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The prospect of a more aggressive Federal Reserve policy has spurred a sharp sell-off in global equities and bonds and sent the dollar sharply higher. The UK economy unexpectedly contracted by 0.3% in April. It was the second consecutive monthly contraction. The US dollar is exten...
The weaker dollar seen in the second half of May is over. The Dollar Index appears poised to rechallenge the 105.00 high set on May 13. The euro tested $1.0775 after the ECB's announcement and ran into a wall of sellers. Japanese officials expressed concern about the pace of the y...
A rebound in the Japanese yen, spurred by official comments about the pace of its losses, saw Japanese shares tumble. The case for skepticism may begin with an appreciation that interest rates are not waiting for the ECB to move official rates. Gold is trading quietly between $184...
The positive reaction in EUR/USD after the ECB signalled openness to a 50bp rate hike in September (while formally announcing a 25bp one in July) was exceptionally short-lived. Probably, a key reason behind the reversal of the EUR/USD spike during President Lagarde’s press conf...
European peripheral yields are softer ahead of the ECB meeting. The market recognizes the hawkish pivot by the ECB. Jobless claims are not going to change the view that the labor market remains robust and stronger than the Federal Reserve thinks is healthy. For further detai...
After modest US equity gains yesterday, the weaker yen and Beijing’s approval of 60 new video games helped lift most of the large markets in the Asia Pacific region. South Korea and India were notable exceptions. Sterling posted a bullish outside up day yesterday, trading on bo...
The Reserve Bank of Australia surprised the market by delivering a 50 bp hike earlier today. Prime Minister Johnson survived the confidence vote as widely expected, but it was a tighter vote than anticipated. The quarterly monetary policy report is due tomorrow. For further ...
Gold steadied after the pre-weekend reversal. Sterling is the strongest of the major currencies today. The North American market may be more favorably disposed to the greenback. For further details see: Risk Appetites Return To Start The New Week
The Canadian dollar led the advancing major currencies with a 1.2% gain last week. The euro's rally from a five-year low in mid-May (~$1.0350) faltered at an important technical area. Sterling looks vulnerable. For further details see: Greenback Looks Poised For Addition...
Japan's preliminary May service and composite PMI were revised higher, suggesting that the world's third-largest economy continues to recover from the Covid restrictions and mid-March earthquake. Australia's preliminary PMI was also revised higher. The US dollar posted an outside ...
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