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More risk on flow as Wednesday gets going, with US equity futures pushing even higher and that much closer to record highs seen in late 2018. On the FX front, things have been a lot less trendy and a whole lot choppier, with the latest run of US Dollar demand coming to a halt and reversing course. read report
More risk on flow as Wednesday gets going, with US equity futures pushing even higher and that much closer to record highs seen in late 2018. On the FX front, things have been a lot less trendy and a whole lot choppier, with the latest run of US Dollar demand coming to a halt and reversing course. read report
A decent amount of activity in the commodity currencies early Monday. The RBA was out with its latest policy decision and followed in the line of the other major central bank decisions before it, adjusting the policy outlook to the accommodative side. Soft New Zealand data. US durable goods later today. read report
Broadly speaking, currencies are better bid to start the second quarter of 2019, recovering out from recent lows against the Buck. Equities are also bid, with US equity futures extending their 2019 run of gains out from the December 2018 low. read report
The US Dollar has been in demand in this latter portion of the week and this latest wave of buying has come from downside risk abroad, after Thursday’s economic data out of Europe was soft and the Pound could not ignore some new uncertainty around the state of Brexit. Watch out for added volatility on month-end, quarter-end flow. read report
The market will be wanting to feel more optimistic about US-China trade deal prospects, with a fresh wave of risk off flow working its way into markets this week. Upgraded concerns about the global growth outlook have been working the rounds and we've seen this stress manifest through the Swiss Franc, with the EURCHF rate dropping back below 1.1200. read report
The New Zealand Dollar is getting a lot of attention early Wednesday, with the currency getting smoked on the back of a surprisingly dovish RBNZ decision, in which the central bank left rates on hold but transitioned from neutral guidance. Looking ahead, we get a Draghi appearance and US trade data. read report
Janet Yellen was out calming global markets after saying a US recession wasn’t likely. We’ve since seen attempts to rally stocks out from this latest minor sell-off low. Still, the reality of exhausted monetary policy tools in a world that could still be in need of such measures, is a reality that may keep stocks from wanting to run up much further. read report
The new week opens up much like it closed out. Risk assets are under pressure, with US equity futures extending declines and negatively impacting global markets. Global growth concerns have ramped up in the aftermath of a recent run of discouraging data and the money markets are now pricing in an 80% chance for a Fed rate cut this year. read report
Currency markets have been quite choppy in 2019, with no clear trend taking form. It seems, each time it looks as though we’re about to see a breakout, the market reverses sharply the other way. Looking at the Friday calendar, key standouts come from German and Eurozone manufacturing PMIs, Canada retail sales and CPI, and US existing home sales. read report
