Market Overview
Yen Gathers Stream For Rebound ahead of Close, Sterling Pares Losses
Yen and Sterling are the two strongest ones today, but what they're doing are very different. Yen is extending this week's rebound. But Sterling is paring back Brexit triggered losses. Meanwhile, commodity currencies turned generally weaker as they're paring some of recent gains. Overall, after a rather volatile week,...
Sterling Takes a Breather after PM May Pledged to Hold On, How Long Could It/Her Last?
Sterling recovers mildly today but remains the weakest one on political turmoil in the UK. There is no clear sign of a come back in the Pound and it remains vulnerable for more selloff, even before weekly close. The markets are rather quiet in Asian overall. Australia, New Zealand...
UK in Political Turmoil as No Confidence Vote Waiting on the Line, Pound Tumbles Broadly
Sterling is sold off broadly today as Brexit optimism quickly turned into political turmoil. UK Prime Minister Theresa May appeared to have secured Cabinet support on her Brexit agreement with EU. But in less than 24 hours, four ministers resigned in protest, including the high profile figure in Brexit...
Sterling & Euro Firm on Brexit Progress, But Australian Dollar Steals the Show with Job Data
Both Sterling and Euro trade firmer after UK Prime Minister Theresa May got Cabinet support for her Brexit deal. But no significant technical development is seen with these two currencies yet. Instead, Australian Dollar steals the show with strong employment data. Additional support to Aussie was given by news...
Sterling Turned Cautious as Markets Await May’s Brexit Cabinet Meeting
Sterling turned cautious as markets are now awaiting the result of UK Prime Minister Theresa May's Cabinet meeting on Brexit. The withdrawal agreement text should have been agreed with the EU. Approval by the Cabinet will give the green-light to EU chief negotiator Michel Barnier to declare that "decisive...
Sterling Firm, But Uncommitted, as Markets Await UK Cabinet Meeting on Brexit Agreement
Sterling is trading generally firm today as the EU and UK finally agreed on the withdrawal agreement. It will now have to go through Prime Minister Theresa May's Cabinet today. That shouldn't be too much a problem despite some open objection from Brexiteers. The main hurdle lies in the...
Sterling Surges as Brexit Agreement, Including Irish Backstop, Will be Ready Soon
Sterling rebounds solidly today and there is new wave of buying coming in at early part of US session. Positive news regrading Brexit negotiation is the key driver of the Pound. It's reported that the Brexit agreement is now closer than ever. And, there are only a small number...
Australian Dollar Lifted as Asian Stocks Rebound on US-China Trade Optimism
Asian stocks gapped sharply lower follow steep fall in US equities overnight. But sentiments were then lifted by optimism over US-China trade negotiations. Australian and New Zealand Dollar benefited from the development and are now trading as the strongest ones. On the other hand, Yen and Dollar turn softer,...
More Upside in Dollar after Breaking Key Resistance, Sterling Selloff Continues
Sterling continues to trade as the weakest one for today as negative Brexit news fly around. It's reported that European Council President Donald Tusk has given UK Prime Minister Theresa May a deadline for an extra November summit. And enough progress has to be made by this Wednesday night....
Sterling Dives as Nov Brexit Deal Becomes Distant, Canadian Dollar Follows Oil Rebound
Sterling opens the week sharply and broadly lower as it's getting less and less likely to complete a Brexit deal within November. Yen is the second weakest as Asian stocks recover mildly after last week's selloff. Meanwhile, Euro is following as the third weakest at the time of writing....
Dollar and Yen Building Up Bullish Turnaround, Canadian Down on Oil Price Free Fall
There were some interesting turns in the financial markets last week. Global equities initially cheered after Democrats sealed a tremendous win in the US mid-term election by regaining majority in the House. But the lift quickly faded as stocks suffered quite notable setbacks towards Friday's close. It looked like...
Dollar Firmer Up Again after Strong PPI, But More is Need to Prove Underlying Strength
Dollar turns a bit firmer again in early US session after stronger than expected PPI readings. For now it's on of the strongest one today, along with Yen and Swiss Franc. But still, more technical breakthrough is needed in the greenback to prove its underlying bullishness. USD/JPY and USD/CAD...
Dollar Strikes Back as Yields Jumped after FOMC, Yen Following
Dollar is making a come back as US treasury yield surged after FOMC rate decision and statement. The decision to stand pat was widely expected. One surprise was probably the lack of reference to the stock market crash in October. Fed policymakers appear to be not bothered by it...
Dollar a Bystander ahead of Fed, Euro and Sterling Turn Soft
Dollar's decline slowed today, ahead of FOMC rate decision. But there is so far no momentum for a sustainable rebound. It's like trading mixed as a bystander for now. Instead, major movements are found in Euro and Sterling, which start to weaken mildly. Euro is somewhat weighed down by...
No Acceleration in Dollar Selloff, Focus Turns to FOMC
Strong risk appetite carries through from US to Asian markets after Democrat's regain of majority in House after the mid-term election. Nikkei closed up strongly by 401.12 pts or 1.82% at 22486.92. Hong Kong HSI is up 0.76% at the time of writing. Singapore Strait Times is up 0.90%....
US Mid-Term Results Cheered by Stocks, But Dollar and Yields Pressured
Dollar's selloff continues as markets enter into US session. It's clear that Democrats have regained control of the House while Republicans retained control of Senate. The reactions in the financial markets are not too straightforward. Stocks are cheering the results as futures point to triple digit gain in DOW...
Dollar Suffers as Democrats Set to Regain House Majority
Dollar trades broadly lower as results of US mid-term election kick in. At the time of writing, Democrats already claimed victory of 163 seats in the House while Republicans got 159 seats. And the Democrats have already achieved a net gain of more than 23 seats up to regain...
Sterling Rally Continues Even Though UK PM May Achieved Nothing on Brexit at the Cabinet Meeting
Sterling remains rather resilient despite more Brexit negative news today. There seems to be no progress on negotiation at all and there is little hope for a November EU summit. Nonetheless, the Pound defies gravity and is trading as the second strongest one today. Australian Dollar is the strongest...
Australian Dollar Mildly Higher as RBA Raised Growth Forecasts, But Upside Capped
Australian Dollar trades broadly higher today after RBA stood pat but raised growth forecast a little. Though, it's being held below last week's high against both Dollar and Euro. More evidence is needed to prove its strength. Sterling, on the other hand, shows a bit promises by extending recent...
Sterling Firm Despite Weaker Data and Brexit News, Swiss Franc Weakest
Swiss Franc is clearly the weakest one for today so far. In particular selloff intensifies somewhat in European session. Weakness of the Franc also drags down Euro, which is trading as the second weakest. On the other hand, Sterling is taking turn to be the strongest with New Zealand...