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Stocks managed to shrug off the fallout from the Trump impeachment news, getting a boost from the President himself, after he said a deal with China could come sooner than the market thought. On the FX front, this comment opened the door for more broad Dollar demand, that had already been in play from risk off flow on the impeachment news. read report
We live in a world where economic data no longer has any meaningful impact on financial markets, with developments on the political front stepping in as a primary driver of volatility. Plenty of central bank speak on the Wednesday docket. read report
Most of the attention in the currency market this week has been on the Euro, with the single currency sinking back below 1.1000 after Euro area data was highly discouraging on Monday, stoking renewed concerns about global growth. Otherwise, things have been calm and the market is waiting for updates relating to big picture themes. read report
Risk markets are getting a mild prop as the week kicks off, with the bids coming from news out of China. Key standouts on today’s calendar include Eurozone and German manufacturing PMIs, US manufacturing PMIs data and central bank speak from ECB Draghi and Lane, and Fed’s Williams, Bullard and Daly. read report
As we scan across major markets into the end of the week, there hasn’t been a whole lot of change from where we were at when things got started on the weekly open. The Pound has been a clear outperformer, trading to its highest levels in two months, on the back of a more optimistic outlook with respect to a Brexit deal. read report
The Fed went ahead and cut rates another 25 basis points, but stopped short of delivering on the dovish expectations the market had baked into the event risk. Looking at today’s calendar, key standouts come in the form of UK retail sales, the BOE policy decision, and US reads including initial jobless claims, the philly fed and existing home sales. read report
The US Dollar is coming out of Tuesday trade that had it trading on the backfoot after the New York Fed was forced into a rescue operation of the money markets. This was the first rescue operation since the 2008 crisis and came in reaction to a distressing spike in overnight borrowing rates. FOMC decision ahead. read report
Though markets have calmed in the aftermath of the weekend drone attacks on the Saudi oil facilities, there is still a nervous tension in the air. The price of oil hasn’t yet initiated a fresh leg higher, but at the same time, is hanging out near the recent highs, consolidating gains. read report
The news of the drone attacks on Saudi OIL facilities has resulted in some risk off flow to start the week, while a softer round of economic data out of China has also contributed to the risk off price action. At the same time, markets have stabilized rather quickly. read report
As we come into the end of the week, there isn’t all that much to take away as far as the levels go. Currencies continue to chop around and are trading within 1% of where they were a week ago against the US Dollar. The Pound, Euro, Aussie and Kiwi are up moderately, while the Canadian Dollar, Swiss Franc and Yen are down. read report
