Monday , June 17 2019
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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

In FX – Back to the Safety Trade

3 days ago

Market Drivers June 14, 2019
US Iran tensions have markets on edge
US Retail Sales on tap
Nikkei -0.40% Dax -0.61%
UST 10Y 2.06%
Oil $52/bbl
Gold $1352/oz.
Europe and Asia:
CNY Industrail Production 5.0% vs. 5.4%
North America:
USD Retail Sales 8:30
Markets were on edge at the end of the week with USD and yen gaining in overnight trade on safe harbor flows as tensions between the US and Iran continued to escalate over the sabotage of oil tankers in the Gulf.
US accused Iran of masterminding the attacks on oil tankers in the Strait of Hormuz producing a grainy video of what US officials purported to be an Iranian navy ship removing an unexploded mine off the hull of a Japanese tanker. US officials quickly stated that they have no intentions to escalate the conflict – but the tension in

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Aussie back .6900 as Jobs fail to Impress

4 days ago

Market Drivers June 13, 2019
AU labor data beats but Aussie falls
UK Parliament blocks Labor move on no deal Brexit
Nikkei -0.46% Dax 0.58%
UST 10Y 2.11%
Oil $52/bbl
Gold $1336/oz.
Europe and Asia:
AUD AU Labor 42K vs. 16K
EUR EU Industrial Production -0.5% vs. -0.4%
North America:
USD Weekly jobless 8:30
Australian data beat its mark today coming in far better than expected, but the currency sold off on the news as the headline data hid the underlying slowdown in labor demand.
Australian jobs printed at 42K versus 16K eyed, but almost all of the gains came from the lower value part-time jobs, with full-time jobs only expanding by slightly more than 2K in May. The market read the news as a disappointment especially since the unemployment rate climbed from 5.1% to 5.2%, with traders

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In FX Risk Sentiment Sours – USDJPY Eyes 108.00

5 days ago

Market Drivers June 12, 2019
HK protests turn to riots
US CPI on deck
Nikkei -0.35% Dax 0.92%
UST 10Y 2.13%
Oil $52/bbl
Gold $1336/oz.
Europe and Asia:
No data
North America:
USD CPI 8:30
It’s been a generally quiet night in FX with no major news releases in either Asia or London session, but risk sentiment has clearly turned sour as protests in HK have turned into full-fledged riots pressuring USDJPY back towards the 108.00 figure.
The standoff between HK legislature and protesters turned violent over the opposition to the new extradition law that would send suspected criminals to China for prosecution. HK legislators have argued that the law was necessary to apprehend mainland Chinese criminals who have been hiding in HK to avoid Chinese authorities. Protesters, however, argue that

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In FX Risk-on is On

6 days ago

Market Drivers June 11, 2019
UK labor data beats
Cap
Nikkei 0.33% Dax 1.12%
Oil $53/bbl
Gold $1321/oz.
Europe and Asia:
GBP UK Average Earnings 3.1% vs. 2.9%
GBP UK Claimant Count 23.2K vs. 12.3K
North America:
USD PPI 8:30
USD Economic Optimism 10:00
Much better risk inflows supported by higher equities in both Asia and Europe helped keep USDJPY bid with the pair hitting session highs just below the 108.70 level ahead of the New York open.
President Trump continued to make positive remarks on trade looking for a meeting with President Xi at the G-20 summit at the end of the month. As we noted yesterday, “If the past actions have proven anything, it is that Trump loves to resolve the crisis he creates for dramatic effect. With G-20 meeting coming up at the end of the month, the US

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GBPUSD Dumps While USDJPY Pumps

7 days ago

Market Drivers June 10, 2019
UK data disappoints
Cap open in USDJPY
Nikkei 1.20% Dax 0.77%
Oil $53/bbl
Gold $1326/oz.
Europe and Asia:
GBP UK GDP -0.4% vs. -0.1%
GBP UK MP -3.9% vs. -1.1%
North America:
No data
Latest UK economic data missed the mark by a wide margin showing a serious deterioration in business activity sending cable back below the 1.12700 figure in morning London dealing.
UK eco news missed on all fronts with GDP contracting 0.4% versus 0.1% while Manufacturing Production declined by a whopping -3.9% versus forecasts of -1.1% drop. Part of the reason for such unexpected decline was the sharp falloff in UK car production due to a planned shutdown of plants linked to Brexit uncertainty, so the shocking surprise could be due to one-off effects. However the overall

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RBA Cuts; Will Fedspeak Turn Dovish?

13 days ago

Market Drivers June 4, 2019
RBA cuts but does not guide
Powell speaks
Nikkei -0.01% Dax -0.18%
Oil $53/bbl
Gold $1327/oz.
Europe and Asia:
EUR EZ CPI n/a
North America:
USD Fedspeak Powell 9:45
FX was steady in early London trade today with the dollar slightly weaker against the majors but stronger against the yen as risk-off flows abated somewhat.
In Asia session trade the big story was the rate cut by the RBA which lowered the benchmark rate to its lowest ever at 1.25%. The cut was well anticipated by the market and the RBA did not provide any forward guidance to any future rate cuts, thus putting a hawkish tone on the event which helped Aussie rally to within a few pips of the key .7000 level in post news reaction.
In its statement, the RBA noted that “The central scenario remains

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US 10Y Yields Sink – Dollar Dented From all Sides

14 days ago

Market Drivers June 3, 2019
US 10Y yields sink
UK PMI misses
Nikkei -0.92% Dax -0.52%
Oil $53/bbl
Gold $1314/oz.
Europe and Asia:
EUR EU Final PMI 47.7 vs. 47.7
GBP UK PMI Manufacturing 49.4 vs. 52.3
North America:
CAD Mannufcaturing PMI 9:30
USD ISM Manufcaturing 10:00
The relentless collapse in US yields saw no pause at the start of week’s trade with US 10 year rates plunging below the 2.10% level to hit a low of 2.06% in early London trade. The move sent the dollar lower against both the high yielder and the low yielders as the greenback sank against the yen and Swissie as well as Aussie and kiwi.
The angst in bonds is driven by investor fears over the new front in the trade war that Trump opened up against Mexico. So far the collapse in bond yields has not translated into a

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German Unemployment Spikes; Why Yen Crosses Could Tumble More

19 days ago

Market Drivers May 29, 2019
GE unemployment spikes
BOC on tap
Nikkei -1.21% Dax -1.32%
Oil $58/bbl
Gold $1284/oz.
Europe and Asia:
EZ German Unemployment 60K vs. -8K eyed
North America:
CAD BOC Statement
Another night of risk off flows in FX with Asian and European bourses all lower by more than 1% adding to the downward pressure in USDJPY which hit a low of 109.15 in early Asian dealing but so far has been able to old above the 109.00 figure.
The escalation of tensions between China and US is starting to reach a fever pitch with China now stating that US has no right to name anyone a currency manipulator – a far less diplomatic language than it usually uses and a sign that Chinese may be moving to a much more confrontational stance with US on the issue of trade.
One issue that has

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USDJPY Heads towards 109 as US Yields at 19 Month Low

20 days ago

Market Drivers May 28, 2019
USDJPY at session lows as risk-off flows increase
Cable back to 1.2650
Nikkei -0.37% Dax -0.51%
Oil $58/bbl
Gold $1284/oz.
Europe and Asia:
EZ German GFK Consumer Climate 10.1 vs. 10.4
North America:
USD Consumer Sentiment 10:00
US yields hit their lowest level in 19 months in morning London dealing sending USDJPY towards the 109.00 figure and sparking some mild risk-off sell-off in commodity currencies.
Latest proclamation from President Trump that he was not willing to make a trade deal with China yet, soured investor sentiment in European trade and sent US yields lower to 2.27% on the benchmark 10 year bond. This was the lowest reading since October of 2017 and indicates that capital markets may be preparing for a long cold war on trade which is likely

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May Resigns – What Does it All Mean for GBPUSD?

24 days ago

Market Drivers May 23, 2019
Aussie feels pressure from rate cut projections
UK Retail Sales
Nikkei -0.16% Dax 0.72%
Oil $58/bbl
Gold $1282/oz.
Europe and Asia:
UK Retail Sales 0.0 vs. -0.3% eyed.
North America:
USD Durable Goods 8:30
Theresa May announced that she should resign on June 7th paving the way for a new leadership election of Tories and a new UK PM to deal with the Brexit drama.
Ms. May who managed to alienate every faction of UK politics in her quest to deliver a Brexit without consequences was widely reviled by both her party and the opposition and her departure initially produced a relief pop in the pound through the 1.2700 figure, but the move was quickly sold as markets feared that Tories may elect an even more extreme Brexit leader such as Boris Johnson who could pull

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Cable at Fresh Lows as May’s Plan DOA

26 days ago

Market Drivers May 22, 2019
UK PPI cooler
FOMC minutes on tap
Nikkei 0.05% Dax 0.09%
Oil $62/bbl
Gold $1275/oz.
Europe and Asia:
UK CPI 1.8% vs 1.9%
North America:
CAD Retail Sales 8:30
USD FOMC Minutes 14:00
Cable hit fresh 6 month lows in early London trade today with traders expressing their disappointment as PM May last ditch effort to salvage her Brexit deal yesterday.
Ms. May’s plan appears to be dead on arrival as both Labor and Tories indicated that they would not support her proposal to first approve the customs union deal she negotiated and the possibly consider a second referendum on the matter. Indeed, markets were rife with reports that there was an effort afoot amongst the Tories to push Ms. May out of office as early as Wednesday without even allowing her to put her

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Dollar Flexes Muscles Ahead of EU Elections

27 days ago

Market Drivers May 21, 2019
AUD falls through 6900 on dovish Lowe
Dollar bid across the board
Nikkei -0.14% Dax 0.62%
Oil $63/bbl
Gold $1275/oz.
Europe and Asia:
No Data
North America:
USD Existing Home Sales 10:00
The dollar was well bid across the board as political and economic factors dogged the other G-10 currencies today in light but firmly directional trading in Asian and early European dealing.
The Aussie, which saw a strong boost yesterday from the win of the center-right Liberals over the weekend, gave back a big portion of its gains after Governor Lowe conceded that the central bank will likely cut rates in June. Although markets have largely priced an RBA rate cut, up to now Mr. Lowe has been non-committal about a rate cut, leaving room for doubt that RBA would move this

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Why Aussie Could Go Higher and Euro Lower This Week.

28 days ago

Market Drivers May 20, 2019
AUD pops post surprise center-right win
EU elections concern for the market
Nikkei 0.24% Dax -0.14%
Oil $63/bbl
Gold $1275/oz.
Europe and Asia:
EUR PPI 0.5% vs. 0.3%
North America:
No Data
It was a mild risk on opening in FX with commodity dollars dominating the leaderboard as the surprising center right win in Australia helped rally the markets and gap Aussie higher on Monday open.
AUDUSD rose to a high of .6928 in the wake of the win by the Liberal party which not only upset the front running Labor but was able to eke out a razor-thin majority in Parliament negating the need to share coalition power with smaller parties. The news brought some much-needed cheer to Aussie bulls which have been under almost relentless assault for the past week as the pair

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Risk Holds Steady Despite Chinese Threats

May 16, 2019

Market Drivers May 16, 2019
Risk revives sending buck lower
AUD labor data misses
Nikkei -0.59% Dax -0.10%
Oil $62/bbl
Gold $1295/oz.
Europe and Asia:
AUD AU Unemployment 5.2% vs. 5.0%
EUR EU Trade 17.9B vs. 19.4B
North America:
CAD ADP 8:30
USD Philly Fed 8:30
FX markets were steady in morning European dealing with a slight risk on tone despite tough talk from China on trade.
The Chinese responded to the latest salvo from Trump by stating that, “China will take all necessary measures to protect its firms.” The line initially sent equities lower by 0.4% in Asia but buyers returned to the fold through early European trade with indices paring losses down to 0.1%.
The rebound helped risk FX, especially the EURUSD which benefited from positive Trade balance data that showed exports rose

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Will USDJPY Fill the Gap?

May 14, 2019

Market Drivers May 14, 2019
Risk on back on
UK Labor data in line
Nikkei -0.59% Dax -0.29%
Oil $60/bbl
Gold $1297/oz.
Europe and Asia:
GBP UK Wages 3.2% vs. 3.4%
EUR ZEW -2.1 vs. 5.1
North America:
No data
After a violent sell-off yesterday, FX markets were much steadier today buoyed by recovery in equity markets which improved risk sentiment and pushed USDJPY back towards the 110,00 level.
There was little fresh news in overnight trade, but after a few salvos on trade and tariffs from both US and China over the past few days the rhetoric cooled off a bit, with President Trump continuing to stress that a trade deal was still possible. That was enough to spur some short covering in equities with futures indicating US stocks higher by 0.70% which in turn helped push risk pairs higher.

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FX Steady post Trump Tweet Tirade

May 13, 2019

Market Drivers May 13, 2019
Post weekend hangover in risk as Trump tweets
AU home loans -2.8% vs. -0.5%
Nikkei -0.72% Dax -0.87%
Oil $62/bbl
Gold $1283/oz.
Europe and Asia:
AU Home loans -2.8% vs . -0.5%
North America:
No data
FX markets stabilized in morning European dealing after opening with a decidedly risk-off tone in Asia session trade as traders reacted to yet another Trump tweet tirade over the weekend.
President Trump continued to put pressure on China tweeting that the country had been “ripping off” US for years and that trade terms for China would be “much worse” in his second term as President. For their part the Chinese press responded with veiled threats that “China could direct precision strikes at vital links in the US economy to inflict systemic damage to bring the

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USDJPY as 3 Month Lows – Will Trade Talks Collapse or See Last Minute Salvation?

May 9, 2019

Market Drivers May 9, 2019
US-China trade negotiators spar
Dollar-Yen hits 3-month lows
Nikkei -0.93% Dax -0.75%
Oil $61/bbl
Gold $128/oz.
Europe and Asia:
No data
North America:
CAD Trade 08:15
USD PPI 08:30
A tense night of trade in the FX market as China escalated its rhetoric against US just ahead of the Friday’s tariff deadline.
The Chinese noted that they were prepared for all possibilities but hoped that US can resolve existing problems through cooperation and consultation. Still, the Chinese noted that
if US implements tariffs, it will take necessary countermeasure but declines to comment on specifics only stating that markets should pay attention to future announcements.
It’s hard to ascertain if this is just posturing by the Chinese or a genuine threat to put up much stiffer

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Can USDJPY Hold it Long Term Uptrend?

May 8, 2019

Market Drivers May 8, 2019
RBNZ cuts 25bp
GE Industrial Production surprises
Nikkei -1.46% Dax 0.68%
Oil $61/bbl
Gold $1287/oz.
Europe and Asia:
RBNZ cuts to 1.5%
GE Industrail Production 0.5% vs. 0.5%
North America:
CAD Housing Starts 08:15
RBNZ cut its rates by 25 basis points to 1.5% sending kiwi tumbling in early Asian session trade, but the drop did not last as the central bank guided to a “one and done” policy stance rather the start of new easing regime.
The RBNZ noted that “A key downside risk relating to the growth projections was a larger than anticipated slowdown in global economic growth, particularly in China and Australia, New Zealand’s largest trading partners. The Committee agreed that the projections adequately captured the observed global slowdown and its impact on

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RBA Does not Cut; Brexit Talks Nowhere

May 7, 2019

Market Drivers May 7, 2019
RBA does not Cut
Brexit negotiations continue
Nikkei -1.51% Dax -0.38%
Oil $61/bbl
Gold $1281/oz.
Europe and Asia:
RBA keeps rates on hold
North America:
CAD Ivey PMI 10:00
The Reserve Bank of Australia surprised the market today by keeping rates on hold although its statement stressed the many downside risks since its last communique last month.
“The outlook for the global economy remains reasonable, although the risks are tilted to the downside. Growth in international trade has declined and investment intentions have softened in a number of countries,” the bank noted. However, the decline in growth and the weaker than expected inflation readings were not enough to persuade Governor Lowe and company that rates need to be lowered.
One key offset to the

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Risk Dives as Trump Threatens More Tariffs

May 6, 2019

Market Drivers May 6, 2019
Risk off as Trump warns on tariff hikes
EU data improves
Nikkei -0.22% Dax -2.09%
Oil $60/bbl
Gold $1282/oz.
Europe and Asia:
EUR Sentix 5.3 vs. 1,1
EUR Retail Sales 0.0 vs. -0.1
North America:
No data
FX markets gapped lower in early Asia trade today after President Trump announced in a tweet that US will increase tariffs on 200 Billion of Chinese goods from 10% to 25% by Friday of this week.
While it’s unclear if the US administration will actually follow through on its threat or whether this is just another negotiation tactic by Mr. Trump, FX markets quickly reacted to the news with yen crosses suffering the most as trader feared the resumption of the trade war will snuff out the recent global rebound in manufacturing.
The Chinese for the part took the

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For Cable its all about Carney

May 2, 2019

Market Drivers May 2, 2019
Markets steady post FOMC
All eyes BoE
Nikkei -0.22% Dax 0.13%
Oil $63/bbl
Gold $1281/oz.
Europe and Asia:
EUR PMI Manufcaturing Final 47.9 vs. 47.8
GBP UK PMI Construction 50.5 vs. 50.3
North America:
GBP UK BoE Inflation Report 7:00
USD Weekly jobless claims 8:30
FX markets were relatively subdued in the aftermath of the FOMC presser with most of the majors contained to narrow ranges but with decidedly pro risk tone through Asia and early morning London dealing.
The news that South Korean manufacturing PMI rose above the 50 boom/bust line as well statements from Trump administration that US-China trade talks were progressing smoothly helped fuel sentiment that trade conflicts may be coming to an end providing a better environment for global growth in H2 of

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What Will The Fed Do Today?

May 1, 2019

Market Drivers May 1, 2019
Euro, cable continue recovery
All eyes on FOMC
Nikkei -0.22% Dax 0.13%
Oil $63/bbl
Gold $1281/oz.
Europe and Asia:
NZD Unemployment 4.2% vs. 4.3%
GBP UK PMI Manufcaturing 53.1 vs. 53
North America:
USD ADP 8:15
USD ISM 10:00
USD FOMC 14:00
Euro and cable continued their recovery in morning London dealing with the later hitting fresh two week highs above the 1.3060 level as markets awaited the FOMC presser later in the day.
With May Day holiday in Europe and Japan and China on extended holidays, liquidity was thin in FX markets allowing euro and pound bulls to push the pairs higher without much resistance. In UK the PMI Manufacturing came in just a bit better than 53.0 forecast printing at 53.1 which was still lower than then month’s prior reading of 55. The

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Chinese Data Kneecaps Risk but Euro Shines

April 30, 2019

Market Drivers April 30, 2019
Weak CNY readings send USDJPY to 3-week lows
German CPI runs hotter
Nikkei -0.22% Dax -0.23%
Oil $63/bbl
Gold $1283/oz.
Europe and Asia:
CNY Manufacturing PMI 50.1 vs. 50.7
EUR Saxony CPI 1.7% vs 1.1%
North America:
CAD GDP 8:30
USD Chicago PMI 9:45
USD Consumer Confidence 10:00
Weak Chinese data sent risk FX lower in Asian and early European trade sending USDJPY to 3 week lows as traders feared that a global growth rebound may be in danger of sputtering.
Chinese PMI Manufacturing reading came in weaker than forecast, barely managing to stay above the 50 boom/bust line at 50.1. Most of the categories were lower than the month prior, but new export orders rose to 49.7 from 47.1 providing a small ray of hope for the bulls. Still, the Chinese data was a

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USDJPY Once More Through 112.00 if US Spending Rises?

April 29, 2019

Market Drivers April 29, 2019
FX steady at the start of the week
US Personal Spending key focus today
Nikkei -0.22% Dax -0.11%
Oil $62/bbl
Gold $1282/oz.
Europe and Asia:
No data
North America:
USD Personal Income/Spending 8:30
The FX markets were quiet at the start of the week, with the dollar slightly lower against the majors but up against the yen as traders were content to keep rates steady ahead of a very big week in event risk.
The EURUSD rose to 1.1165 in morning London dealing while cable climbed to 1.2940 as short covering flows helped fuel the early moves despite weak eco data from the region. Euro area confidence fell to its weakest level since September of 2016 as economic conditions on the Continent remain lackluster. But the pair got a boost after S&P refrained from

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More Bad News For Euro

April 18, 2019

Market Drivers April 18, 2019
EZ PMIs show manufacturing in the dumps
UK and AUD data beats
Nikkei -0.84% Dax -0.05%
Oil $63/bbl
Gold $1276/oz.
Europe and Asia:
AUD Jobs 25K vs.15K
EUR PMI 47.8 vs. 48.1
GBP Retail Sales 1.1% vs. 0.3%
North America:
USD Retail Sales 8:30
CAD Retail Sales 8:30
Another set of disappointing PMI results out of Europe rocked the euro in morning Frankfurt dealing today sending the pair below the 1.1250 level before finally finding some support.
The EZ flash PMI readings – the absolute latest measure of conditions on the ground – came in at 47.8 versus 48.1 dropping further into contractionary territory. According to Markit, “Backlogs of work dropped for the fourth time in the past five months and have not shown any growth since last November. The reduction

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Another Seesaw Day for FX as China Data Lifts Risk -But Will the Move Reverse?

April 17, 2019

Market Drivers April 17, 2019
Chinese data beats
UK CPI a bit cooler
Nikkei 0.25% Dax 0.05%
Oil $64/bbl
Gold $1275/oz.
Europe and Asia:
NZD CPI 1.5% vs. 1.7%
CNY GDP 6.4% vs 6.3%
GBP UK CPI 1.9% vs. 2.0%
North America:
CAD CPI 8:30
It’s been yet another seesaw night of trade as Chinese data surprised to the upside and reversed risk flows in late Asian session dealing.
The day started with cooler New Zealand CPI which printed at 1.5% vs. 1.7% eyed and promptly send kiwi below the .6700 figure as markets became convinced that RBNZ will begin to lower rates at its next meeting. But the selloff did not last as risk FX rebounded after Chinese data proved to be better than expected.
Chinese data, spurred by Q1 stimulus rose across the board with GDP printing at 6.4% versus 6.3% retail sales

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Aussie Under Pressure as RBA Hints at Ease

April 16, 2019

Market Drivers April 16, 2019
RBA Minutes discuss a cut
UK Labor data in line
Nikkei 0.24% Dax 0.73%
Oil $63/bbl
Gold $1284/oz.
Europe and Asia:
AUD RBA minutes hint at easing
GBP UK Wages 3.5% vs. 3.5%
EUR ZEW 5.5 vs. 8.5
North America:
USD Industrial Production 9:15
The RBA hinted at the prospect of a rate cut in the release of its April meeting minutes, sending Aussie lower in overnight trade in what was otherwise an uneventful Asian and early European dealing session.
The RBA minutes revealed that central is becoming concerned about the housing slowdown in the country and is uncertain if the recent job growth could offset the decline is wealth effect from housing losses. The central bank noted, “Members also discussed the scenario where inflation did not move any higher and

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FX Holds Steady into Start of the Week

April 15, 2019

Market Drivers April 15, 2019
FX steady from Friday
Hammond claims Tory/Labor talks constructive
Nikkei 1.37% Dax -0.04%
Oil $63/bbl
Gold $1286/oz.
Europe and Asia:
No Data
North America:
USD Empire 8:30
It’s been a steady night of trade in FX with majors essentially continuing the anti-dollar rally from Friday.
With little economic data on the calendar or fresh news from headlines, the currency markets were content to hold ground for most of Asian and early European trade with euro probing the highs of Friday but stalling at the 1.1320 level.
Cable was better bid clearing the 1.3100 figure on a statement from Philip Hammond that Tory/Labor talks were more constructive than previously thought through any multi-party agreement on a fresh Brexit proposal appears to be far off just yet.

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After Brexit Delay What Now for GBPUSD?

April 11, 2019

Market Drivers April 11, 2019
EU agrees to Brexit extension
ECB trims forecasts
Nikkei 0.11% Dax -0.28%
Oil $64/bbl
Gold $1304/oz.
Europe and Asia:
No Data
North America:
USD US PPI 8:30
A very uneventful session in Asia and early European trade today as news or EU extension on the Brexit deadline turned out to be a dud for the market.
EU extended the Brexit deadline another six months until October 31, 2019, but even that was not a hard deadline, but rather time for the UK to sort out its position. In their post-vote commentary, EU officials made it clear that they will be flexible with the timing as no one wants a no deal Brexit. The news provides six months of relief for UK businesses who were looking at the loaded end of a gun if the UK would have had to suddenly exit out of EU

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All Eyes on ECB

April 10, 2019

Market Drivers April 10, 2019
UK GDP beats
Market waits for Draghi
Nikkei -0.53% Dax 0.38%
Oil $65/bbl
Gold $1304/oz.
Europe and Asia:
UK GDP 0.2% vs. 0.0%
North America:
EUR ECB Presser 8:30
USD US CPI 8:30
FX rates were steady in Asian and early European trade today with only Aussie making a large turnaround move today after relatively less dovish comments by deputy Governor Debelle.
The AUDUSD reversed its decline towards .7100 popping back above the .7150 level by mid-morning London dealing after RBA Deputy Governor Debelle stressed the better than expected labor market conditions and the orderly decline in prices in the housing market. FX traders who expected much more dovish commentary from Mr. Debelle quickly covered their shorts on the assumption that the RBA in unlikely to

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