Thursday , November 21 2019
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Tag Archives: Featured

Euro Tests 1.11 as Draghi Bids Adieu

Euro Tests 1.11 as Draghi Bids Adieu Daily FX Market Roundup October 24, 2019 Mario Draghi oversaw his final meeting as the head of the European Central Bank today. After serving an 8-year term as one of the world’s most influential central bankers, he left investors with a gloomy outlook and warning that low rates are here to stay. Euro sold off in response, dropping briefly below 1.11 in the process. The moderation in services and construction activity along with weak wages and...

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Is Bad News Good News for the Euro?

Market Drivers October 24, 2019 EZ PMI’s miss All eyes on ECB Nikkei 0.55% Dax 0.60% UST 10Y 1.75% Oil $55/bbl Gold $1489/oz BTCUSD $7501 Europe and Asia: EZ PMI Manufacturing 45.7 vs 45.7 EZ PMI Services 51.8 vs. 51.6 North America: EUR ECB Preseer 8:30 USD Durable Goods 8:30 The euro was whipsawed today by final EZ PMI data which first suggested a rebound and then a decline as all the figures tricked in. The euro popped to 1.1163 off news that French PMI data showed a marked...

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October ECB – Bye Bye Draghi

October ECB – Bye Bye Draghi Daily FX Market Roundup October 23, 2019 European politics have dominated the headlines this week but the most important event risk on the calendar will be tomorrow’s Eurozone PMIs and the October European Central Bank monetary policy announcement. Having just rolled out a series of measures to stimulate the economy in September, no further action is expected from the central bank. So unlike September 12th when EUR/USD had a 160 pip daily range after ECB,...

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Why Pound Could See Profit Taking

Market Drivers October 23, 2019 Cable hits profit-taking More defensive tone in risk Nikkei 0.34% Dax 0.06% UST 10Y 1.74% Oil $54/bbl Gold $1494/oz BTCUSD $8018 Europe and Asia: No Data North America: No Data Markets were very quiet today with most of major pairs in defensive mode as profit-taking and risk-off flows dominated trade in Asian and early European dealing. With no eco data anywhere on the G-11 calendar, today dealing was very muted but with a decidedly risk-off tone as the...

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Pound Wobbles Ahead of Meaningful Vote

Market Drivers October 22, 2019 Cable comes under pressure Risk flows wobble Nikkei 0.25% Dax 0.03% UST 10Y 1.77% Oil $54/bbl Gold $1488/oz BTCUSD $8289 Europe and Asia: No Data North America: CAD Retail Sales 8:30 Its been a very quiet night of trade in FX today with most pairs stuck in very narrow ranges with little newsflow to move price either way. Cable, however, was weaker ahead PM Johnson’s meaningful vote later today. It appears that the Prime Minister may have the votes to get...

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Are Commodity Dollars Signaling a Broader Risk on Rally?

Market Drivers October 21, 2019 Cable races to 1.3000 Risk on flows pick up Nikkei 0.25% Dax 0.57% UST 10Y 1.78% Oil $54/bbl Gold $1489/oz BTCUSD $8240 Europe and Asia: No Data North America: No Data CAD Election The dollar was weaker across the board on lively Monday trading in FX as the existential threat hard crash out of the UK out of the EU disappeared over the weekend with the passage of Letwin amendment that forced PM Johnson to ask for a delay in Brexit in case UK Parliament...

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How Much Further Could Pound Rally?

Market Drivers October 18, 2019 Cable trades around 1.2900 CNY data stabilizes Nikkei 0.18% Dax -0.01% UST 10Y 1.76% Oil $54/bbl Gold $1488/oz BTCUSD $7938 Europe and Asia: CNY GDP 6.0% vs. 6.1% North America: No Data In sharp contrast to last night’s wild swings, price action in FX today was considerably more muted as traders awaited the Brexit deal vote in UK Parliament on Saturday. The eco calendar was barren across the sessions today with only Chinese data released during Asian...

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GBP Pops then Drops on Brexit Deal as Traders Await Parliament Approval

GBP Pops then Drops on Brexit Deal as Traders Await Parliament Approval Daily FX Market Roundup October 17, 2019 The UK finally convinced the EU to endorse their Brexit withdrawal agreement. When the announcement was made early this morning, sterling jumped more than 170 pips in a matter of minutes. However it sold off just as quickly as investors turned their focus to the odds of Parliamentary approval. Nearly all of the initial gains were lost by the start of the NY session but as the...

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EUR Hits 1 Month Highs on US Data & Brexit Optimism

EUR Hits 1 Month Highs on US Data & Brexit Optimism Daily FX Market Roundup October 16, 2019 Euro hit a 1-month high against the US dollar today on the back of stronger Eurozone data, weaker US data and Brexit optimism. The single currency had been trending higher for most of this week with a large part of its strength driven by the prospect of Brexit deal that would reduce uncertainty and remove a major risk for not only the UK but all members of the Eurozone. A deal is close with...

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Brexit Deal in Sight. Which Currencies are Set to Rally?

Brexit Deal in Sight. Which Currencies are Set to Rally? Daily FX Market Roundup October 16, 2019 With 16 days to go before the UK is scheduled to leave the European Union, a Brexit deal is finally in sight but its still important for investors to tread cautiously because of the inevitable resistance from the DUP and reports from “senior EU officials” that its “way too premature” to assume that a Brexit deal is imminent. Nonetheless sterling and many other major currencies traded...

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