, UK releases took center stage with UK CPI printing cooler than expected at 1.3% vs. 1.5% eyed. The print was a three year low for inflation indicating that pricing power continues to erode. Services inflation fell to its lowest level since 2018 as discounting in hospitality and clothing sectors added to the downward pressure.
The news suggests that demand in the UK economy remains weak and the

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FX Stalls as Holiday Doldrums Near

December 18, 2019

Market Drivers December 18, 2019
Markets on hold
IFO bit better
Nikkei -0.55% Dax -0.25%
UST 10Y 1.869%
Oil $60/bbl
Gold $1478/oz
BTCUSD $6669
Europe and Asia:
EUR IFO 96.3 vs. 95.6
GBP UK CPI 1.5% vs. 1.4%
North America:
CAD CPI 8:30
Markets were very quiet in Asian and early London trade today with a slight risk-off bent and almost palpable feeling that most traders are starting to leave their desks for the holiday season.
On the eco front, the market saw IFO data out of Germany which beat expectations slightly by printing at 96.3 versus 95.6 eyed. According to IFO, “In manufacturing, the index recovered somewhat. This was due to companies’ considerably less pessimistic expectations. In contrast, their assessment of the current situation worsened a little. Planning still foresees

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No Mercy for Cable as BoJo Plays Tough

December 17, 2019

Market Drivers December 17, 2019
Cable drops two big figures
UK labor data mixed
Nikkei 0.47% Dax -0.56%
UST 10Y 1.863%
Oil $60/bbl
Gold $1478/oz
BTCUSD $6914
Europe and Asia:
UK Claimant Count 28K vs. 24K
UK Wages ex-bonus 3.2% vs. 3.4%
North America:
USD Housing Starts/Permits 8:30
CAD Manufcaturing Sales 8:30
Cable plunged two big figures in Asian and morning London trade today after Boris Johnson signaled that the UK would crash out of the European Union at the end of 2020 whether it had a deal or not.
Mr. Johnson put forth a bill in Parliament that removed Parliament’s right to vote for an extension, negotiate on worker’s rights and provide oversight on trade negotiations. In short Mr. Johnson has stripped Parliament of any oversight authority in Brexit negotiations as he drives

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After A Week of Euphoria -Monday Blues in FX

December 16, 2019

Market Drivers December 16, 2019
China data stabilizes
EU PMI data still shows weakness in PMIs
Nikkei -0.29% Dax 0.57%
UST 10Y 1.844%
Oil $60/bbl
Gold $1475/oz
BTCUSD $7095
Europe and Asia:
EU PMI Manufacturing 45.9 vs. 47.3
EU PMI Services 52.4 vs. 52.0
UK PMI 48.5 vs. 49.3
North America:
USD Flash PMI 9:45
Risk on flows from the US-China phase 1 trade deal continued into the Asia session open today, but as the progressed the dour economic data halted the rally taking both euro and cable off the session highs as European dealing came online.
Over the weekend Chinese economic data showed an uptick in both Industrial Production and Retail Sales provided further support to risk flows with markets hoping that the detente in the trade wars would revive economic growth. However, EU

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In FX – So Many Questions So Few Answers

December 13, 2019

Market Drivers December 13, 2019
Johnson wins big but Cable cant hold 1.3500
Deal or no Deal?
Nikkei 2.55% Dax 1.25%
UST 10Y 1.89%
Oil $59/bbl
Gold $1471/oz
BTCUSD $7244
Europe and Asia:
Johnson wins big
North America:
USD Retail Sales 8:30
Boris Johnson swept to a historic victory in Parliament that assured him a working majority to implement Brexit. Cable soared by three big figures taking out the 1.3500 level but by US morning the pair gave some of the gains back trading below 1.3400.
Meanwhile in North America risk flows exploded yesterday after Trump administration said that it had an agreement in principle on a phase one trade deal with China. Yet the Chinese side has been silent.
In both cases, the euphoria may have gotten the better of markets for now as Mr. Johnson will now

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Buck Buckles Post FOMC

December 12, 2019

Market Drivers December 12, 2019
UK goes to the polls
Dollar remains offered post FOMC
Nikkei 0.14% Dax 0.42%
UST 10Y 1.804%
Oil $59/bbl
Gold $1473/oz
BTCUSD $7188
Europe and Asia:
SNB keeps rates at -0.75%
North America:
EUR ECB Meeting 8:30
The dollar was on offer is Asian and early European dealing today in the wake of yesterday’s dovish FOMC press conference.
Post FOMC we only half-jokingly noted that the whole event could have been summarized by – Powell, I’ll never hike rates again – but that in fact was the reaction of the markets as equities rose and greenback sank on the assumption that the Fed would remain on hold for the foreseeable future.
Perhaps the most dovish comment from Chairman Powell yesterday was his willingness to tolerate hotter inflation should it occur – an

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Cable Wobbles on Tory Troubles

December 11, 2019

Market Drivers December 11, 2019
YouGov shows a slide in polls
All eyes on FOMC
Nikkei -0.08% Dax -0.27%
UST 10Y 1.83%
Oil $58/bbl
Gold $1463/oz
BTCUSD $7238
Europe and Asia:
No Data
North America:
USD CPI 8:30
USD FOMC 14:00
Cable crumbled in early Asian session trade when a new poll suggested that Tory lead has shrunk to 28 seats from 68 seats projected earlier.
The YouGov MRP poll which takes a much more granular view of the election by trying to project seat wins rather than just popular sentiment has shown that Mr. Johnson’s lead has tightened as some missteps on the campaign trail may have hurt him.
The awkward exchange between Mr. Johnson and the reporter who confronted him with video of a four-year-old boy forced to sleep on the floor due to lack of bed space in NHS may have

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Are Kiwi and Aussie Out of Gas?

December 10, 2019

Market Drivers December 10, 2019
UK GDP Misses
Risk flows turn negative
Nikkei -0.09% Dax -1.14%
UST 10Y 1.813%
Oil $59/bbl
Gold $1464/oz
BTCUSD $7375
Europe and Asia:
GBP UK GDP 0.0% vs. 0.1%
EUR HE ZEW 10.7 vs. 1.1
North America:
No Data
Currencies were very quiet on the second trading day of the week with most of the majors stuck in 20 pip ranges during Asian and early European dealing.
With all of the event risk backloaded to the end of the week, markets are content to simply mark time for the time being.
Cable continued to inch towards a test of the 1.3200 as traders remained confident that PM Johnson would cruise to a victory this Thursday. As we noted before, cable appears to be setting up for a classic buy the rumor sell the news set up and any move above 1.3300 will most

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Cable Inches Towards 1.3200 as Johnson Lead Extends

December 9, 2019

Market Drivers December 9, 2019
Cable inches towards 1.3200
Chinese exports slide
Nikkei 0.33 Dax -0.15%
UST 10Y 1.823%
Oil $58/bbl
Gold $1462/oz
BTCUSD $7492
Europe and Asia:
CNY exposrt -1.1%
North America:
No Data
FX markets were generally quiet at the start of the week with only pound showing and significant movement.
Sterling hit seven-week highs today rising to 1.3181 in late Asian session dealing after a series of polls over the weekend showed Boris Johnson extending his lead over Jeremy Corbyn. Although reliance on UK polls can always be problematic and according to Bloomberg FX traders have loaded up on protection in case of an unclear outcome that results in a hung Parliament, all signs are starting to point to a Johnson win.
Jeremy Corbyn has proven himself to be one of the

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USDJPY – The Rubber Hits the Road with US NFPs

December 6, 2019

Market Drivers December 6, 2019
Cable weaker on Corbyn accusation
AU eyes on NFP
Nikkei 0.23 Dax 0.017%
UST 10Y 1.796%
Oil $58/bbl
Gold $1474/oz
BTCUSD $7421
Europe and Asia:
No Data
North America:
USD NFP 8:30
CAD Employment 8:30
FX markets were characteristically quiet ahead of US Non-Farm Payrolls report with cable the only exception as it gave ground after several days of strong rallies.
The pound slid about 40 pips off the highs on claims by Labor leader Jeremy Corbyn that he was in possession of “cold hard evidence” that PM Johnson’s government would institute a customs border in Northern Ireland.
Northern Ireland issue has been the key stumbling block in Brexit negotiations and it will be interesting to see if Mr. Corbyn’s claims have any impact on the electorate, but so far

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Cable Continues Climbing

December 5, 2019

Market Drivers December 4, 2019
Cable continues ripping
AU data misses
Nikkei 0.71% Dax 0.01%
UST 10Y 1.78%
Oil $58/bbl
Gold $1474/oz
BTCUSD $7362
Europe and Asia:
AU AUD Retail Sales 0.0% vs. 0.3%
North America:
No Data
Generally quiet markets in FX today with very little on the global economic calendar to move pairs, but cable continued its climb higher hitting a high of 1.3147 in early London trade as enthusiasm over a Tory win helped fuel the rally.
At this point, the market appears to have made peace with Brexit and is assuming that Mr. Johnson will achieve the majority needed in Parliament to ram the deal through. The Europeans for their part also appear to have accepted the outcome and today’s FT reports that Brussels is preparing for swift negotiations to get the deal done.

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Can Weaker US Data Make Trade Deal More Likely?

December 4, 2019

Market Drivers December 4, 2019
Cable clears 1.3000
Sources – trade deal near
Nikkei -1.05% Dax 1.00%
UST 10Y 1.744%
Oil $56/bbl
Gold $1476/oz
BTCUSD $7262
Europe and Asia:
AU AUD GDP 0.4% vs. 0.5%
UK GBP UK PMI Services 49.3 vs. 48.6
North America:
USD ADP 8:15
USD ISM Non-Manufacturing 10:00
CAD BOC 10:00
Another night of reversal in the FX markets with majors shrugging off risk-off flows after a report by Bloomberg suggested that a phase 1 trade deal was much closer than realized and could be achieved by December 15th tariffs deadline.
It’s impossible to tell if this is an accurate description of events. It could very well be that President Trump tried to repair yesterday’s damage after his tough talk on trade sent markets reeling. One thing is clear though. The fundamental data

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