CFTC Commitments of Traders – European Currencies Slumped as Austria Lockdown Raises Concern about Outlook
As suggested in the CFTC Commitments of Traders report in the week ended November 16, NET LENGTH of USD index futures dropped -540 contracts to 34 908. Bets on both sides climbed slightly higher. Concerning European currencies, NET SHORT of EUR futures gained +7 599 contracts to 3 826...
CFTC Commitments of Traders -Bets on Crude Oil Price Declined Sharply on Both Sides
According to the CFTC Commitments of Traders report for the week ended November 16, NET LENGTH of crude oil futures dropped -5 527 contracts to 415 785. Speculative longs slumped -42 410 contracts while shorts fell -36 883 contracts. Bets were trimmed on both sides as price correction form...
Euro Hammered as Lockdown Returns, Risk Sentiments Turn Sour
Euro's recovery was rather short-lived as selling returns after dovish comments from ECB president. Also, Austria returned to full lockdown while Germany may follow on the fourth wave of COVID-19 infections. Yen rises broadly today as risk sentiments turn sour. For the week, Euro remains the worst performer, followed...
Euro Recovers, Dollar Retreats as Markets Turn Quiet
Dollar's retreat continues in Asian session, but it remains one of the strongest for the week, just next to Sterling. On the other hand, while Euro is recovering, it's still the worst performing one followed by Aussie. Overall, the markets are staying in a near term consolidative phase with...
Euro Recovering in Crosses, But Not Out of the Woods Yet
The forex markets are a bit mixed today while trading is subdued. New Zealand Dollar stays as the strongest on RBNZ rate hike expectations. Swiss Franc and Euro are following, primarily thanks to recovery against Sterling. Yen is currently the weakest one for the day, followed by the Pound...
NZD Rises Mildly on Firm RBNZ Rate Expectations, Euro Still Pressing Key Support
New Zealand Dollar trades mildly higher today, after an RBNZ survey shows firm expectation of more rate hike ahead. On the other hand, Canadian Dollar weakens broadly as WTI crude oil's pull back extends below a near term support level. Overall, Sterling and Dollar remain the strongest ones for...
US Crude Oil Inventory Surprisingly Dropped. Yet, This Fails to Rescue Price Decline
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks sank -8.87 mmb to 1223.87 mmb in the week ended November 12. Crude oil inventory dropped -2.1 mmb to 433 mmb, compared with consensus of a +1.4 mmb increase....
Sterling Jumps on Strong CPI, Euro Selloff Continues
Sterling jumps broadly today after much stronger than expected consumer inflation data, that raises the chance that BoE will "have to act" on interest rates soon. On the other hand, Canadian Dollar shrugs off strong, but inline with expectation CPI. Dollar is still among the strongest for the week,...
Dollar Extends Rally as Focus Turns to UK and Canada CPI
Dollar's rally extends in Asian session, with EUR/USD breaching 1.13 key support zone. Meanwhile, USD/JPY also breaks 114.86 near term top. Sterling is so far very resilient as markets await inflation data from the UK. Canadian Dollar is just mixed ahead of Canada CPI. Much volatility is likely in...
Sterling Rises on Solid Job Data, Dollar Firm on Retail Sales
Sterling rises broadly today with help from solid job data, which eased the concerns over the impact of end of furlough scheme. Dollar is also firm as supported by better than expected retail sales sales. Euro is trying to digest some losses but stays weak on dovish ECB expectations....
Aussie Dropped as RBA Affirmed that 2022 Rate Hike is Unlikely
RBA Governor Philip Lowe downplayed the likelihood of a rate hike next year at a speech today. Besides reiterating that Australian inflation has been less severe than other economies, he noted that inflation is the the only factor leading to a rate hike. Aussie dropped after his comments.
Lowe noted...
Euro Selloff Intensified on Dovish Lagarde, Could EUR/USD Defend 1.13?
Euro tumbled broadly overnight, riding on dovish comments from ECB President Christine Lagarde. In short, Lagarde continued to talk down the need of early stimulus withdrawal and warned of the hurt to recovery for doing so. Swiss Franc is currently the second weakest, followed by Yen. On the other...
Aussie Jumps With Risk Appetite, Dollar Continues to Retreat
Australian Dollar leads other commodity currencies higher today, as supported by solid risk appetite. US futures indicate a much higher open and extended rally could push major indices to new record highs later this week. Dollar and Euro are currently the weakest ones for the day, followed by Yen....
China’s Economic Outlook Remains Dismal Despite Some Recovery in October
The latest of data for October revealed fragility of China's economic recovery. Although growth of both industrial production and retail sales beat consensus, the momentum appears weak. Property developments would continued to be hampered by government's erratic change in policy and debt problems in the sector, hurting overall fixed...
Dollar Retreats Mildly in Asian Session, Yen Lower after GDP
Dollar retreats mildly in quiet Asian session today, but loss is limited. Some consolidations will likely be seen and further rally in the greenback is still likely to follow. Yen is also slightly softer after worse than expected GDP data. On the other hand, Swiss Franc and Euro are...
Dollar Surges as Markets Added to Bets on June Fed Hike
Traders added to the bet of a June rate hike by Fed after stronger consumer inflation reading. Dollar surged across the board with Dollar index taking out an important fibonacci level. Benchmark currency yields staged a strong rebound. But stocks were very resilient despite intensify speculation of an early...
Dollar Digesting Gains, But Remains Strongest for the Week
Overall, trading in the forex market is rather subdued today. Dollar is retreating mildly but remains the strongest one for the week. Yen remains the distant second, while Sterling is third. On the other hand, Australian Dollar is the weakest one, followed closely by New Zealand Dollar. Euro and...
Dollar Extending Broad Based Rally in Quiet Trading
Dollar's broad based rally continues in Asian session today and looks set to have a strong close for the week. Talking about weekly performance, Yen is following the greenback as the next strongest. New Zealand Dollar and Australian Dollar are competing for the worst performing spot. European majors are...
Canadian Dollar Accelerates Down on Weakening Oil, Dollar Staying Strong
Selloff in Canadian Dollar gathers pace today as WTI oil price is quickly heading back towards 80 handle. Other commodity currencies are also weak, with Aussie weighed down by poor job data. On the other hand, Dollar is staying firm without clear sign of loss momentum yet. Yen is...
Rate Hike Speculations Heighten as Eurozone’s Inflation Accelerates Further
The latest ECB bulletin, European Commission's latest inflation projections and the preliminary inflation data for October rekindled ECB's rate hike speculations.
At the ECB bulletin, policymakers acknowledged that strong inflation proves more persistent than previously anticipated. Yet, they expected that it would fade next year. As noted in the report,...