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There’s been some relief to risk markets on Tuesday, after we had seen another intense round of risk liquidation in Monday trade, on the back of escalated tension between the US and China. The market is feeling better about the President’s latest words, in which he has said he looks forward to talks at the G20 meeting. read report
The big story in global financial markets has been the break down in talks between the US and China. The Trump administration has communicated to China it has a month to secure a trade deal, or face tariffs on all exports to the US, while Treasury Secretary Mnuchin has added no follow-up trade talks are scheduled. read report
We come into Friday with the Yen standing out as the big winner on the week in the more actively traded currency space, while the Pound stands out as the underperformer in the group. Yen strength has been attributed to setbacks in US-China trade talks and the resulting broad based liquidation in risk assets. UK and US data ahead. read report
The big theme of the week thus far has been setbacks in trade talks between the US and China and this is a theme that continues to drag sentiment as we head into Thursday. President Trump has tempered fears a bit after saying a trade deal with China would still work out, though investors aren’t exactly ready to run back into risk on these words. read report
Markets are still jittery about the outlook for global trade after President Trump expressed his intense dissatisfaction with progress ahead of the weekly open. The New Zealand Dollar has been getting a lot of attention on Wednesday after the RBNZ went ahead and cut rates 25 basis points. read report
Sentiment has been propped back up a bit into Tuesday, with tension around the latest global trade escalation simmering, at least for the moment. Meanwhile, reports out of China talking more backstops to support the equity market, and another liquidity injection, have also helped to ease investor nerves. read report
We come into the new week with risk off screaming out on the back of renewed tension around the outlook for global trade. President Trump’s expressed displeasure with US-China trade negotiations and his accompanying warnings, have fueled a round of risk liquidation, with US equity futures plummeting in the opening hours. read report
Lack of volatility continues to be a theme in markets, and as we head into the weekly close, we’re staring at a currency market with all of the actively traded pairs confined to within 1% of weekly opening levels. Friday, the focus will be on the US jobs report, US ISM non-manufacturing, US trade data, and a round of Fed speak. read report
The Dollar was mostly sold across the board on the week heading into the Fed decision, though the Buck is back to making another run in the aftermath of the event risk. There were no material changes to the Fed outlook, with the central bank leaving rates on hold as widely expected. Bank of England decision ahead. read report
Most of Asia and Europe are out for holidays and we’re looking at thinner conditions out there, with no major activity expected until the late day event risk in the form of the Fed decision. US equity futures have extended their record run, helped along by an Apple earnings beat, with the S&P 500 approaching a massive psychological barrier at 3000. read report
