Dollar Firms Up Slightly after Retail Sales, Kiwi Still the Strongest
Dollar trades mildly higher in early US session after better than expected retail sales data, but upside moment is weak so far. Mild strength in US futures sends Swiss Franc and Yen slightly lower. Overall, New Zealand Dollar is set to end as the best performer for the week,...
New Zealand Dollar Surges on Strong CPI, Aussie and Loonie Lag Behind
New Zealand Dollar surges broadly again today as decade high CPI reading prompted more speculations on RBNZ rate hikes. That somewhat helps stabilizes the selloff in Aussie and Loonie. On the other hand, Yen appears to be softening slightly as rally lost steam. Dollar, Euro and Sterling are mixed....
Dollar Regains Ground on Job Data, Sterling Support by BoE Saunders
Dollar regained some ground in European session, as assisted by mild pull back in stocks. The greenbacks stay firmer into US session as jobless claims data showed continuing improvement. Sterling is also stronger today after BoE policymaker Michael Saunders' hawkish comments. On the other hand, commodity currencies are trading...
Sterling Shrugs Job Data, Dollar Turns Weaker Against Yen and Franc
Dollar turns notably weaker against Swiss Franc and Yen today but markets are relatively steady elsewhere. Sterling pays little attention to employment data which showed some positive signs. Canadian Dollar also shrugged off yesterday's BoC tapering. General focus will now turn to US job data, and the movements in...
Gold Upside Breakout, Dollar Back Under Pressure
Dollar is back under pressure again as risk-on sentiments seem to be back as indicated by US futures. Swiss Franc and Euro are not too far away, as both turn softer, while Yen is following. On the other hand, New Zealand Dollar continues to lead the way after RBNZ's...
Kiwi Surges on RBNZ, Focus on BoC Next
New Zealand Dollar rises broadly after RBNZ halts its asset purchase program. The movement also takes Aussie slightly higher. On the other hand, Dollar is not quite able to extend the post-CPI rally, and softens slightly. European majors are currently mixed. Focus will now turn to BoC policy decision...
Dollar Rebounds after Strong US CPI Reading, But Still Range Bound
Dollar rebounds strongly in early US session after much stronger than expected CPI inflation reading. The headline reading has indeed been trend up every month since January and showed no sign of slowing yet. Yen also rebounds following the greenback. Meanwhile Sterling and Canadian Dollar are the weakest ones...
Yen Crosses Trading Up as US Stocks Hit New Records
Yen decline continues overnight and stays soft on the back of solid risk-on markets. DOW closed just shy of 35k handle overnight, but the three major indexes ended at record highs nonetheless. Solid buying is also seen in Asia, with Hong Kong HSI staging and impressive rebound. Australian and...
BOC Preview – Hawkish Stance to Maintain with More Tapering
Economic developments since the June meeting suggest that BOC would still maintain an upbeat tone and taper further at this week’s meeting. Policymakers will, however, maintain the forward guidance that the first rate hike would come in 2H22. The staff will also release the latest economic projections. The GDP...
Markets Lack Clear Direction, Dollar and Yen Recover in Range
Overall markets lack clear direction today. Major European indexes are mixed in tight range. DOW future is down over -100 pts at the time of writing, but NASDAQ futures are up. Dollar recover mildly together with Yen and commodity currencies are the softer ones. But overall, major pairs and...
RBNZ Preview – Strong GDP Growth and Inflation Expectations to Anchor RBNZ Optimism
Strong first quarter GDP growth and rapidly rising inflation pressure suggest that the RBNZ would at least maintain a hawkish stance at this week's meeting. While the monetary policy measures will stay unchanged, policymakers will likely react to market expectations of a rate hike in November, compared with RBNZ's...
Dollar and Yen Soft in Subdued Asian Trading, Three Central Banks to Meet This Week
Dollar and Yen remain generally soft in quiet Asian session today. Nikkei staged a strong 2.2% rebound but there is little reaction in the currency markets. Major pairs and crosses are generally stuck inside Friday's range. Trading could remain subdued today with an ultra light economic calendar, without any...
CFTC Commitments of Traders – Traders Increased Bets in USD Futures amidst Price Rebound
As suggested in the CFTC Commitments of Traders report in the week ended July 6, NET SHORT of USD index futures gained +8 017 contracts. Speculative long positions added +2 309 contracts while shorts decreased -5 708 contracts. Concerning European currencies, NET LENGTH in EUR futures fell -9 956...
CFTC Commitments of Traders – Net Long Trimmed in Crude Oil Futures after Weeks of Price Rally
According to the CFTC Commitments of Traders report for the week ended July 6. NET LENGTH for crude oil futures slumped -25 139 contracts to 497 351 for the week. Speculative long position declined -24 799 contracts, while shorts added +340 contracts. For refined oil products, NET LENGTH for...
Dollar and Yen Could Turn Weaker Again as Risk Bulls Didn’t Give Up
Market bears had multiple chances to probe a bearish reversal last week, riding on talks like Fed's tapering, spread of Delta variants, and China's crackdown on its own technology stocks, as well as foreign IPOs. Yet, the optimists just refused to give up and pushed US indexes to new...
Market Reversing Prior Moves, Canadian Dollar Supported by Job Data
The markets are now reversing prior moves in the week, with Dollar, Yen and Swiss Franc trading generally lower. Canadian Dollar is supported by strong job data, while Aussie and Kiwi also recover. Major European indexes are trading slightly up as DOW futures is also up over 260 pts....
Euro Losing Downside Momentum Against Dollar as Sentiments Stabilized
Yen and Swiss Franc turn softer today as overall sentiments stabilized. US stocks once again pared back much of earlier losses overnight and closed just slightly down. Asian markets were just mixed only, with Nikkei also reversing most of earlier losses. Dollar is currently the stronger one for today,...
Swiss Franc and Yen Soar on Deep Risk Averse Sentiment
Risk aversion generally dominates the global markets today. Following selloff in Asia, major European indexes open lower and are trading down around -2%. DOW future is also losing around -500pts. Swiss Franc and Yen are overwhelmingly the strongest ones for the day, as followed by Euro and Dollar. Commodity...
Yen Rises Broadly as Hong Kong Free Fall Triggers Risk Aversion in Asia
US stocks surged to new record overnight, shrugging off FOMC minutes. But Asian markets are walking another path, as led by the free fall in Hong Kong stocks. Yen surges broadly on risk aversion, followed by Swiss Franc. Commodity currencies are generally pressured, with Aussie weighed down by dovish...
FOMC Minutes Reveals that QE Tapering to Begin Later this Year
The FOMC minutes for the June meeting confirmed more optimism over the economic outlook. Unwinding of stimulative monetary policy would likely begin earlier than previously anticipated. As the members would begin tapering discussions in coming months, we expect an announcement would be made by end of the year. Meanwhile,...