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Markets Flat and Wary as Week Begins

Choppy trade in Asia and Europe EU Sentiment Rebounds Nikkei -2.30% Dax 0.55% UST 10Y 0.65 Oil $38/bbl Gold $1768/oz BTCUSD $9097 Asia and the EU EU Sentiment 75.7 vs 80 North America Open USD Pending Home Sales It’s been a quiet night of trade in the markets with Asia opening lower to start the week, but early Europe rebounding leaving markets essentially flat. There was little market news to drive flow but the lingering concerns over coronavirus have cast a pall on the markets as total...

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Currencies Collapse as US Virus Cases Reach Alarming Levels

Currencies Collapse as US Virus Cases Reach Alarming Levels Daily FX Market Roundup June 26, 2020 When the COVID-19 pandemic began, we all knew that strict lockdown measures in the US and other parts of the world would put major strain on global economic activity. Economic data hit recessionary levels across the globe and investors braced for the worst to come. Then the lockdown measures “worked,” declines in cases prompted countries to ease lockdown restrictions and these re-openings...

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Will US Consumer Help the Risk Rally?

Risk-off pressure remains US Personal Spending on tap Nikkei 1.13% Dax 0.41% UST 10Y 0.67 Oil $37/bbl Gold $1764/oz BTCUSD $9144 Asia and the EU No Data North America Open USD PI/PS 8;30 USD PCE 8:30 Its been a choppy night of listless trade in capital markets today with equities falling by more than 50 basis points at the start of European trade only to recover most of the losses by mid-morning dealing. FX was also quiet with most pairs steady but USDJPY dipped below 107.00 once again...

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US Virus Cases Hit Record Highs, More FX Losses Likely

US Virus Cases Hit Record Highs, More FX Losses Likely Daily FX Market Roundup June 25, 2020 Equities consolidated on Thursday as the deluge of negative COVID-19 headlines were overshadowed by reports that US regulators will relax the Volcker Rule and allow banks to increase investments into venture capital funds and free up capital that would have otherwise been dedicated to derivatives trades. Risk aversion is in full swing with currencies extending their slide on Thursday after the...

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Pandemic Fears Weigh but ECB Repo Helps Rebound

Risk selloff on pandemic fears ECB offers repo to non-EU banks Nikkei -1.22% Dax 0.84% UST 10Y 0.67 Oil $37/bbl Gold $1764/oz BTCUSD $9327 Asia and the EU No Data North America Open USD Durable Goods 8:30 USD GDP 8:30 USD Weekly jobless 8:30 Another V-shaped move in risk assets in European trade today as equities tumbled by nearly one percent on pandemic fears only to rebound sharply on news that ECB opened a new credit facility. Equities were in a sharp selloff as cases of coronavirus...

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Stocks Tumble on Profit Taking; FX Steady

Risk dumped on EU Open IFO beats Nikkei 0.07% Dax -1.84% UST 10Y 0.71 Oil $40/bbl Gold $1773/oz BTCUSD $585 Asia and the EU EU IFO 86.2 vs. 85 North America Open No data The start of European trade saw a sharp tumble in stock with index futures falling by more than 1% before finding some support as equities appeared to have hit a profit-taking air pocket. There was no major news to drive trade and the move looked like a classic dump on the open after several days of gains. FX, on the...

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Dollar Tanks as Trump Talks Up Markets, RBNZ Next

Dollar Tanks as Trump Talks Up Markets, RBNZ Next Daily FX Market Roundup June 23, 2020 In the last 24 hours, President Trump and White House officials have been out in force, aggressively trying to talk up the markets. Stocks consolidated near their highs last week and did not necessary require the extra lift but the President may have wanted a morale boost in the form of equity gains after the low turnout at his Tulsa rally. Regardless investors responded positively to Trump’s...

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Navarro Backtracks, Markets See Business Rebound

Navarro flips the market EU and UK PMIs beat but fail to hit 50 Nikkei 0.50% Dax 2.19% UST 10Y 0.71 Oil $40/bbl Gold $1755/oz BTCUSD $9610 Asia and the EU EU flash PMI 47 vs. 42.4 UK PMI Services 47 vs. 50 North America Open USD PMI Composite 9:45 USD New Homes Sales 10:00 Risk assets tumbled hard in early Asia session trade today only to quickly reverse as comments by White House advisor on trade Peter Navarro roiled financial markets and he quickly walked them back. Mr. Navarro...

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WH Talks New Stimulus, Dollar Remains Under Pressure

WH Talks New Stimulus, Dollar Remains Under Pressure Daily FX Market Roundup June 22, 2020 The US dollar kicked off this new trading week lower against all of the major currencies. Existing home sales fell more than expected in the month of May with year over year sales seeing its largest decline since 2010. While interest rates are at rock bottom levels, weakness in the housing market is unsurprising because double digit unemployment gives Americans very little confidence to snap up...

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Risk ON Refuses to Give Up

Risk revives in Europe US Housing data on tap Nikkei -0.18% Dax 0.44% UST 10Y 0.70 Oil $40/bbl Gold $1749/oz BTCUSD $9430 Asia and the EU No data North America Open USD Existing Homes Sales 8:30 Any concerns about global growth revival were once against swept away in early European dealing as all risk assets reversed their selloffs and rose strongly in morning trade. US stock index futures which opened as much as 70 basis points lower in Asia session trade flipped completely rising by...

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