Daily Market Analysis

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US Open Preview – Euro slightly up before Italy’s budget deadline; Oil in the red

Posted on November 13, 2018 at 12:36 pm GMT

Here are the latest developments in global markets: FOREX: Three-month average earnings including bonuses grew by 3.0% y/y in September in the UK, while the ex-bonus measure jumped by 3.2% y/y versus 3.1% expected. The pound, though, showed little reaction to the data as the unemployment rate inched up by 0.1 percentage points to 4.1%. Still, pound/dollar managed to spike to 1.2961 before a pullback to 1.2944 (+0.86%) after  government sources supported that a Brexit deal is closer now than [..]

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European Open Preview – Dollar, yen bolstered amid risk aversion; UK employment data coming up

Posted on November 13, 2018 at 8:48 am GMT

Here are the latest developments in global markets: FOREX: The dollar is flat against a basket of six major currencies on Tuesday, holding on to the sizeable gains it recorded in the previous session, when it touched a fresh 17-month high. The yen was the second-best performer to start the week, behind the dollar, amid broad-based risk aversion in markets that fueled demand for defensive assets. Meanwhile, the euro underperformed even the pound, with euro/sterling increasingly becoming a function of which [..]

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US Open Preview – Dollar index registers fresh highs as pound and euro struggle; oil holds up

Posted on November 12, 2018 at 12:26 pm GMT

Here are the latest developments in global markets: FOREX: The dollar was overperforming early in the European session on Monday as political uncertainties in Europe and strong optimism on the US economy, persuaded traders to invest more in the greenback despite Trump’s Republicans losing control of the House of Representatives last week. The dollar index gained 0.60% to rise as high as 97.57, a level never seen since June 2017. Dollar/yen spiked to a five-week high of 114.20, but it soon returned to 113.91, near [..]

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European Open Preview – Dollar sails past 16-month highs; Brexit and Italy cast shadows on sterling and euro

Posted on November 12, 2018 at 8:50 am GMT

Here are the latest developments in global markets: FOREX: The dollar soared to fresh 16-month highs against a basket of six major currencies on Monday, building on its gains from Friday, even without any fresh catalyst or news out of the US. Instead, the greenback seems to be taking advantage of softness in the pound and euro, amid Brexit and Italian uncertainties respectively. Elsewhere, the commodity-linked currencies retreated, with the loonie feeling the brunt of the pain as oil prices [..]

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US Open Preview – Pound drops momentarily below 1.30 on Brexit woes; oil set for fifth weekly loss

Posted on November 9, 2018 at 1:04 pm GMT

Here are the latest developments in global markets: FOREX: The British economy expanded by 1.5% y/y in the third quarter as expected, preliminary data showed. The UK’s trade deficit narrowed, and the manufacturing output was slightly better than forecast in September. However, the evidence on business investment was disappointing and today’s discouraging Brexit headlines were enough to push pound/dollar straight down to 1.2988 before a reversal to 1.3035 (-0.15%). Particularly, capital expenditures decreased by 1.2% q/q in Q3 compared to a 0.2% expected rise, printing the biggest loss since Q1 2016. [..]

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European Open Preview – Dollar cruises higher after FOMC; UK GDP in the spotlight

Posted on November 9, 2018 at 8:46 am GMT

Here are the latest developments in global markets: FOREX: The dollar is little changed against a basket of six major currencies on Friday (+0.06%), consolidating the gains it recorded in the previous session as the Fed signaled it remains on track to meet its rate-path projections. Meanwhile, the defensive yen is outperforming, as risk appetite seems to have soured once again. In Canada, the loonie continued to track oil prices lower, touching a fresh two-month low against the dollar. STOCKS: Wall Street [..]

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US Open Preview – Dollar remains bullish ahead FOMC rate decision

Posted on November 8, 2018 at 12:59 pm GMT

Here are the latest developments in global markets: FOREX: Expectations that the Fed will continue to signal further monetary tightening when it keeps rates steady at the conclusion of the FOMC meeting later today probably helped the dollar index to move higher by 0.22% as the market took a breath after the US midterm elections. Dollar/yen traded up by 0.13% at 113.66, near one-month highs. Meanwhile in the Eurozone, the European Commission revised the bloc’s economic growth for 2019 downwards to 1.9% y/y from 2.0% before, and [..]

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European Open Preview – Dollar bounces back after midterms and ahead of Fed decision

Posted on November 8, 2018 at 8:42 am GMT

Here are the latest developments in global markets: FOREX: The dollar index pared early losses to close the day higher on Wednesday and is also up by 0.27% on Thursday, drawing strength from a surge in US bond yields, which amplifies the dollar’s attractiveness from a relative rates perspective. In the UK, the pound extended its recent gains as Brexit optimism remained elevated. Meanwhile, the antipodeans – aussie and kiwi – outperformed, buoyed by strong risk appetite, speculation that the trade [..]

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US Open Preview – Dollar’s rivals gain as US Congress split flags political noise; RBNZ rate decision awaited

Posted on November 7, 2018 at 12:48 pm GMT

Here are the latest developments in global markets: FOREX: As was widely anticipated, Democrats took control of the House and Republicans retained the majority in the Senate in the mid-term US elections. The dollar index opened with a gap down on Wednesday, slipping to a 2-month trough of 95.67 before inching up to 95.81 (-0.52%). Dollar/yen edged lower by 0.20% to 113.19 along with US Treasury yields after hitting a fresh 1-month high at 113.81 earlier in the day. The 10-year [..]

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European Open Preview – Split Congress keeps dollar bulls sidelined; RBNZ decision looms

Posted on November 7, 2018 at 8:57 am GMT

Here are the latest developments in global markets: FOREX: The dollar is lower by 0.28% against a basket of six major currencies on Wednesday, weighed down by the results of the US midterm elections, which produced a split Congress – dampening the prospect for any further tax cuts. Meanwhile, the pound continued its Brexit-induced march higher, while the kiwi dollar soared overnight, after a surprisingly strong employment report out of New Zealand. STOCKS: Wall Street closed in the green on Tuesday as [..]

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