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Traders call the Australian dollar a commodity currency because its economy is heavily dependent on natural resources. Australia is the number 1 exporter of iron ore, the 2nd largest exporter of aluminum ores (as well as lead and zinc ores), and the 3rd largest exporter of copper ores...
OPEC+ had previously agreed to boost output by 400k barrels a day per month to restore pre-pandemic output levels. The PBOC is sending plenty of verbal signals that it does not want to see strong yuan gains, and today's fixing underscores that point. We suspect many pundits exagge...
The US dollar has come back bid from the weekend against most currencies following the talk by a couple of Fed governors about the possibility of accelerating the tapering at next month's FOMC meeting. The Chinese yuan shrugged off apparently warnings from the PBOC to post its first g...
Concerns about the virus surge in Europe cut short the euro's bounce and sent it back below $1.1300 and are also weighing on central European currencies, including the Hungarian forint, despite yesterday's aggressive hike of the one-week deposit rate. The stronger than expected Octobe...
The Asian FX pack is a heterogeneous one, and the outlook for 2022 requires consideration of a number of competing themes. Covid and the reopening of economies is also still a live topic in Asia, which despite a 'good' pandemic in 2020, suffered in 2021 due to a dismal vaccination rol...
Pandemics and financial crises aside, exchange rates typically can be seen as an extension of monetary policy. The Fed and the Bank of Canada should be at the front of the queue when it comes to tightening. In 2022, it seems clear that the Fed will have the strongest cause to appl...
New Zealand's central bank meets next week. It is widely expected to hike rates for the second time in the cycle. The auto industry in Europe remained under pressure last month, though the US reported its first increase in sales in six months. Reports indicate that Biden probed Xi...
Reports suggesting that the possibility that the US and China coordinate the drawdown of strategic oil reserves are light on details, but the suggestion itself is enough to weigh on prices. UK house prices rose 11.8% year-over-year in September, up from a revised 10.2% in August. The ...
The one concrete thing to emerge is that US business executives will have an easier/quicker time entering China. Coronavirus deaths spiked in Germany to the six-month highs, and the government is debating how to control the fourth pandemic wave. The US economic growth is improving...
Japan's Q3 GDP disappointed, but it is old news and will likely spur Prime Minister Kishida to support a large supplemental budget, which could be unveiled by the end of the week. China's October data was stronger than expected but does not shake off concern that the world's second-la...
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ProShare Advisors and ProShare Capital Management announced today plans to liquidate and close six ProShares Trust ETFs and two ProShares Trust II ETFs based on an ongoing review of ProShares product offerings. Specifically, the following ETFs will be liquidated and closed: The last...