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Tag Archives: UK Outlook

Dollar Heads Lower. Don’t be Fooled by Jobs Report

Dollar Heads Lower. Don’t be Fooled by Jobs Report Daily FX Market Roundup October 4, 2019 Don’t be fooled by the September jobs report. The unemployment rate may have dropped to its lowest level in 50 years but the labor market is weakening and not improving. While the data suggests that the economy is at full employment, hence the moderation in job growth, the slowdown in the services and manufacturing poses a major risk to hiring in the months ahead. Only 136K jobs were created last...

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Will Non-Farm Payrolls Send Stocks & Dollar Crumbling Lower?

Will Non-Farm Payrolls Send Stocks & Dollar Crumbling Lower? Daily FX Market Roundup October 3, 2019 The hope for a recovery in the last quarter of 2019 disappeared with today’s non-manufacturing ISM report. Investors can no longer fool themselves into thinking that the US can escape the global slowdown. After learning that manufacturing activity contracted at its fastest pace in 10 years, ISM reported the weakest service sector activity index since 2016. American businesses are...

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UK PMI Signals Recession but Cable Holds Bid on Brexit Hopes

Market Drivers October 3, 2019 UK PMI sinks All eyes on US ISM Nikkei -2.01% Dax closed UST 10Y 1.58% Oil $52/bbl Gold $1500/oz BTCUSD $8300 Europe and Asia: GBP UK PMI Svc.49.5 North America: USD ISM Non Manufacturing 10:00 UK PMI services report dipped below the 50 boom/bust line suggesting that the economy is headed for the recession, but cable ignored the news holding bid at 1.2300 as markets focused on possible progress on Brexit talks. UK PMI services printed at 49.5 vs. 50.3 eyed...

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Dollar Demand Vanishes on Ugly Data

Dollar Demand Vanishes on Ugly Data Daily FX Market Roundup October 1, 2019 With the exception of euro and sterling, all of the major currencies traded lower today against the greenback with the Australian dollar lead the slide. The Reserve Bank of Australia cut interest rates for the third time this year to a record low of 0.75% but the big story is the near term top in greenback. The US dollar started the NY session firm against all major currencies and at multi-year highs versus the...

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RBA Cuts – Aussie tests .6700

Market Drivers October 1, 2019 RBA cuts rates BoJo has a plan Nikkei 0.59% Dax 0.38% UST 10Y 1.70% Oil $54/bbl Gold $1463/oz BTCUSD $8427 Europe and Asia: RBA cuts 25bp North America: CAD GDP 8:30 USD ISM Manufacturing 10:00 The RBA cut rates by 25bp taking the benchmark rate to an all-time low of 75bp as the central bank remained concerned about the downside risks in the global economy. The news helped to push Aussie to the .6700 figure where it found a modicum of support in early...

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RBA 25bp Cut – Yes or No?

RBA 25bp Cut – Yes or No? Daily FX Market Roundup Sept 26, 2019 September has been a rocky month for the US dollar. The trade weighted Dollar Index climbed to its strongest level in nearly 2 years, but on a relative basis the dollar’s gains were limited to the Japanese Yen, New Zealand dollar, Swiss Franc and euro. Sterling, the Canadian and Australian dollars outperformed the greenback as position adjustments (short-covering) drove those currencies higher. There were two big...

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Euro Hits 2 Year Lows, is 1.08 Next?

Euro Hits 2 Year Lows, is 1.08 Next? Daily FX Market Roundup Sept 26, 2019 The biggest story in the world right now is the whistle blower’s complaint on President Trump but the biggest story in the forex market is the persistent decline in the euro. Most of the major currencies traded higher against the greenback today with the euro being one of the few exceptions. The decline began shortly after the US equity market open and accelerated into the London close. Comments from ECB Chief...

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Dollar Bid, Pound Offered as Markets Await Central Bank Speak

Market Drivers September 26, 2019 Pounds sinks as Johnson barrels to no deal Breaxit USD bid Nikkei 0.13% Dax 0.57% UST 10Y 1.70 Oil $56/bbl Gold $1507/oz BTCUSD $8441 Its been a generally quiet night of trade characterized primarily by dollar strength and pound weakness as the markets appeared to have found relief in the latest impeachment revelations while in the UK PM Johnson barreled straight for a no-deal Brexit sending cable towards the 1.2300 figure. Yesterday’s release of the...

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Why US Dollar, Stocks Rose on Trump’s Impeachment Inquiry

Why the US Dollar, Stocks & Yields Rose on Trump’s Impeachment Inquiry Daily FX Market Roundup Sept 25, 2019 September has become a month where politics easily overshadowed economics. The political careers of Prime Minister Boris Johnson, Justin Trudeau and now US President Trump are on the line. The troubles of their countries leaders resulted in broad based weakness for Sterling and the Canadian dollar. But in the case of Teflon Don, the US dollar, stocks and Treasury yields...

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US Dollar Hit by Yields, Data. RBNZ Next

US Dollar Hit by Yields, Data. RBNZ Next Daily FX Market Roundup Sept 24, 2019 The US dollar traded lower against all of the major currencies today on the back of lower rates and weaker data. Treasury yields have fallen for seven straight days – one more and it would be the longest stretch of weakness for 10-year rates this year. This decline reflects the market’s concerns about weakness in the Eurozone, the UK’s political troubles, ongoing US-China trade tensions and softer US data....

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