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10-08-2019 08:15

Negative Brexit & US/China trade headlines hit risk appetite
Negative Brexit & US/China trade headlines hit risk appetite

• US blacklists 28 Chinese tech companies. China says “stay tuned” for retaliation strikes.
• Chinese delegation might cut Washington trip short this week. Vice Premier not “special envoy” (SCMP).
• GBP tanks after Boris Johnson tells Angela Merkel Brexit is “essentially impossible” after German leader toughens stance on North Ireland.
• S&Ps, crude oil and USDJPY sag in broad “risk-off” move, while bonds, Eurodollar futures and gold benefit.
• USDCAD benefits mildly from risk-off flows, but chart technicals continue to suggest a range trade for the moment.
• Canadian Housing Starts beat expectations for September. US PPI disappoints. Fed Evans to speak at 1:30pmET. Powell at 2:30pmET.

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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10-07-2019 08:15

China increasingly reluctant to agree to a broad trade deal with the US
China increasingly reluctant to agree to a broad trade deal with the US

• Markets go mildly “risk-off” at the Sunday open, but recover. US/China talks to resume on Thursday.
• November crude oil rallies 1% back above $53, pressures USDCAD into NY open.
• EURUSD shakes off weak German Industrial Orders data, trade back above 1.0970s.
• AUDUSD succumbs to technical selling following EUR-driven break below 0.6750s, trying to recover now.
• GBPUSD bounces off 1.2290s again. Boris Johnson says Brexit ball in EU’s court.
• USDJPY trying to regain 106.90s, but need less dovish Fed-speak/higher US yields to inspire.
• Canadian Employment Report on deck this week + lots more Fed-speak.

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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10-04-2019 08:15

Traders bracing for weak US September NFP numbers
Traders bracing for weak US September NFP numbers

• Market expecting +145k jobs created, but chatter suggests it could be even less.
• “Fed rate cut trade” poised to end the week on a high note after weak US data.
• EURUSD and AUDUSD knocking at chart resistance, while USDJPY searching for support.
• USDCAD continues to show mixed reaction. Offered on negative headlines but bid on “risk-off”.
• Boris Johnson has one week to make EU better offer on Irish backstop.
• Larry Kudlow speaking at 9:30amET. More Fed-speak ahead, including Powell at 2pmET.

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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10-02-2019 08:15

Dismal US ISM report invigorates Fed rate cut trade
Dismal US ISM report invigorates Fed rate cut trade

Bonds, Dec Eurodollars futures, gold and JPY all continue to trade higher.
US ADP Employment Report for Sep misses expectations: +135k vs +140k.
August ADP job gains revised lower by 38k.
EURUSD resumes higher after blip lower from IFO’s German GDP downgrade.
GBPUSD shakes off disappointing UK Construction PMI for Sep.
USDCAD regains 1.3220s chart support, led by EURUSD sales initially, then EURCAD buying.
Weekly EIA oil inventory report out at 10:30amET. Markets expecting +1.567M barrel build.

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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10-01-2019 08:15

Reserve Bank of Australia cuts interest rates for the third time this year
Reserve Bank of Australia cuts interest rates for the third time this year

• RBA cuts rates by 25bp to 0.75%, leaves door open for more cuts. AUDUSD falling hard.
• USDCAD benefits from AUD sales. Weak Canadian GDP growth for July helping.
• EURUSD trying to bounce after slightly better than expected final Manufacturing PMI out of Germany.
• GBP market doesn’t appear to have faith in Boris Johnson’s new Irish border proposal.
• Poor JGB auction in Japan spokes Japanese bond market. Lifts US/German yields and USDJPY.
• US Manufacturing ISM for September on deck at 10amET. Traders expecting 50.1.

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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09-30-2019 08:15

EURUSD trades to new 2 year low
EURUSD trades to new 2 year low

• Weak technicals, mediocre German data, option expiries weighing on EUR.
• Sterling holds 1.2290s support after mild beat on Q2 annualized GDP.
• AUDUSD very quiet ahead of RBA interest rate decision tonight at 12:30amET.
• USDCAD buyers return after oil drops 1% on Saudi MBS’s peace comments.
• USDJPY testing 108.10s to the upside yet again as US 10yr yields try to regain 1.70%.
• Big week ahead for US data and Fed-speak.

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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09-25-2019 08:15

Nancy Pelosi announces impeachment "inquiry" against Trump
Nancy Pelosi announces impeachment

• Trump calls Democrat’s bluff. Will release telephone transcript later today.
• Markets not falling for Pelosi’s PR stunt. USD now higher after initially trading lower. S&Ps flat.
• Pound craters as nobody proposes clear path forward on Brexit post Supreme Court ruling.
• USDCAD bounces, led by broad USD strength and more selling in oil markets.
• EURUSD backs off 1.1020s, but massive 1.1000 option expiry likely to support into tomorrow.
• EIA oil inventory report at 10:30amET. Boris Johnson speaks at 12pm. Trump speaks at 4pmET.

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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09-24-2019 08:15

UK Supreme Court rules suspension of UK parliament was unlawful
UK Supreme Court rules suspension of UK parliament was unlawful

• Boris Johnson suffers another defeat, but the market likes it. GBPUSD rallies 50pts.
• Sterling rally and topside option expiries help EURUSD shake off mixed German IFO report.
• RBA’s Low says the Australian economy had reached a “gentle turning point”.
• OIS market reduces Oct 1st rate cut odds to 62%. AUDUSD regains 0.6780s.
• USDCAD re-challenging trend-line support in the 1.3240s. Next support 1.3220s.
• USDJPY hoisted by positive NY close, but slumping US 10yr yield now weighing again.

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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09-23-2019 08:15

Germany's manufacturing PMI prints a new 10yr low this morning
Germany's manufacturing PMI prints a new 10yr low this morning

• EURUSD falls 50pts. Bund yield drop 6bp. German recession fears get dialed up a notch.
• Risk-off flows knock S&Ps, USDJPY and oil prices lower.
• USDCAD still struggling at 1.3300 chart resistance level. AUDUSD holding Friday’s lows.
• GBPUSD dragged lower by EURUSD sales. UK Supreme Court decision due tomorrow at 6:30amET.
• Lots of central bank speak on the docket over next 24hrs. ECB’s Draghi and Fed’s Williams on deck this morning.
• Fed’s Bullard & Daly + ECB’s Lane later today. RBA’s Low speaks at 6amET tomorrow.

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

Posted By Rachel Butler at 08:15 AM

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09-20-2019 08:15

Canadian Retail Sales on deck
Canadian Retail Sales on deck

• Market consensus is +0.6% MoM, +0.3% ex. Autos.
• Traders also watching results of NY Fed’s latest repo operation. $75blnUSD to be offered overnight again today.
• Sterling reversing yesterday’s upside breakout as traders await Juncker’s full interview on Sunday.
• EURUSD following GBPUSD lower, continues to fail at 1.1060s.
• AUDUSD ending a rough week with negative momentum.
• USDJPY finds mild support for US yields, but may also have “quad” witching to deal with.

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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