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09-17-2019 08:15

Repo goes berserko
Repo goes berserko

• US overnight treasury repo rates skyrocket to 7-10%, sparking bank liquidity fears.
• No spillover effect into bond markets so far with US treasury and bund yields steady.
• AUDUSD falls below 0.6855 channel support after dovish sounding RBA Minutes.
• Canadian Manufacturing Sales miss expectations while US Industrial Production beats.
• BOJ thinks they could cut rates further. JGB yields behaving now though.
• Oil markets eagerly awaiting Prince Abdulaziz’s 1:15pmET press conference.

Tags: currency news , cad , gbp , usd , eur , foreign currency market analysis , currency market rates

Posted By Mandee Myers at 08:15 AM

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09-16-2019 08:15

Oil markets spike 15-20% higher after weekend attack on Saudi Arabia shuts down 50% of production
Oil markets spike 15-20% higher after weekend attack on Saudi Arabia shuts down 50% of production

• US Secretary of State Pompeo quick to blame Iran. China and Russia urging restraint. Iran slams accusations.
• Saudi Arabia still exporting crude from stockpiles, but admits return to normal “may take months” (Reuters).
• USDCAD, USDJPY and S&P futures gap lower, but sense of calm return to markets as oil traders fade sessions highs.
• EURUSD slumps after disappointing NY close on Friday, angst ahead Fed’s rate decision on Wednesday.
• BOE and BOJ meetings on deck this week as well + German ZEW, Australian jobs, Canadian CPI/Retail Sales.
• Chinese Industrial Production and Retail Sales data disappoints for August. AUDUSD and copper weaker.

Tags: currency news , cad , gbp , usd , eur , foreign currency market analysis , currency market rates

Posted By Mandee Myers at 08:15 AM

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09-13-2019 08:15

EUR violently reverses higher post ECB press conference.
EUR violently reverses higher post ECB press conference.

• Bullish outside day forms on the EURUSD daily chart. German bund yield spikes higher.
• Markets not so confident in ECB’s ability to fix what’s wrong with Europe.
• GBPUSD breaks out to the upside following concessions from the UK DUP party on the Irish border.
• US Retail Sales for August beats expectations, allowing USDCAD to break above 1.3220s.
• AUD continues to struggle since yesterday’s false breakout higher. 0.6855-0.6875 channel pivotal.
• USDJPY recovers off yesterday’s lows, but reportedly running into Japanese exporter offers.

Tags: currency news , cad , gbp , usd , eur , foreign currency market analysis , currency market rates

Posted By Mandee Myers at 08:15 AM

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09-12-2019 08:15

Mario Draghi caves
Mario Draghi caves

• ECB cuts deposit rate by 10bp. Resumes asset purchases of 20blnEUR/month, starting Nov 1st.
• Calendar based forward guidance replaced with 2% inflation target.
• EURUSD plunging and German bund yields falling, causing broad USD buying elsewhere.
• Mario Draghi press conference now underway.
• US CPI for August meats expectations on headline inflation, beats slightly on core inflation.
• Trump to delay Oct 1st tariffs on China to Oct 15th.

Tags: currency news , cad , gbp , usd , eur , foreign currency market analysis , currency market rates

Posted By Mandee Myers at 08:15 AM

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09-11-2019 08:15

Trump says Fed "boneheads" should cut interest rates to zero "or less".
Trump says Fed

• Jitters mount in the EURUSD options market ahead of big ECB meeting tomorrow. EUR retreats.
• Boris Johnson’s proroguing of parliament ruled unlawful by Scottish court. GBP largely unphased.
• AUDUSD pokes higher on Hu Xijin headline, but now reversing back below 0.6860s into NY trade.
• USDCAD still wrestling with 1.3150 support pivot. OPEC trims 2019/2020 oil demand outlook.
• US PPI for August beats expectations: +0.1% MoM vs flat.
• EIA oil inventory report up next at 10:30amET, with traders expected another draw.

Tags: currency news , cad , gbp , usd , eur , foreign currency market analysis , currency market rates

Posted By Mandee Myers at 08:15 AM

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09-10-2019 08:15

FX markets quiet. UK parliament now prorogued until October 14.
FX markets quiet.  UK parliament now prorogued until October 14.

• UK July employment report shows better than expected wage growth. GBP traders buy the dip.
• Global bond yields tick up again in Europe but struggling into NY trade. USDJPY off highs.
• Canadian Housing Start and Building Permit data beat market expectations. USDCAD sellers come back.
• October crude oil prices continue rally higher. Weekly API oil inventory report out at 4:30pmET.
• AUDUSD stalls after hitting trend-line resistance in the 0.6870s. EURUSD pivoting around 1.1040s.
• USDJPY breaks higher above 107.00 yesterday, but two failures at 107.50 now weighing.

Tags: currency news , cad , gbp , usd , eur , foreign currency market analysis , currency market rates

Posted By Mandee Myers at 08:15 AM

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09-09-2019 08:15

UK July GDP surprises to the upside.
UK July GDP surprises to the upside.

• UK recession fears recede. Recent GBPUSD uptrend resumes.
• Fed’s Powell from Zurich on Friday: NOT FORECASTING OR EXPECTING A U.S. RECESSION.
• Fed rate-cut trade on the defensive to start Fed blackout period ahead of Sep 18.
• Global yields and equities higher, USD broadly weaker.
• All eyes on the ECB this Thursday. Will Mario Draghi disappoint markets again?
• This week’s US economic calendar features US CPI and Retail Sales data for August.

Tags: currency news , cad , gbp , usd , eur , foreign currency market analysis , currency market rates

Posted By Mandee Myers at 08:15 AM

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09-06-2019 08:15

Schembri reiterates BOC's less dovish tone. China stimulates again. US & Canadian job reports on deck.
Schembri reiterates BOC's less dovish tone.  China stimulates again.  US & Canadian job reports on deck.

• Canadian OIS market now pricing in just a 32% chance of a 25bp Bank of Canada rate cut in October.
• USD rallies broadly after the better than expected US Non-Manufacturing ISM for August.
• US and Canadian employment reports due at 8:30amET this morning.
• China announces another RRR cut, helps CNH and AUD.
• ECB meets next Thursday. Former ECB VP Constancio says markets expecting too much.
• Boris Johnson says: “I’ll go to Brussels and get a deal”.

Tags: currency news , cad , gbp , usd , eur , foreign currency market analysis , currency market rates

Posted By Mandee Myers at 08:15 AM

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09-05-2019 08:09

Bank of Canada keeps rates on hold, but signals nothing with regard to rate cuts
Bank of Canada keeps rates on hold, but signals nothing with regard to rate cuts

• Disappointed markets pare Canadian rate cut bets for October. USDCAD plunges.
• All eyes now on BOC Deputy BOC Governor Lawrence Schembri speech at 12pmET.
• US ADP employment report for August beats expectations: +195k vs +149k
• US Non-Manufacturing ISM report for August beats expectations: 56.4 vs 54.0
• EURUSD, GBPUSD, and AUDUSD continue higher after bullish reversals from Tuesday.
• US/China negotiators to meet again in October. S&Ps, bond yields, USDJPY shoot higher.

Tags: currency news , cad , gbp , usd , eur , foreign currency market analysis , currency market rates

Posted By Mandee Myers at 08:09 AM

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09-04-2019 08:15

Key technical reversals, weak US ISM, reduced "no-deal" Brexit risk propels USD lower
Key technical reversals, weak US ISM, reduced

• Bank of Canada rate decision up next at 10amET.
• Traders expect no change to rates + more dovish tones to sow the seeds for a rate cut later this fall.
• Barrage of Fedspeak on tap today as well: six Fed members speaking + Fed’s Beige Book report at 2pmET.
• Chinese and German Services PMI data beat expectations. Hong Kong withdraws extradition bill.
• Sterling surging as Boris Johnson losses control of agenda. Emergency “no-deal” Brexit vote later today.
• Boris Johnson expected to table motion for snap UK election for Oct 15.

Tags: currency news , cad , gbp , usd , eur , foreign currency market analysis , currency market rates

Posted By Jacquelyn McMullen at 08:15 AM

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