Market Overview
Yen and Swiss Franc Higher as Sentiments Turn Sour Again
While the US markets staged an historic comeback yesterday, sentiments didn't stay long. After Asian markets turned mixed, European markets are now trading broadly lower. DOW's over 1000pts rebound yesterday was impressive. But futures suggest that it's going to give back 300pts or more at open. Swiss Franc and...
No Follow Through in Risk Appetite after US Stocks Rebound
US equities staged a impressive rebound overnight and that's actually the strongest since 2009. DOW closed up 4.98% or 1086.25 pts at 22878.45. S&P 500 rose 4.96% to 2467.70. NASDAQ jumped even more by 5.84% to 6554.36. Reactions in Asia were mixed though. Nikkei closed up 3.88% to 20077.62,...
Subdued Holiday Trading Continues, Yen and Swiss Franc Pare Gains
The forex markets are generally rather quite today as most major countries remained on holiday. After another day of free fall on Monday, US stocks futures point to higher open. DOW could recover by triple-digit but the sustainability of the rebound is questionable.
There is no end in sight on...
Yen and Swiss Franc Strong as US Stocks Extend Plunge, Trump Urges to Buy Dip
Yen and Swiss Franc are so far the strongest ones for this holiday week. But trading is rather subdued in Asia, as part of the region are still on holiday. Activity will likely remain low in European session with Germany, UK and Swiss on holiday today. The markets might...
Stock Markets Correcting 10-Year Up Trend But Fed’s Not to Blame
The global stock markets just turned from bad to worse last week. DOW suffered its worst week since the global financial crisis back in 2008, down the week by nearly -7%. S&P 500, down the month by -11.4%, is also on track to have its worst week since 1931,...
Risk Aversion Eased ahead of Holiday, But Yen Remains Strongest
Yen remains the strongest one for today even though risk aversion eased a bit ahead of long holiday weekend. Dollar is following as the second strongest, reversing a lot of post FOMC losses against Euro and Swiss Franc. Commodity currencies remain generally weak. But today, it's Canadian Dollar that's...
DOW Dropped to Critical Fib Level, Yield Curve Flattened Further
While risk aversion continued in Asian session, volatility cooled mildly. Major pairs and crosses are staying in relatively tight range. Swiss Franc and Sterling are generally higher while commodity currencies are soft. But the picture for the day could easily change. For the week, dusts have little settled. Yen...
Dollar Under Pressure But Loss Limited, BoE Dovish Shift Ignored
Dollar remains in the spotlight today as it suffers renewed selling in European session. It could be part of delayed reaction to the dovish FOMC rate hike yesterday. But then, while the greenback is the worst performing one today, loss greenback is limited so far except versus the Japanese...
Yen Surges as Markets Tumble on Insufficiently Dovish Fed
US stocks tumbled overnight, extending recent decline, as FOMC raised interest rate and the overall announce was less dovish than expected. Risk aversion also spread to Asian session. Commodity currencies are generally pressured as a result. New Zealand Dollar additionally weighed down by poor GDP while Aussie is soft...
Euro Surges as EU Finally Approved Italian Budget, Dollar Mixed Awaiting FOMC Guidance
Euro rises broadly today as Italy finally got its 2019 budget plan approved by the European Commission. Disciplinary actions are now avoided. Italian 10-yield yields tumbles sharply and is pressing September's low. For now, Yen follows as the second strongest. Canadian Dollar is recovering today as oil prices turned...
Dollar in Range ahead of FOMC, Preparing for Breakout
Dollar is mildly softer in Asian session as traders turn cautious ahead of FOMC rate decision. But it should be noted that, except versus less, and to a lesser extent Swiss Franc, Dollar isn't that weak. EUR/USD, GBP/USD and AUD/USD are bounded in consolidation in familiar range. USD/CAD has...
Dollar Declines as Trump Urged Fed to Feel the Markets, But Loss Limited as Traders Await Projection Numbers
Dollar selloff takes center stage today as Trump continues with his verbal intervention on Fed policy. But Canadian Dollar is even weakest as down trend in WTI crude oil extends. Swiss Franc is for now the third worst performing one. On the other hand, New Zealand Dollar recovers as...
Yen Trading Higher as Risk Aversion Spreads from US
Yen is trading as the second strongest one for today, next to New Zealand Dollar, as risk aversions spread from the US to Asia. There were continuous rhetorics from Trump's administration against Fed's rate hikes. But the fact that Dollar and yields are weak argues that the free fall...
Swiss Franc Leads Europeans Higher, Dollar Softer after Poor Data
European majors are trading generally higher today, as led by Swiss Franc. Euro is also strong but to a lesser extend while Sterling just follows. On the other hand, Dollar is under some selling pressure, in particular after much weaker than expected manufacturing. It's yet another piece of data...
Markets Cautiously in Tight Range, Awaiting FOMC Rate Hike and Economic Projections
The financial markets are rather steady in Asia today. Nikkei and and Singapore Strait Times are having notably rebounds. But China and Hong Kong stock markets are mixed. In the currency markets, Yen is the generally weaker one, followed by Sterling. Canadian Dollar and Swiss Franc are the stronger...
Fed’s Economic Projections to Provide Guidance as Concerns on Global Slowdown Intensify
Sterling and Brexit was the center of focus during the early part of last week. The parliament vote on Brexit was postponed to at least January. UK Prime Minister Theresa May survived leadership challenge but her position is shaky with more than one-third of her MPS voted against her....
Yen and Dollar Soar on Risk Aversion, EUR/USD Downside Breakout Imminent
Yen and Dollar are the strongest ones today as global stock markets are back in selloff mode. Sentiments turned sour after weaker than expected Chinese sales and production data. Adding to that, Eurozone came showed further decline in growth momentum, verifying ECB's concerns. China's concessions on retaliation tariffs on...
Weak Chinese Data Sent Asian Stocks and Aussie Lower
Asian stocks are under pressure today as weaker than expected data from China prompted growth worries. New Zealand and Australian Dollar are trading as the weakest ones for today. Sterling follows as the third weakest as UK Prime Minister Theresa May got nothing but vague assurances from the EU...
Euro Turns Slightly Softer as ECB Lowers 2019 Growth and Inflation Forecasts, Increasingly Cautious
It's a relatively calm day today despite all the high profile events. At the time of writing, Euro is trading as the weakest one after ECB delivered a dovish shift as expected. In short, 2019 growth and inflation forecasts are lowered, and Draghi said balance of risks are moving...
UK PM May Survived Leadership Challenge, Focus Turns to SNB and ECB
Risk sentiments are rather firm in Asian markets as major indices opened up and are extending gains. UK Prime Minister Theresa May's survival of the leadership challenge is a positive factor. Also, progress and US-China trade talk is another factor. It's reported that China has already purchased more than...