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709000.0 | 2021-03-22 00:00:00 UTC | Oil’s Recent Sell-Off Could Put Invesco’s ‘DBO’ in an Area of Value | DBO | https://www.nasdaq.com/articles/oils-recent-sell-off-could-put-invescos-dbo-in-an-area-of-value-2021-03-22 | nan | nan | Oil's recent sell-off may have just been a temporary setback for bullish traders and investors riding out the ebbs and flows of the commodity. At its current level, oil could be in an area of value and primed for opportunity with the Invesco DB Oil Fund (DBO).
"Oil came back from a sell-off that investment banks from Goldman Sachs to Morgan Stanley said was excessive and offered an opportunity to buy, with physical crude markets still showing signs of strength in the long run," a Rigzone article said. "Futures in New York rose 2.4% on Friday, after a plunge of more than 7% in the previous session. While the market may have gotten too long for its own good, the recent price weakness is likely temporary as signs remain that demand is set to recover and supplies will tighten."
“What happened yesterday is not indicative of overly soft physical markets,” said Michael Tran, an analyst at RBC Capital Markets. “The market was getting pretty stretched, so given the general headlines of China slowing to some degree, Covid returning in Europe and demand maybe not being as robust as people had thought, these are all just convenient opportunities for the market to rebase, retrench and reload heading into the summer.”
DBO seeks to track the DBIQ Optimum Yield Crude Oil Index Excess Return (DBIQ-OY CL ER), which is intended to reflect the changes in market value of crude oil. The single index Commodity consists of Light, Sweet Crude Oil (WTI). The fund invests in futures contracts in an attempt to track its corresponding index.
In the meantime, despite the recent sell-off pressure, DBO is still up almost 30%. In its one-year chart, DBO is up 87%, a strong recovery after 2020 saw the commodity fall below $0.
Could DBO Hedge Against Inflation?
There's a lot talk right now regarding inflation and whether the Fed will raise rates sooner than anticipated. DBO can actually be used a a tool to hedge against inflation.
"Commodity exposure in a portfolio used to be a binary choice, either one invested in them, or they did not," an ETF Database analysis suggested. "Now, commodities have been proven as powerful inflation hedging tools with the power to generate powerful returns for an individual portfolio."
"This fund is based on futures-contracts to makes it subject to the risks of contango, backwardation, and other problems that are associated with futures-backed products," the analysis said further. "Despite setbacks, this product can be a powerful tool if the investor fully understand the complexities of the ETF and how to trade it."
For more news and information, visit the Innovative ETFs Channel.
Read more on ETFtrends.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | At its current level, oil could be in an area of value and primed for opportunity with the Invesco DB Oil Fund (DBO). “The market was getting pretty stretched, so given the general headlines of China slowing to some degree, Covid returning in Europe and demand maybe not being as robust as people had thought, these are all just convenient opportunities for the market to rebase, retrench and reload heading into the summer.” DBO seeks to track the DBIQ Optimum Yield Crude Oil Index Excess Return (DBIQ-OY CL ER), which is intended to reflect the changes in market value of crude oil. In the meantime, despite the recent sell-off pressure, DBO is still up almost 30%. | “The market was getting pretty stretched, so given the general headlines of China slowing to some degree, Covid returning in Europe and demand maybe not being as robust as people had thought, these are all just convenient opportunities for the market to rebase, retrench and reload heading into the summer.” DBO seeks to track the DBIQ Optimum Yield Crude Oil Index Excess Return (DBIQ-OY CL ER), which is intended to reflect the changes in market value of crude oil. At its current level, oil could be in an area of value and primed for opportunity with the Invesco DB Oil Fund (DBO). In the meantime, despite the recent sell-off pressure, DBO is still up almost 30%. | “The market was getting pretty stretched, so given the general headlines of China slowing to some degree, Covid returning in Europe and demand maybe not being as robust as people had thought, these are all just convenient opportunities for the market to rebase, retrench and reload heading into the summer.” DBO seeks to track the DBIQ Optimum Yield Crude Oil Index Excess Return (DBIQ-OY CL ER), which is intended to reflect the changes in market value of crude oil. At its current level, oil could be in an area of value and primed for opportunity with the Invesco DB Oil Fund (DBO). In the meantime, despite the recent sell-off pressure, DBO is still up almost 30%. | “The market was getting pretty stretched, so given the general headlines of China slowing to some degree, Covid returning in Europe and demand maybe not being as robust as people had thought, these are all just convenient opportunities for the market to rebase, retrench and reload heading into the summer.” DBO seeks to track the DBIQ Optimum Yield Crude Oil Index Excess Return (DBIQ-OY CL ER), which is intended to reflect the changes in market value of crude oil. Could DBO Hedge Against Inflation? At its current level, oil could be in an area of value and primed for opportunity with the Invesco DB Oil Fund (DBO). | 0411ad9c-e448-4af2-bdb3-4686b1f8f52d |
709001.0 | 2021-03-21 00:00:00 UTC | A Quiet Day on the Economic Calendar Leaves Central Bank Chatter and COVID-19 in Focus | DBO | https://www.nasdaq.com/articles/a-quiet-day-on-the-economic-calendar-leaves-central-bank-chatter-and-covid-19-in-focus | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a quiet start to the day on the economic calendar this morning. There were no major stats to provide the markets with direction early this morning.
While there were no stats, the PBoC is in action later this morning. The markets are expecting the PBoC to leave loan prime rates unchanged, however.
For the Majors
At the time of writing, the Japanese Yen was down by 0.02% to ¥108.90 against the U.S Dollar, with the Aussie Dollar down by 0.27% to $0.7721. The Kiwi Dollar was down by 0.20% to $0.7151.
The Day Ahead:
For the EUR
It’s a particularly quiet day on the economic calendar. There are no major start from the Eurozone to provide direction.
The lack of stats will leave the EUR in the hands of market risk sentiment and COVID-19 news.
Fresh lockdown measures in France continued to weigh on the EUR early this morning.
At the time of writing, the EUR was down by 0.16% to $1.1885.
For the Pound
It’s also a quiet day ahead on the economic calendar. There are no material stats to provide the Pound with direction.
The lack of stats will leave the Pound in the hands of market risk sentiment on the day.
At the time of writing, the Pound was down by 0.30% to $1.3831.
Across the Pond
It’s a relatively busy day ahead on the economic calendar. Existing home sales figures for February are due out later today.
The numbers are unlikely to have a material impact on the Greenback and the broader markets, however.
On the monetary policy front, FED Chair Powell is scheduled to speak later in the day that could move the dial.
At the time of writing, the Dollar Spot Index was up by 0.19% to 92.090.
For the Loonie
It’s a quiet on the economic calendar. There are no material stats due out of Canada to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of market risk sentiment and ultimately crude oil prices on the day.
At the time of writing, the Loonie was down by 0.17% to C$1.2521 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | On the monetary policy front, FED Chair Powell is scheduled to speak later in the day that could move the dial. The lack of stats will leave the Loonie in the hands of market risk sentiment and ultimately crude oil prices on the day. This article was originally posted on FX Empire More From FXEMPIRE: Gold Weekly Price Forecast – Gold Markets Continue to Stabilize S&P 500 Weekly Price Forecast – Noisy Behavior Continues at Highs E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Reaction to 32534 Sets Tone into Close The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The lack of stats will leave the EUR in the hands of market risk sentiment and COVID-19 news. The lack of stats will leave the Pound in the hands of market risk sentiment on the day. This article was originally posted on FX Empire More From FXEMPIRE: Gold Weekly Price Forecast – Gold Markets Continue to Stabilize S&P 500 Weekly Price Forecast – Noisy Behavior Continues at Highs E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Reaction to 32534 Sets Tone into Close The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | FXEmpire.com - Earlier in the Day: It’s was a quiet start to the day on the economic calendar this morning. The Day Ahead: For the EUR It’s a particularly quiet day on the economic calendar. The lack of stats will leave the Loonie in the hands of market risk sentiment and ultimately crude oil prices on the day. | There were no major stats to provide the markets with direction early this morning. The lack of stats will leave the Pound in the hands of market risk sentiment on the day. There are no material stats due out of Canada to provide the Loonie with direction. | 31f9322e-395a-4e28-8d50-176d3cc2bf26 |
709002.0 | 2021-03-20 00:00:00 UTC | The Week Ahead – Private Sector PMIs, COVID-19, and Central Bank Commentary in Focus | DBO | https://www.nasdaq.com/articles/the-week-ahead-private-sector-pmis-covid-19-and-central-bank-commentary-in-focus-2021-03 | nan | nan | FXEmpire.com -
On the Macro
It’s a relatively busy week ahead on the economic calendar, with 54 stats in focus in the week ending 26th March. In the week prior, 53 stats had been in focus.
For the Dollar:
It’s a busy week ahead.
The markets will have to wait until Wednesday, however, for core durable goods and prelim private sector PMIs.
While core durable goods orders will influence, prelim March Services PMI figures will be the key driver.
The focus will then shift to finalized 4th quarter GDP and initial jobless claim figures on Thursday.
Expect the jobless claims to have the greatest impact. Powell and team have already talked up the economic recovery for 2021.
At the end of the week, inflation and personal spending figures for February wrap things up.
Other stats in the week include housing sector, trade, and finalized consumer sentiment figures. We don’t expect too much influence from the numbers, however.
On the monetary policy front, FED Chair Powell is in action through the first half of the week.
A scheduled speech on Monday precedes two days of testimony on Tuesday and Wednesday. Expect any deviation from last week’s script to influence.
In the week ending 19th March, the Dollar Spot Index rose by 0.26% to 91.919.
For the EUR:
It’s a busier week ahead on the economic data front.
After a quiet start, prelim private sector PMI figures for France, Germany, and the Eurozone will be in focus on Wednesday.
While Germany’s manufacturing PMI will be the key driver, service sector PMIs will also influence.
Late in the day on Wednesday, Eurozone consumer confidence figures for March will also draw attention.
On Thursday and Friday, consumer confidence and business confidence figures from Germany are due out.
From the ECB, the Economic Bulletin on Thursday will also draw plenty of attention. The markets will be looking for any shift in the ECB’s outlook on the economic recovery.
On the monetary policy front, ECB President Lagarde is also scheduled to speak on Thursday. With climate change the topic, however, any talk on monetary policy is unlikely.
The EUR ended the week down by 0.41% to $1.1904.
For the Pound:
It’s a particularly busy week ahead on the economic calendar.
In the first half of the week, employment, inflation, and prelim private sector PMIs will be in focus.
Expect claimant counts, the service sector PMI, and inflation to draw plenty of interest.
At the end of the week, February retail sales figures will wrap things up. Another dive in spending would pressure the Pound.
On the monetary policy front, BoE Governor Bailey speaks in the week. Following last week’s unanimous vote to hold policy unchanged, any hawkish chatter should support the Pound.
The Pound ended the week down by 0.37% to $1.3872.
For the Loonie:
It’s a particularly quiet week ahead on the economic calendar. There are no material stats to provide the Loonie with direction.
For the Loonie, the lack of stats will leave crude oil inventories and market risk sentiment to provide direction.
BoC Governor Macklem is also scheduled to speak. Any surprise talk of a shift in policy would impact the Loonie.
The Loonie ended the week down 0.20% to C$1.2500 against the U.S Dollar.
Out of Asia
For the Aussie Dollar:
It’s a particularly quiet week.
There are no material stats to provide the Aussie Dollar with direction. The lack of stats will leave the Aussie Dollar in the hands of private sector PMIs from Europe and the U.S.
The Aussie Dollar ended the week down by 0.28% to $0.7742.
For the Kiwi Dollar:
It’s yet another quiet week ahead.
Economic data is limited to February trade data due out on Wednesday.
Following impressive numbers from China, the markets will be looking for strong exports to China.
Expect disappointing numbers to test Kiwi Dollar support.
From elsewhere, prelim private sector PMIs from Europe and the U.S will also influence.
The Kiwi Dollar ended the week down by 0.15% to $0.7165.
For the Japanese Yen:
It is relatively quiet week ahead.
Mid-week, prelim private sector PMIs for March are due out. Expect the manufacturing numbers to draw the greatest interest.
At the end of the week, March inflation figures for Tokyo will likely have a muted impact on the Yen and market risk sentiment.
The Japanese Yen rose by 0.14% to ¥108.88 against the U.S Dollar.
Out of China
It’s a quiet week ahead, with no material stats due out of China to provide the broader markets with direction.
While there are no stats, the PBoC is in action on Monday, though loan prime rates are likely to be left unchanged.
The Chinese Yuan ended the week down by 0.01% to CNY6.5090 against the U.S Dollar.
Geo-Politics
U.S Politics
Talks with China have resumed, which will bring chatter from both sides to the forefront from a market perspective.
Economic data from China has continued to impress and global trade terms will need to continue improving to support a more sustained global economic recovery.
Relations between China and the rest of the world will therefore need to materially improve to support this.
EU Politics
Some EU member states have resumed vaccinations with the AstraZeneca vaccine. Tensions between Britain and the EU remain, however.
The continued blocking exports of the vaccine from EU member states to non-EU countries could become a greater concern.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Loonie, the lack of stats will leave crude oil inventories and market risk sentiment to provide direction. At the end of the week, March inflation figures for Tokyo will likely have a muted impact on the Yen and market risk sentiment. This article was originally posted on FX Empire More From FXEMPIRE: U.S. Dollar Index (DX) Futures Technical Analysis – Trade Through 92.940 Targets 93.135 Main Top Silver Price Daily Forecast – Another Test Of Support At $25.00 Darden Restaurants Tops Earnings Estimates, Shares Gain Over 8% The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | FXEmpire.com - On the Macro It’s a relatively busy week ahead on the economic calendar, with 54 stats in focus in the week ending 26th March. While core durable goods orders will influence, prelim March Services PMI figures will be the key driver. Late in the day on Wednesday, Eurozone consumer confidence figures for March will also draw attention. | FXEmpire.com - On the Macro It’s a relatively busy week ahead on the economic calendar, with 54 stats in focus in the week ending 26th March. At the end of the week, March inflation figures for Tokyo will likely have a muted impact on the Yen and market risk sentiment. Out of China It’s a quiet week ahead, with no material stats due out of China to provide the broader markets with direction. | After a quiet start, prelim private sector PMI figures for France, Germany, and the Eurozone will be in focus on Wednesday. The Loonie ended the week down 0.20% to C$1.2500 against the U.S Dollar. At the end of the week, March inflation figures for Tokyo will likely have a muted impact on the Yen and market risk sentiment. | 1a4c9957-994a-4bd7-a2a4-0f69bc9c4409 |
709003.0 | 2021-03-16 00:00:00 UTC | The FED Monetary Policy Decision and Projections Puts the Dollar in the Spotlight | DBO | https://www.nasdaq.com/articles/the-fed-monetary-policy-decision-and-projections-puts-the-dollar-in-the-spotlight-2021-03 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively busy start to the day on the economic calendar this morning. The Kiwi Dollar and the Japanese Yen were in focus early on.
For the Kiwi Dollar
Current account figures were in focus.
In the 4th quarter, New Zealand’s current account deficit narrowed from NZ$3.52bn to NZ$2.70bn, quarter-on-quarter. Economists had forecast a narrowing to NZ$2.88bn.
Year-on-year, the deficit remained unchanged at NZ$2.55bn. Economists had forecast a widening to NZ$2.59bn.
The Kiwi Dollar moved from $0.71891 to $0.71896 upon release of the figures and minutes. At the time of writing, the Kiwi Dollar was down by 0.14% to $0.7178.
For the Japanese Yen
Trade figures were in focus this morning.
In February, Japan’s trade balance rose from a ¥325.4bn deficit to a ¥217.38bn surplus. Economists had forecast surplus of ¥420.0bn.
According to figures released by the Ministry of Finance,
Exports fell by 4.5%, when compared with February 2020, while imports jumped by 11.8%.
The trade surplus narrowed from a February 2020 ¥1,113.04bn to ¥217.38bn in February 2021.
Exports to China rose by 3.4%, while imports from China surged by 114.5%.
To Europe, exports fell by 7.3%, with exports to Germany and the UK falling by 4.0% and by 29.3% respectively.
To the U.S, exports slumped by 14.0%, with imports from the U.S falling by 3.7%.
The Japanese Yen moved from ¥109.054 to ¥109.017 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.12% to ¥109.13 against the U.S Dollar.
Elsewhere
At the time of writing, the Aussie Dollar was down by 0.23% to $0.7728.
The Day Ahead:
For the EUR
It’s a relatively quiet day on theeconomic calendar Finalized February inflation figures for the Eurozone are due out later today.
Expect any revisions to prelim figures to influence.
Away from theeconomic calendar COVID-19 news will also be in focus ahead of the FOMC decision and projections late in the day.
At the time of writing, the EUR was down by 0.07% to $1.1895.
For the Pound
It’s yet also another particularly quiet day ahead on the economic calendar. There are no material stats to provide the Pound with direction.
With no stats to consider, the Pound will also be in the hands of market risk sentiment on the day.
At the time of writing, the Pound was down by 0.06% to $1.3882.
Across the Pond
It’s a relatively busy day ahead on the economic calendar. On the economic data front, house price figures for February are due out later today.
Housing starts and building permit figures are unlikely to have too much influence, however.
The markets will be looking ahead to the FOMC monetary policy decision and, more importantly, the FOMC projections.
FED Chair Powell has attempted to calm market fears of a shift in policy as a result of reinflation. The projections and forward guidance will therefore be key.
At the time of writing, the Dollar Spot Index was up by 0.07% to 91.925.
For the Loonie
It’s a relatively busy day on theeconomic calendar Inflation figures for February are due out.
Expect Loonie sensitivity to the numbers.
Crude oil inventory numbers will also influence.
At the time of writing, the Loonie was down by 0.07% to C$1.2457 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Away from theeconomic calendar COVID-19 news will also be in focus ahead of the FOMC decision and projections late in the day. FED Chair Powell has attempted to calm market fears of a shift in policy as a result of reinflation. This article was originally posted on FX Empire More From FXEMPIRE: GBP/USD Price Forecast – British Pound Touches Major Support Level Has Netflix Topped Out? | For the Kiwi Dollar Current account figures were in focus. The Day Ahead: For the EUR It’s a relatively quiet day on theeconomic calendar Finalized February inflation figures for the Eurozone are due out later today. For the Loonie It’s a relatively busy day on theeconomic calendar Inflation figures for February are due out. | FXEmpire.com - Earlier in the Day: It’s was a relatively busy start to the day on the economic calendar this morning. The Day Ahead: For the EUR It’s a relatively quiet day on theeconomic calendar Finalized February inflation figures for the Eurozone are due out later today. For the Loonie It’s a relatively busy day on theeconomic calendar Inflation figures for February are due out. | Away from theeconomic calendar COVID-19 news will also be in focus ahead of the FOMC decision and projections late in the day. For the Pound It’s yet also another particularly quiet day ahead on the economic calendar. At the time of writing, the Pound was down by 0.06% to $1.3882. | 2dcf13df-f5a4-4069-b29c-89bb8ef1348f |
709004.0 | 2021-03-02 00:00:00 UTC | Service Sector PMIs Put the EUR and USD in Focus, with ADP Nonfarms to also Influence | DBO | https://www.nasdaq.com/articles/service-sector-pmis-put-the-eur-and-usd-in-focus-with-adp-nonfarms-to-also-influence-2021 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a particularly busy start to the day on the economic calendar this morning. The Aussie Dollar, Kiwi Dollar, and the Japanese Yen were in action this morning. Economic data from China was also in focus in the early part of the day.
For the Kiwi Dollar
Building consents rose by 2.1% in January, following a 5.1% jump in December.
According to NZ Stats,
The annual number of new homes consented in the year ended January 2021 was 39,881, up 5.8% year-on-year.
January’s number fell just 144 short of a Feb-1974 all-time high 40,025 for any 12-month period.
The Kiwi Dollar moved from $0.72933 to $0.72821 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.03% to $0.7392.
For the Aussie Dollar
The Australian economy was in focus.
In the 4th quarter, the economy expanded by 3.1%, following 3.3% growth in the 3rd quarter. Economists had forecast growth of 2.5%.
Year-on-year, the economy contracted by 1.1%, coming in ahead of a forecasted 1.8% contraction. In the 3rd quarter, the economy had contracted by 3.7%.
According to the ABS,
Household spending increased by 4.3% as a result of easing COVID-19 restrictions.
Private investment rose by 3.9%, contributing 0.7 percentage points to growth.
Compensation to employees rose 1.5% as a result of a rise in employment and hours worked.
Agricultural production jumped, supported by favorable weather conditions
The Aussie Dollar moved from $0.78251 to $0.78337 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.15% to $0.7832.
For the Japanese Yen
The Services PMI rose from 46.1 to 46.3 in February, which was up from a prelim 45.8.
According to the February Market Survey,
Employment expanded for the first time since Feb-2020. Supported by improved optimism about the year ahead. Optimism hit a 37-month high.
New business inflows fell for a 13th consecutive month, with the rate of contraction the sharpest since last May.
Foreign demand for services declined at a softer pace than that for total new business.
Firms registered a rise in average cost burdens for a 3rd consecutive month, though the increase was marginal.
In spite of rising costs, firms reported lower output charges for the 12th month in a row. The rate of decline was also the most marked since Aug-2020.
The Japanese Yen moved from ¥106.731 to ¥106.769 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.12% to ¥106.82 against the U.S Dollar.
From China
Service sector activity was also in the spotlight.
In February, the Caxin Services PMI fell from 52.0 to 51.5.
According to the February Survey,
Business activity growth slowed to a 10-month low in February, coinciding with a weaker rise in new business.
A fall in new export work weighed on overall new business mid-way through the quarter.
Firms reported that the recent resurgence of COVID-19 cases globally weighed on sales growth.
New export orders fell for the first time since last October.
Firms reduced headcounts for the first time since last July.
In spite of falling headcounts, there was little pressure on operating capacities in February.
Companies registered a further steep increase in operating costs. Greater purchasing and staffing costs were cited as key inflation drivers.
While operating costs were on the rise, firms only partially passed on higher input costs to clients.
Optimism was amongst the strongest seen over the past 8-years, supported by hopes of a near-term end to the COVID-19 pandemic.
The Aussie Dollar moved from $0.78314 to $0.78304 upon release of the figures.
The Day Ahead:
For the EUR
It’s a busy day ahead on theeconomic calendar Service sector PMI numbers for Italy and Spain are in focus later this morning.
Finalized service and composite PMIs for France, Germany, and the Eurozone are also due out.
Barring any marked revisions from prelims, expect Italy and the Eurozone’s PMIs to be the key drivers.
Other stats include 4th quarter GDP numbers from Italy. Expect any revisions to influence.
At the time of writing, the EUR was down by 0.04% to $1.2086.
For the Pound
It’s a relatively busy day ahead on the economic calendar. Finalized service and composite PMI numbers for February are due out.
Expect Pound sensitivity to the services PMI in particular.
Away from theeconomic calendar however, the UK Annual Budget release will be the main event of the day.
The markets will be looking unwavering support from the government. Anything less and the Pound could come under pressure.
At the time of writing, the Pound was up by 0.01% to $1.3957.
Across the Pond
It’s busy day ahead on the economic calendar. The market’s preferred ISM non-manufacturing PMI figures are due out along with ADP nonfarm employment change numbers.
Finalized Market service and composite PMIs are also due out, though we would expect the stats to have a muted impact on the Dollar.
From elsewhere, chatter from the Senate on Biden’s COVID-19 relief package will also need tracking.
At the time of writing, the Dollar Spot Index was down by 0.01% to 90.776.
For the Loonie
It’s a quiet day ahead, with no material stats to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of the weekly crude oil inventory numbers and market risk appetite.
At the time of writing, the Loonie was up by 0.02% to C$1.2633 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Agricultural production jumped, supported by favorable weather conditions The Aussie Dollar moved from $0.78251 to $0.78337 upon release of the figures. The market’s preferred ISM non-manufacturing PMI figures are due out along with ADP nonfarm employment change numbers. The lack of stats will leave the Loonie in the hands of the weekly crude oil inventory numbers and market risk appetite. | According to the February Survey, Business activity growth slowed to a 10-month low in February, coinciding with a weaker rise in new business. The Day Ahead: For the EUR It’s a busy day ahead on theeconomic calendar Service sector PMI numbers for Italy and Spain are in focus later this morning. Barring any marked revisions from prelims, expect Italy and the Eurozone’s PMIs to be the key drivers. | According to the February Survey, Business activity growth slowed to a 10-month low in February, coinciding with a weaker rise in new business. The Day Ahead: For the EUR It’s a busy day ahead on theeconomic calendar Service sector PMI numbers for Italy and Spain are in focus later this morning. Finalized Market service and composite PMIs are also due out, though we would expect the stats to have a muted impact on the Dollar. | For the Japanese Yen The Services PMI rose from 46.1 to 46.3 in February, which was up from a prelim 45.8. According to the February Market Survey, Employment expanded for the first time since Feb-2020. The Day Ahead: For the EUR It’s a busy day ahead on theeconomic calendar Service sector PMI numbers for Italy and Spain are in focus later this morning. | 18457658-e0ea-4fcf-be1f-092099cb827e |
709005.0 | 2021-02-27 00:00:00 UTC | The Week Ahead – A Particularly Busy Economic Calendar Will Test the Markets… | DBO | https://www.nasdaq.com/articles/the-week-ahead-a-particularly-busy-economic-calendar-will-test-the-markets...-2021-02-28 | nan | nan | FXEmpire.com -
On the Macro
It’s a busy week ahead on the economic calendar, with 73 stats in focus in the week ending 5th March. In the week prior, 52 stats had been in focus.
For the Dollar:
It’s a busy week ahead.
Private sector PMI and ADP employment change figures for February are in focus in the 1st half of the week.
For the private sector the ISM Manufacturing and Non-Manufacturing PMIs are due out on Monday and Wednesday.
On Wednesday, ADP Nonfarm Employment Change figures for February will also be in focus.
The market focus will then shift to the weekly jobless claim figures on Thursday ahead of the labor market numbers on Friday.
On Friday, expect the unemployment rate and nonfarm payroll figures to be the key drivers.
Other stats in the week include finalized Markit survey PMI numbers, factory orders, and trade data. We don’t expect the stats to have a material impact on the markets, however.
The Dollar Spot Index ended the week up by 0.57% to 90.879.
For the EUR:
It’s also a busy week ahead on the economic data front.
On Monday and Wednesday, private sector PMI numbers for Italy and Spain are due out.
Finalized numbers for France, Germany, and the Eurozone will also draw interest.
Following impressive prelim manufacturing PMI numbers, however, only a marked downward revision would test EUR support.
On Tuesday, German retail sales and unemployment figures will provide the EUR with direction.
The focus will then shift to retail sales and unemployment figures for the Eurozone on Thursday.
German factory orders for January wrap things up. The numbers will need to be aligned with recent survey-based numbers to support the EUR and the broader market.
From the ECB, the Economic Bulletin on Thursday will also draw plenty of interest. How the ECB’s views inflation and the economic outlook will be key…
The EUR ended the week down by 0.36% to $1.2075.
For the Pound:
It’s another relatively quiet week ahead on the economic calendar.
Finalized manufacturing and service PMI numbers are due out on Monday and Wednesday.
Expect any revisions to provide the Pound with direction ahead of construction PMI numbers on Thursday.
While we can expect the numbers to influence, progress on the vaccination front remains key near-term.
From the UK government, the government will also release its annual budget on Wednesday. The markets will be looking to see by how much the UK government has loosened the purse strings to support an economic recovery. Government debt has already rocketed to pre-1970 levels as percentage of GDP…
The Pound ended the week down by 0.59% to $1.3933.
For the Loonie:
It’s a busier week ahead on the economic calendar.
4th quarter and December GDP numbers are due out Tuesday ahead of trade data on Friday.
Other stats in the week include labor productivity and Ivey PMI numbers that will likely have a muted impact on the Loonie.
While key stats will influence, crude oil inventories will also provide direction in the week.
The Loonie ended the week down by 0.98% to C$1.2738 against the U.S Dollar.
Out of Asia
For the Aussie Dollar:
It’s a busy week.
In the early part of the week, manufacturing and gross operating profit figures are in focus.
The focus will then shift to 4th quarter GDP numbers on Wednesday. Following the RBA’s monetary policy decision from February, expect plenty of sensitivity to the numbers.
Retail sales and trade data wrap things up on Thursday. January numbers will need to impress to support the Aussie Dollar
On the monetary policy front, the RBA monetary policy decision on Tuesday will set the tone.
The Aussie Dollar ended the week down by 2.07% to $0.7706.
For the Kiwi Dollar:
It’s a quiet week ahead.
Economic data is limited to building consent figures due out on Wednesday.
The numbers are unlikely to have a material impact, however.
With economic data on the lighter side, expect market risk sentiment to drive the Kiwi in the week.
China’s private sector PMI figures for February will influence in the 1st half of the week.
The Kiwi Dollar ended the week down by 0.90% to $0.7233.
For the Japanese Yen:
It is also a quiet week ahead.
Jobs data and 4th quarter capital spending figures are due out early in the week.
Expect capital spending to draw the greatest interest.
Finalized private sector PMI figures for February are also due out on Monday and Wednesday. Barring any material revision from prelim figures, however, the numbers should have limited impact on the Yen and the broader market.
The Japanese Yen ended the week down by 1.06% to ¥106.57 against the U.S Dollar.
Out of China
It’s a busier week ahead. The market’s preferred Caixin Manufacturing PMI on Monday will set the tone for the week.
On Wednesday, the Caixin Services PMI for February will also influence market risk sentiment.
Ahead of the stats, NBS private sector numbers from the weekend will also influence at the start of the week.
The Chinese Yuan ended the week down by 0.25% to CNY6.4737 against the U.S Dollar.
Geo-Politics
U.S Foreign Policy
Iran is back in the spotlight, as the EU and the U.S look to begin talks on the nuclear agreement.
Airstrikes last week were a clear message of intent from the new U.S administration.
How Iran responds will be of particular interest. Further destabilization in the Middle East will be something the markets would prefer to avoid.
While U.S and Iran relations will be front and center, U.S – China news will also need monitoring in the week.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Other stats in the week include finalized Markit survey PMI numbers, factory orders, and trade data. Barring any material revision from prelim figures, however, the numbers should have limited impact on the Yen and the broader market. Geo-Politics U.S Foreign Policy Iran is back in the spotlight, as the EU and the U.S look to begin talks on the nuclear agreement. | Private sector PMI and ADP employment change figures for February are in focus in the 1st half of the week. Other stats in the week include finalized Markit survey PMI numbers, factory orders, and trade data. January numbers will need to impress to support the Aussie Dollar On the monetary policy front, the RBA monetary policy decision on Tuesday will set the tone. | FXEmpire.com - On the Macro It’s a busy week ahead on the economic calendar, with 73 stats in focus in the week ending 5th March. The market focus will then shift to the weekly jobless claim figures on Thursday ahead of the labor market numbers on Friday. Other stats in the week include finalized Markit survey PMI numbers, factory orders, and trade data. | The market focus will then shift to the weekly jobless claim figures on Thursday ahead of the labor market numbers on Friday. For the EUR: It’s also a busy week ahead on the economic data front. The market’s preferred Caixin Manufacturing PMI on Monday will set the tone for the week. | 3c37050d-a459-4bbd-9fbf-00b7e7da3d6f |
709006.0 | 2021-02-25 00:00:00 UTC | Economic Data Puts the EUR and the Dollar in Spotlight, with the Middle East also in Focus | DBO | https://www.nasdaq.com/articles/economic-data-puts-the-eur-and-the-dollar-in-spotlight-with-the-middle-east-also-in-focus | nan | nan | FXEmpire.com -
Earlier in the Day
It’s was a busy start to the day on the economic calendar this morning. The Aussie Dollar, the Kiwi Dollar, and the Japanese Yen were in action this morning.
On the geopolitical risk front, news from Bloomberg of the U.S bombing Iran-backed groups in Syria will also test market risk appetite. How Iran responds, if at all, will be key.
For the Kiwi Dollar
The trade surplus narrowed from NZ$2,980m to NZ$2,750m in January, year-on-year. The monthly trade balance fell from a NZ$69m surplus to a NZ$626m deficit in January.
According to NZ Stats,
Goods exports fell NZ$486m (10%) to NZ$4.2bn, while goods imports fell by a lesser NZ$256m (5%) to NZ$4.8m.
Exports
There was a notable NZ$172m fall in the exports of milk powder, butter, and cheese (-11%).
Exports of meat and edible offal slid by NZ$141m (-18%), with preparations of milk, cereal, flour, and start exports down NZ$64m (41%).
Imports
Crude oil exports fell by NZ$288m (-61%), with mechanical machinery and equipment exports down NZ$122m (-15%).
Fuel exports fell by NZ$85m (-36%).
The Kiwi Dollar moved from $0.73659 to $0.73691 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.34% to $0.7348.
For the Japanese Yen
Inflation, industrial production, and retail sales figures were in focus this morning.
In February, deflationary pressures lingered, with Tokyo core consumer prices falling by 0.3%, year-on-year. In January, core consumer prices had fallen by 0.4%.
According to the Ministry of Internal Affairs and Communication,
Fuel, light, and water charges slumped by 8.0%.
Prices for education (-1.9%), transportation & communication (-0.6%), and medical care (-0.1%) also weighed.
Furniture and household utensil prices increased by 2.9%, however, with prices for clothes & footwear rising by 0.5%.
There were also increases in prices for housing (+0.7%) and culture & recreation (+0.1%).
The Japanese Yen moved from ¥106.345 to ¥106.373 upon release of the figures that preceded industrial production and retail sales figures.
Industrial production jumped by 4.2% in January, reversing a 1.0% fall from December, according to prelim figures. Economists had forecast a 4.0% rise.
According to the Ministry of Economy, Trade and Industry,
Industries that mainly contributed to the increase were:
General-purpose and business orientated machinery.
Electronic parts and devices.
Electrical machinery, and information, and communication.
Industries that mainly contributed to the decrease were:
Transport equipment (excl. motor vehicles).
Petroleum and coal products.
Retail sales slid by 2.4% in January, following a 0.2% decline in December according to the Ministry of Economy, Trade and Industry. Economists had forecast a 2.6% decline.
The Japanese Yen moved from ¥106.378 to ¥106.395 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.07% to ¥106.28 against the U.S Dollar.
For the Aussie Dollar
Financial aggregate figures from the RBA were in focus this morning.
Total credit increased by 0.2% in January, following a 0.3% rise in December.
According to the RBA,
Housing credit increased by 0.4% in the month of January, following a 0.4% rise in December.
Business credit slipped by 0.1%, following a 0.3% rise in December.
Personal credit slumped by 0.9%, following on from a 0.5% decline in December.
Year-on-year, total credit was up by 1.7%. In January 2020, total credit risen by 2.5%.
Personal credit was a drag, tumbling by 12.4% year-on-year. In January 2020, personal credit had fallen by 5.0%.
The Aussie Dollar moved from $0.78362 to $0.78493 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.33% to $0.7847.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on theeconomic calendar French consumer spending figures are due out along with 2nd estimate GDP numbers for the 4th quarter.
Expect both sets of numbers to draw interest.
Prelim February inflation figures from Spain are also due out, which could draw more attention than usual.
At the time of writing, the EUR was down by 0.17% to $1.2154.
For the Pound
It’s another quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction.
The lack of stats will leave the Pound in the hands of market risk sentiment on the day.
At the time of writing, the Pound was down by 0.19% to $1.3989.
Across the Pond
It’s a busy day ahead on the economic calendar. January inflation and personal spending figures are due out later today.
Other stats include business inventories, Chicago PMI, trade data, and finalized consumer sentiment figures. These are unlikely to have a material impact on the Dollar, however.
Away from theeconomic calendar chatter from Capitol Hill and from FOMC members will also need monitoring.
At the time of writing, the Dollar Spot Index was up by 0.25% to 90.358.
For the Loonie
It’s a relatively quiet day ahead. RMPI numbers for January are due out later today.
With little else to focus on, we can expect some Loonie sensitivity to the numbers.
Expect market risk sentiment and influence on crude oil prices, however, to remain the key driver.
At the time of writing, the Loonie was down by 0.13% to C$1.2620 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Other stats include business inventories, Chicago PMI, trade data, and finalized consumer sentiment figures. Expect market risk sentiment and influence on crude oil prices, however, to remain the key driver. This article was originally posted on FX Empire More From FXEMPIRE: Gold Price Futures (GC) Technical Analysis – Minor Trend Changes to Up on Trade Through $1739.10 E-mini S&P 500 Index (ES) Futures Technical Analysis – Strengthens Over 3808.00, Weakens Under 3779.00 USD/JPY Price Forecast – US Dollar Continues to Shoot Straight Up The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | According to NZ Stats, Goods exports fell NZ$486m (10%) to NZ$4.2bn, while goods imports fell by a lesser NZ$256m (5%) to NZ$4.8m. For the Japanese Yen Inflation, industrial production, and retail sales figures were in focus this morning. The Day Ahead: For the EUR It’s a relatively quiet day ahead on theeconomic calendar French consumer spending figures are due out along with 2nd estimate GDP numbers for the 4th quarter. | For the Kiwi Dollar The trade surplus narrowed from NZ$2,980m to NZ$2,750m in January, year-on-year. According to NZ Stats, Goods exports fell NZ$486m (10%) to NZ$4.2bn, while goods imports fell by a lesser NZ$256m (5%) to NZ$4.8m. The Day Ahead: For the EUR It’s a relatively quiet day ahead on theeconomic calendar French consumer spending figures are due out along with 2nd estimate GDP numbers for the 4th quarter. | For the Japanese Yen Inflation, industrial production, and retail sales figures were in focus this morning. Business credit slipped by 0.1%, following a 0.3% rise in December. Expect market risk sentiment and influence on crude oil prices, however, to remain the key driver. | b322c4f2-067c-40de-8c67-efa8e055fabc |
709007.0 | 2021-02-24 00:00:00 UTC | The Economic Calendar Keeps the EUR and the Greenback in the Spotlight | DBO | https://www.nasdaq.com/articles/the-economic-calendar-keeps-the-eur-and-the-greenback-in-the-spotlight-2021-02-25 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively busy start to the day on the economic calendar this morning. The Aussie Dollar and the Kiwi Dollar were in focus in the early hours.
For the Aussie Dollar
Private CAPEX rose by 3.0% in the 4th quarter, reversing a 3.0% decline in the 3rd quarter. Economists had forecast a 0.40% increase.
According to the ABS,
Building and structures rose by 0.7%, while equipment, plant, and machinery jumped by 5.7%.
The Aussie Dollar moved from $0.79759 to $0.79728 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.11% to $0.7959.
For the Kiwi Dollar
Business confidence provided the Kiwi Dollar with direction early on. In February, the ANZ Business Confidence Index fell from 9.4 to 7.0.
According to the ANZ survey,
Firms’ own activity outlook eased by 1 point to 21.3%, while investment intentions rose by 7 points to 15.6%.
Employment intentions increased by 2 points, with a net 10.6% of respondents planning to hire more staff.
Inflationary pressures were also on the rise. Cost expectations rose 15 points to a net 71.9% of respondents reporting higher prices.
A net 46.2% of respondents intended to raise their prices, a historically high level.
Only a net 1.3% of firms expected higher profits, however, down from 6.8% in December.
The Kiwi Dollar moved from $0.74413 to $0.74408 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.15% to $0.7425.
Elsewhere
At the time of writing, the Japanese Yen was down by 0.21% to ¥106.09 against the U.S Dollar.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. German consumer sentiment figures for March will be in focus later this morning.
With business confidence on the rise, a pickup in consumer confidence would be a boost for the EUR and the European majors.
At the time of writing, the EUR was down by 0.07% to $1.2158.
For the Pound
It’s a quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction.
Expectations of a speedy economic recovery as the government plans to ease containment measures remains Pound positive.
At the time of writing, the Pound was down by 0.08% to $1.4129.
Across the Pond
It’s a busier day ahead on the economic calendar. 2nd estimate GDP numbers for the 4th quarter, core durable goods, and weekly jobless claims figures are due out later today.
Barring a revision to the GDP numbers, expect the core durable goods and initial jobless claims figures to be the key drivers.
Other stats include durable goods orders and pending home sales, which are unlikely to have an impact on the Dollar.
At the time of writing, the Dollar Spot Index was down by 0.04% to 90.141.
For the Loonie
It’s another quiet day ahead, with no material stats due out to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of market risk sentiment on the day.
While rising crude oil prices continues to be Loonie positive, concerns over a pickup in inflationary pressures could test support.
At the time of writing, the Loonie was down by 0.03% to C$1.2517 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | 2nd estimate GDP numbers for the 4th quarter, core durable goods, and weekly jobless claims figures are due out later today. Barring a revision to the GDP numbers, expect the core durable goods and initial jobless claims figures to be the key drivers. While rising crude oil prices continues to be Loonie positive, concerns over a pickup in inflationary pressures could test support. | For the Kiwi Dollar Business confidence provided the Kiwi Dollar with direction early on. 2nd estimate GDP numbers for the 4th quarter, core durable goods, and weekly jobless claims figures are due out later today. Barring a revision to the GDP numbers, expect the core durable goods and initial jobless claims figures to be the key drivers. | For the Kiwi Dollar Business confidence provided the Kiwi Dollar with direction early on. The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. This article was originally posted on FX Empire More From FXEMPIRE: Silver Price Daily Forecast – Strong Dollar And Rising Yields Put Pressure On Silver Why Shares Of Dollar Tree Are Rallying Today? | For the Pound It’s a quiet day ahead on the economic calendar. For the Loonie It’s another quiet day ahead, with no material stats due out to provide the Loonie with direction. At the time of writing, the Loonie was down by 0.03% to C$1.2517 against the U.S Dollar. | 2e6742c0-a8ec-46db-91a1-5f2abc5a0cd2 |
709008.0 | 2021-02-23 00:00:00 UTC | Economic Data Puts the EUR in Focus Ahead of Day 2 of FED Chair Powell Testimony | DBO | https://www.nasdaq.com/articles/economic-data-puts-the-eur-in-focus-ahead-of-day-2-of-fed-chair-powell-testimony-2021-02 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively quiet start to the day on the economic calendar this morning. The Aussie Dollar was in focus in the early hours, with the RBNZ also in action.
For the Aussie Dollar
Wage growth and construction figures were in focus this morning.
In the 4th quarter, wages grew by 0.6%, quarter-on-quarter, following a 0.1% rise in the 3rd quarter. Economists had forecast a 0.3% increase.
Construction work done fell by 0.9% in the 4th quarter, however, following a 2.6% slide in the 3rd quarter. Economists had forecast a 1% increase.
The Aussie Dollar moved from $0.79221 to $0.79218 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.40% to $0.7943.
For the Kiwi Dollar
This morning, the RBNZ left monetary policy unchanged, which was in line with market expectations.
With policy left unchanged, the RBNZ Rate Statement was the key driver.
Salient points from the Rate Statement included:
The Committee agreed to leave the OCR at 0.25%, and the LSAP Programme of up to NZ$100bn and the Funding for Lending Programme (FLP) operation unchanged.
While global economic activity has increased, the lift in activity has been uneven between and within countries.
The initiation of COVID-19 vaccine programmes is positive for health and economic activity.
There remains a significant period before widespread immunity is achieved, however.
With international border restrictions in place, economic uncertainty will remain heightened.
In NZ, households and businesses have benefitted from the easing of COVID-19 restrictions.
Some temporary factors were currently supporting consumer price inflation and employment. These include higher oil prices, supply disruptions, spending catchup, and fiscal stimulus.
The economic outlook remains highly uncertain, due to future health-related social restrictions.
Ongoing uncertainty is expected to constrain business investment and household spending growth.
The Committee agreed that inflation and employment would likely remain below its remit targets over the medium term in the absence of prolonged monetary stimulus.
Members were also prepared to provide additional monetary stimulus if necessary.
It was also noted that the operational work to enable the OCR to be taken negative, if required, was now complete.
The Kiwi Dollar moved from $0.73472 to $0.73583 upon release of the RBNZ Statement. At the time of writing, the Kiwi Dollar was up by 0.55% to $0.73753. Next up is the RBNZ press conference…
Elsewhere
At the time of writing, the Japanese Yen was down by 0.15% to ¥105.41 against the U.S Dollar.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. 2nd estimate GDP numbers for German are due out later this morning. Following revisions to the Eurozone numbers, expect any revision to 4th quarter to numbers to influence.
At the time of writing, the EUR was up by 0.07% to $1.2158.
For the Pound
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction.
The lack of stats will leave the Pound in the hands of market risk sentiment on the day.
We would expect any downside to be limited, however, with plans to ease COVID-19 restrictions positive for the Pound.
At the time of writing, the Pound was up by 0.53% to $1.4188.
Across the Pond
It’s a relatively quiet day ahead on the economic calendar. New home sales figures for January are due out later today.
We don’t expect the numbers to provide the Dollar or the broader markets with direction, however.
Chatter from Capitol Hill will likely be the key driver on the day.
At the time of writing, the Dollar Spot Index was down by 0.13% to 90.050.
For the Loonie
It’s also a particularly quiet day ahead on the economic calendar. There are no material stats to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of crude oil inventory numbers on the day.
At the time of writing, the Loonie was up by 0.17% to C$1.2565 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Kiwi Dollar This morning, the RBNZ left monetary policy unchanged, which was in line with market expectations. The Committee agreed that inflation and employment would likely remain below its remit targets over the medium term in the absence of prolonged monetary stimulus. This article was originally posted on FX Empire More From FXEMPIRE: Zoom Trading Sharply Higher After Blowout Quarter GBP/USD Price Forecast – British Pound Finding Support Price of Gold Fundamental Daily Forecast – Complacent Shorts Could Get Stuffed if Yields Ease Considerably The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Aussie Dollar Wage growth and construction figures were in focus this morning. For the Kiwi Dollar This morning, the RBNZ left monetary policy unchanged, which was in line with market expectations. With policy left unchanged, the RBNZ Rate Statement was the key driver. | FXEmpire.com - Earlier in the Day: It’s was a relatively quiet start to the day on the economic calendar this morning. The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. This article was originally posted on FX Empire More From FXEMPIRE: Zoom Trading Sharply Higher After Blowout Quarter GBP/USD Price Forecast – British Pound Finding Support Price of Gold Fundamental Daily Forecast – Complacent Shorts Could Get Stuffed if Yields Ease Considerably The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | FXEmpire.com - Earlier in the Day: It’s was a relatively quiet start to the day on the economic calendar this morning. For the Aussie Dollar Wage growth and construction figures were in focus this morning. This article was originally posted on FX Empire More From FXEMPIRE: Zoom Trading Sharply Higher After Blowout Quarter GBP/USD Price Forecast – British Pound Finding Support Price of Gold Fundamental Daily Forecast – Complacent Shorts Could Get Stuffed if Yields Ease Considerably The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | 27c2789d-aa52-4150-9791-229848e38317 |
709009.0 | 2021-02-22 00:00:00 UTC | Economic Data Puts the Pound and the Dollar in Focus ahead of Fed Chair Powell Testimony | DBO | https://www.nasdaq.com/articles/economic-data-puts-the-pound-and-the-dollar-in-focus-ahead-of-fed-chair-powell-testimony | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was another relatively quiet start to the day on the economic calendar this morning. The Kiwi Dollar was in action in the early hours, with the Japan markets closed for the day.
For the Kiwi Dollar
Retail sales figures were in focus this morning.
In the 4th quarter, retail sales fell by 2.7%, partially reversing a 28% jump in the 3rd quarter. Economists had forecast a 0.5% decline.
Compared with the 4th quarter of 2019, the total value of retail sales rose by 4.9%, with total volume rising by 4.8%.
According to NZ Stats,
Eleven of the 15 industries had higher sales values compared with the final quarter of 2019.
Motor vehicle and parts retailing rose by 12%, with hardware, building, and garden supplies up 16%.
Electrical and electronic goods retail increased by 19%, with supermarket and grocery stores up 3.3%.
Fuel retailing had the largest fall, declining by 10% (NZ$241m), followed by accommodation down 18% (NZ$215m).
The Kiwi Dollar moved from $0.73236 to $0.73278 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.03% to $0.7328.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.15% to ¥104.92 against the U.S Dollar, with the Aussie Dollar up by 0.01% to $0.7917.
The Day Ahead:
For the EUR
It’s a relatively busy day ahead on the economic calendar. Finalized January inflation figures for the Eurozone are due out later today.
Barring any deviation from prelim, however, the numbers should have a relatively muted impact on the EUR.
At the time of writing, the EUR was up by 0.12% to $1.2171.
For the Pound
It’s a relatively busy day ahead on the economic calendar. Key stats include December’s unemployment rate and January claimant count figures.
With lockdown measures still in effect, dire numbers will test support for the Pound. Progress on the vaccination front, however, and plans to ease restrictions should cushion the blow from any disappointing numbers.
At the time of writing, the Pound was up by 0.09% to $1.4075.
Across the Pond
It’s a relatively quiet day ahead on the economic calendar. Consumer confidence figures for February are due out later today.
We can expect influence from the numbers, particularly with little else for the markets to consider on the day.
House price figures for December are also due out but will likely have a muted impact on the Greenback.
High demand, driven by low mortgage rates, and low inventory numbers have pushed house prices up in spite of current labor market conditions.
On the monetary policy front, FED Chair Powell testimony late in the day will also be a key driver for the Dollar and the broader markets.
At the time of writing, the Dollar Spot Index was down by 0.03% to 89.987.
For the Loonie
It’s another quiet day ahead on the economic calendar. There are no material stats to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of market risk sentiment and crude oil prices on the day.
At the time of writing, the Loonie was up by 0.07% to C$1.2606 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | On the monetary policy front, FED Chair Powell testimony late in the day will also be a key driver for the Dollar and the broader markets. The lack of stats will leave the Loonie in the hands of market risk sentiment and crude oil prices on the day. This article was originally posted on FX Empire More From FXEMPIRE: The EUR Hits Reverse in Spite of Impressive Manufacturing PMIs for February EUR/USD Daily Forecast – Euro Tries To Rebound After Sell-Off GBP/USD Daily Forecast – U.S. Dollar Pulls Back The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Kiwi Dollar Retail sales figures were in focus this morning. The Day Ahead: For the EUR It’s a relatively busy day ahead on the economic calendar. For the Pound It’s a relatively busy day ahead on the economic calendar. | For the Kiwi Dollar Retail sales figures were in focus this morning. The Day Ahead: For the EUR It’s a relatively busy day ahead on the economic calendar. This article was originally posted on FX Empire More From FXEMPIRE: The EUR Hits Reverse in Spite of Impressive Manufacturing PMIs for February EUR/USD Daily Forecast – Euro Tries To Rebound After Sell-Off GBP/USD Daily Forecast – U.S. Dollar Pulls Back The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | House price figures for December are also due out but will likely have a muted impact on the Greenback. For the Loonie It’s another quiet day ahead on the economic calendar. At the time of writing, the Loonie was up by 0.07% to C$1.2606 against the U.S Dollar. | a1530dce-0928-4198-a0d2-cf943bd95e1c |
709010.0 | 2021-02-20 00:00:00 UTC | The Week Ahead – Economic Data and Capitol Hill in Focus | DBO | https://www.nasdaq.com/articles/the-week-ahead-economic-data-and-capitol-hill-in-focus-2021-02-21 | nan | nan | FXEmpire.com -
On the Macro
It’s a relatively busy week ahead on the economic calendar, with 51 stats in focus in the week ending 26th February. In the week prior, 72 stats had been in focus.
For the Dollar:
In the 1st half of the week, consumer sentiment figures for February are in focus. Following some disappointing Michigan numbers, expect a slide in the CB Consumer Confidence Index to test support for riskier assets.
After a quiet Wednesday, the focus then shifts to a busy end to the week.
On Thursday, core durable goods, 2nd estimate GDP numbers, and the weekly jobless claims are in focus.
Expect the numbers to draw plenty of attention ahead of inflation, trade, and personal spending figures on Friday.
With increased sensitivity to inflation, we can expect both the inflation and personal spending figures to be influence.
Other stats in the week include housing sector data, Chicago PMI figures, and finalized Michigan consumer sentiment numbers.
Barring dire numbers, however, the stats will likely have a muted impact on the markets.
The Dollar Spot Index ended the week down by 0.13% to 90.364.
For the EUR:
It’s a quieter week ahead on the economic data front.
In the 1st half of the week, German business confidence figures for February are due out. Expect the headline IFO Business Climate Index to be the key driver.
On Wednesday and Thursday, the German economy remains in focus. 2nd estimate GDP numbers for the 4th quarter and March consumer sentiment figures will draw attention.
Barring revisions to GDP numbers, expect the consumer sentiment figures to have the greatest influence.
At the end of the week, French consumer spending and 2nd estimate GDP numbers for the 4th quarter will wrap things up.
Once more, barring a marked revision to 1st estimate numbers, expect the consumer spending figures to be the key driver.
The EUR ended the week down by 0.01% to $1.2119.
For the Pound:
It’s a relatively quiet week ahead on the economic calendar.
December’s unemployment rate and January claimant count figures will be the key drivers.
Wage growth and 3-month rolling employment change figures will likely have less impact on the Pound.
Away from the stats, expect the UK government’s progress on vaccines and COVID-19 news to continue to influence.
The Pound ended the week up by 1.21% to $1.4016.
For the Loonie:
It’s a particularly quiet week ahead on the economic calendar.
Economic data is limited to January RMPI figures due out on Friday.
While we expect the numbers to influence, crude oil inventory numbers and market risk sentiment will also provide direction.
The Loonie ended the week up by 0.64% to C$1.2615 against the U.S Dollar.
Out of Asia
For the Aussie Dollar:
It’s another relatively quiet week.
Key stats include 4th quarter private CAPEX and construction work done, along with private sector credit figures for January.
Expect CAPEX and private sector credit figures to have the greatest influence in the week.
The Aussie Dollar ended the week up by 1.30% to $0.7869.
For the Kiwi Dollar:
It’s a busier week ahead on the economic calendar.
4th quarter retail sales figures kick things off on Tuesday. With borders closed, expect any weak numbers to test support for the Kiwi.
On Thursday, business confidence figures will also provide direction along with trade data on Friday.
The main event of the week, however, will be the RBNZ monetary policy decision on Wednesday…
After the RBA’s surprise move earlier in the month, will the RBNZ catch the markets off guard?
The Kiwi Dollar ended the week up by 1.05% to $0.7299.
For the Japanese Yen:
It is another busy week ahead.
February inflation and January industrial production and retail sales figures are in focus on Friday.
Expect the industry production and retail sales figures to have the greatest impact on the markets.
Ultimately, however, the numbers are unlikely to have too much impact on the Yen.
The Japanese Yen ended the week down by 0.49% to ¥105.45 against the U.S Dollar.
Out of China
It’s another quiet week ahead. There are no material stats due out of China to provide riskier assets with direction in the week.
The lack of stats will leave geopolitics in focus…
On the monetary policy front, the PBoC is in action on Monday. The markets are expecting the PBoC to leave loan prime rates unchanged, however.
The Chinese Yuan ended the week up by 0.01% to CNY6.4577 against the U.S Dollar.
Geo-Politics
U.S Politics
Capitol Hill and U.S foreign policy remain key areas of focus.
The markets will likely pay close attention to news updates on planned talks between the U.S and Iran.
There’s also China to keep an eye on.
On the fiscal stimulus front, there will be the hope of the Democrats delivering on the $1.9 trillion relief package this week.
COVID-19
Vaccination rates and availability of vaccines will remain a key area of interest.
As vaccines become more readily available, the next step is for key economies to ease restrictions.
New strains of the virus could weigh on a near-term economic recovery, however.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Following some disappointing Michigan numbers, expect a slide in the CB Consumer Confidence Index to test support for riskier assets. Other stats in the week include housing sector data, Chicago PMI figures, and finalized Michigan consumer sentiment numbers. This article was originally posted on FX Empire More From FXEMPIRE: Crude Oil Price Forecast – Crude Oil Markets Stall European Equities: Economic Data in Focus Amidst Inflationary Pressure Fears Economic Data from France Disappoints ahead of a Busy U.S Session The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Expect the numbers to draw plenty of attention ahead of inflation, trade, and personal spending figures on Friday. Barring revisions to GDP numbers, expect the consumer sentiment figures to have the greatest influence. February inflation and January industrial production and retail sales figures are in focus on Friday. | FXEmpire.com - On the Macro It’s a relatively busy week ahead on the economic calendar, with 51 stats in focus in the week ending 26th February. For the Dollar: In the 1st half of the week, consumer sentiment figures for February are in focus. Other stats in the week include housing sector data, Chicago PMI figures, and finalized Michigan consumer sentiment numbers. | FXEmpire.com - On the Macro It’s a relatively busy week ahead on the economic calendar, with 51 stats in focus in the week ending 26th February. For the EUR: It’s a quieter week ahead on the economic data front. Barring revisions to GDP numbers, expect the consumer sentiment figures to have the greatest influence. | e467f7ce-6c53-4e6c-9026-5f6bafe7d780 |
709011.0 | 2021-02-18 00:00:00 UTC | Economic Data Puts the EUR, the Loonie, the Pound, and the Greenback in the Spotlight | DBO | https://www.nasdaq.com/articles/economic-data-puts-the-eur-the-loonie-the-pound-and-the-greenback-in-the-spotlight-2021-02 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a busy start to the day on the economic calendar this morning. The Kiwi Dollar, the Japanese Yen, and the Aussie Dollar were in action early on.
For the Kiwi Dollar
The producer input price index ended the 4th quarter flat, following a 0.6% increase in the 3rd quarter of last year.
According to NZ Stats,
Highlighted input industries:
Dairy product manufacturing increased by 2.2%, while meat and meat production manufacturing fell by 0.8%.
Petroleum and coal product manufacturing slid by 5.5% in the quarter.
The Kiwi Dollar moved from $0.72242 to $0.72187 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.06% to $0.7217.
For the Japanese Yen
Inflation and private sector PMI figures were in focus this morning.
In January, deflationary pressures softened, with core consumer prices falling by 0.6% year-on-year. Core consumer prices had fallen by 1.0%, year-on-year, in December. Economists had forecast a 0.7% decline.
Consumer prices also fell by 0.6%, year-on-year, following a 1.2% decline in December.
The Japanese Yen moved from ¥105.653 to ¥105.673 upon release of the figures that preceded prelim private sector PMIs for February.
In February, the manufacturing PMI increased from 49.8 to 50.6, while the services PMI fell from 46.1 to 45.8.
According to the prelim Markit survey,
Service sector conditions deteriorated further, with new orders, weighed by weak domestic demand, seeing a strong decline.
By contrast, the manufacturing sector saw a pickup in new orders, supported by a rise in new export orders. New export orders had fallen in January.
Across the private sector, employment rose for the first time in 12-months. While there was a weaker decline in the manufacturing sector, service sector firms increased payrolls.
Businesses were optimistic that business conditions would improve in the next 12-months. Hopes that an end to the COVID-19 pandemic would induce a recovery in domestic and foreign demand drove optimism.
The Japanese Yen moved from ¥105.711 to ¥105.710 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.02% to ¥105.71 against the U.S Dollar.
For the Aussie Dollar
Prelim retail sales figures for January were in focus.
According to the ABS, retail sales increased by 0.6% in January. In December, retail sales had fallen by 4.1%.
Food retailing sales increased by 1.8%, reversing a 1.7% decline from December.
There were declines in clothing, footwear, and personal accessory retailing, household goods retailing, and department stores, however.
A 3-day lockdown in Brisbane weighed on the three retail sectors in January.
Compared with January 2020, retail sales were up by 10.7%.
The Aussie Dollar moved from $0.77695 to $0.77679 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.04% to $0.7771.
The Day Ahead:
For the EUR
It’s a particularly busy day ahead on the economic calendar. Prelim private sector PMI figures for France, Germany, and the Eurozone are due out later today.
Expect plenty of influence from the February numbers. While there’s concern over the services sector, the manufacturing sector will need to continue to perform.
Any weaker manufacturing numbers and the EUR will likely come under pressure. New orders and sentiment towards pricing will likely be key areas of focus.
At the time of writing, the EUR was up by 0.02% to $1.2095.
For the Pound
It’s a busy day ahead on the economic calendar. January retail sales figures are due out along with prelim private sector PMI numbers for February.
The retail sales and services PMI figures will likely be the key drivers.
CBI industrial trend orders for February are also due out but will likely have a muted impact on the Pound.
At the time of writing, the Pound was down by 0.04% to $1.3970.
Across the Pond
It’s another busy day ahead on the economic calendar. Key stats include February’s prelim private sector PMI numbers and housing sector data.
The services PMI will be the main area of interest on the day.
At the time of writing, the Dollar Spot Index was down by 0.07% to 90.532.
For the Loonie
It’s a relatively busy day on the economic data front. Retail sales figures for December are due out later today.
With economic data on the lighter side in the week, we can expect plenty of Loonie sensitivity to the numbers.
From elsewhere, private sector PMI numbers will also influence crude oil prices and ultimately the Loonie.
At the time of writing, the Loonie was down by 0.01% to C$1.2680 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Japanese Yen moved from ¥105.653 to ¥105.673 upon release of the figures that preceded prelim private sector PMIs for February. According to the prelim Markit survey, Service sector conditions deteriorated further, with new orders, weighed by weak domestic demand, seeing a strong decline. January retail sales figures are due out along with prelim private sector PMI numbers for February. | According to NZ Stats, Highlighted input industries: Dairy product manufacturing increased by 2.2%, while meat and meat production manufacturing fell by 0.8%. January retail sales figures are due out along with prelim private sector PMI numbers for February. Key stats include February’s prelim private sector PMI numbers and housing sector data. | For the Aussie Dollar Prelim retail sales figures for January were in focus. January retail sales figures are due out along with prelim private sector PMI numbers for February. Key stats include February’s prelim private sector PMI numbers and housing sector data. | For the Aussie Dollar Prelim retail sales figures for January were in focus. January retail sales figures are due out along with prelim private sector PMI numbers for February. Retail sales figures for December are due out later today. | 961b84bb-eada-4ac8-abe9-094bf44b95c2 |
709012.0 | 2021-02-17 00:00:00 UTC | Economic Data Puts the EUR and Dollar in the Spotlight, with ECB Minutes also in Focus | DBO | https://www.nasdaq.com/articles/economic-data-puts-the-eur-and-dollar-in-the-spotlight-with-ecb-minutes-also-in-focus-2021 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was another relatively quiet start to the day on the economic calendar this morning. The Aussie Dollar was in action as the China markets reopened following the Chinese New Year close.
For the Aussie Dollar
In January, employment increased by 29.1k in Australia, falling short of a forecasted 40.0k rise, according to the ABS. Employment had risen by 50.0k in December.
Full employment rose by 59.0k, following a 35.7k increase in December. The unemployment rate slipped from 6.6% to 6.4%. Economists had forecast an unemployment rate of 6.5%.
The participation rate fell from 66.2% to 66.1%, with the underemployed falling from 8.5% to 8.1%.
The Aussie Dollar moved from $0.77638 to $0.77676 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.06% to $0.7756.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.08% to ¥105.79 against the U.S Dollar, while the Kiwi Dollar was down by 0.04% to $0.7188.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. Eurozone consumer confidence figures are due out late in the European session.
Ahead of the numbers, the ECB’s monetary policy meeting minutes are also due out and will influence. Will the minutes highlight concerns over the economic outlook or stand by its growth forecasts for the year?
At the time of writing, the EUR was up by 0.02% to $1.2041.
For the Pound
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the UK to knock the Pound off its road to recovery.
Market sentiment towards the economic outlook remains positive for the Pound near-term. Any risk aversion, however, and expect the Pound to come under pressure.
At the time of writing, the Pound was down by 0.01% to $1.3856.
Across the Pond
It’s another busy day ahead on the economic calendar. Key stats include Philly FED Manufacturing PMI figures and the weekly jobless claims numbers.
While both sets of numbers will influence, the weekly jobless claims figures will likely have the greatest impact.
Housing sector data for January also due out should have a muted impact on the Dollar and market risk sentiment.
At the time of writing, the Dollar Spot Index was down by 0.06% to 90.897.
For the Loonie
It’s a particularly quiet day on the economic data front. There are no material stats due out of Canada to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of market risk sentiment on the day. Continued market optimism towards the global economic recovery and anticipated pickup in crude oil consumption remains Loonie positive near-term.
At the time of writing, the Loonie was down by 0.03% to C$1.2706 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Key stats include Philly FED Manufacturing PMI figures and the weekly jobless claims numbers. Continued market optimism towards the global economic recovery and anticipated pickup in crude oil consumption remains Loonie positive near-term. This article was originally posted on FX Empire More From FXEMPIRE: NZD/USD Forex Technical Analysis – .7395 Next Upside Target; Close Below .7344 Forms Reversal Top German 4th Quarter GDP Revisions Support the DAX30 and the EUR GBP/USD Daily Forecast – British Pound Continues To Rally Against U.S. Dollar The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Market sentiment towards the economic outlook remains positive for the Pound near-term. While both sets of numbers will influence, the weekly jobless claims figures will likely have the greatest impact. Continued market optimism towards the global economic recovery and anticipated pickup in crude oil consumption remains Loonie positive near-term. | Elsewhere At the time of writing, the Japanese Yen was up by 0.08% to ¥105.79 against the U.S Dollar, while the Kiwi Dollar was down by 0.04% to $0.7188. The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. This article was originally posted on FX Empire More From FXEMPIRE: NZD/USD Forex Technical Analysis – .7395 Next Upside Target; Close Below .7344 Forms Reversal Top German 4th Quarter GDP Revisions Support the DAX30 and the EUR GBP/USD Daily Forecast – British Pound Continues To Rally Against U.S. Dollar The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Aussie Dollar In January, employment increased by 29.1k in Australia, falling short of a forecasted 40.0k rise, according to the ABS. At the time of writing, the Pound was down by 0.01% to $1.3856. At the time of writing, the Loonie was down by 0.03% to C$1.2706 against the U.S Dollar. | 8ef1a272-5592-4841-9137-bcd82f1939bc |
709013.0 | 2021-02-17 00:00:00 UTC | Don’t Recoil from Oil: 2 Invesco ETFs Are Riding the Energy Rally | DBO | https://www.nasdaq.com/articles/dont-recoil-from-oil%3A-2-invesco-etfs-are-riding-the-energy-rally-2021-02-17 | nan | nan | Oil keeps on climbing, adding more fuel to the energy rally flame. Two strong ETFs that stand to benefit from the rally include the Invesco DB Oil Fund (DBO) and the broader Invesco DB Energy Fund (DBE).
Right now, a confluence of harsh weather, geopolitical events, and OPEC supply cuts are continuing to move in favor of higher oil prices.
Up over 40% in the past few months, DBO seeks to track the DBIQ Optimum Yield Crude Oil Index Excess Return (DBIQ-OY CL ER), which is intended to reflect the changes in market value of crude oil. The single index Commodity consists of Light, Sweet Crude Oil (WTI). The fund invests in futures contracts in an attempt to track its corresponding index.
The broader energy play, DBE, is up 34% and seeks to track the DBIQ Optimum Yield Energy Index Excess Return, which is intended to reflect the changes in market value of the energy sector. The index Commodities consist of Light, Sweet Crude Oil (WTI), Heating Oil, Brent Crude Oil, RBOB Gasoline, and Natural Gas. The fund invests in futures contracts in an attempt to track its index.
Harsh Weather Affects Oil Supply
When dealing with oil prices, the basic economic tenets of supply and demand are an obvious factor. Right now, harsh weather is hurting supply, which is boosting oil prices in turn.
“Winter storm and arctic blast of cold weather that is making its way south to Houston may have some severe impacts on the oil industry. Frigid weather means that many oil wells may be shut in. Water is produced along with oil, that water can freeze up equipment,” oil analyst Andy Lipow wrote over the weekend, as quoted on CNBC.
“The cold air affects oil production in Canada, North Dakota, Oklahoma, Texas and elsewhere,” the analyst added.
For more news and information, visit the Innovative ETFs Channel.
Read more on ETFtrends.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Two strong ETFs that stand to benefit from the rally include the Invesco DB Oil Fund (DBO) and the broader Invesco DB Energy Fund (DBE). Up over 40% in the past few months, DBO seeks to track the DBIQ Optimum Yield Crude Oil Index Excess Return (DBIQ-OY CL ER), which is intended to reflect the changes in market value of crude oil. Right now, a confluence of harsh weather, geopolitical events, and OPEC supply cuts are continuing to move in favor of higher oil prices. | Two strong ETFs that stand to benefit from the rally include the Invesco DB Oil Fund (DBO) and the broader Invesco DB Energy Fund (DBE). Up over 40% in the past few months, DBO seeks to track the DBIQ Optimum Yield Crude Oil Index Excess Return (DBIQ-OY CL ER), which is intended to reflect the changes in market value of crude oil. The index Commodities consist of Light, Sweet Crude Oil (WTI), Heating Oil, Brent Crude Oil, RBOB Gasoline, and Natural Gas. | Up over 40% in the past few months, DBO seeks to track the DBIQ Optimum Yield Crude Oil Index Excess Return (DBIQ-OY CL ER), which is intended to reflect the changes in market value of crude oil. Two strong ETFs that stand to benefit from the rally include the Invesco DB Oil Fund (DBO) and the broader Invesco DB Energy Fund (DBE). The index Commodities consist of Light, Sweet Crude Oil (WTI), Heating Oil, Brent Crude Oil, RBOB Gasoline, and Natural Gas. | Two strong ETFs that stand to benefit from the rally include the Invesco DB Oil Fund (DBO) and the broader Invesco DB Energy Fund (DBE). Up over 40% in the past few months, DBO seeks to track the DBIQ Optimum Yield Crude Oil Index Excess Return (DBIQ-OY CL ER), which is intended to reflect the changes in market value of crude oil. Oil keeps on climbing, adding more fuel to the energy rally flame. | bfafbedb-4296-4f5e-a948-90bd80fcf803 |
709014.0 | 2021-02-16 00:00:00 UTC | Economic Data Puts the Pound and the Dollar in Focus ahead of the FOMC Meeting Minutes | DBO | https://www.nasdaq.com/articles/economic-data-puts-the-pound-and-the-dollar-in-focus-ahead-of-the-fomc-meeting-minutes | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively quiet start to the day on the economic calendar this morning. While the China markets were closed, the Japanese Yen was in action in the early hours.
For the Japanese Yen
In January, Japan’s trade balance fell from a ¥749.6bn surplus to a ¥323.9bn deficit. Economists had forecast a deficit of ¥600.0bn.
According to figures released by the Ministry of Finance,
Compared with January 2020, exports rose by 6.4% to ¥5.780bn, while imports fell by 9.5% to ¥6.104bn.
Exports to China jumped by 37.5%, supporting a 19.4% increase in exports to Asia.
To the U.S, exports fell by 4.8%, however, with exports to Europe falling by 10.3%.
Imports from the U.S fell by 14%, with imports from Asia declining by 4.5%.
The Japanese Yen moved from ¥106.024 to ¥106.06 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.02% to ¥105.36 against the U.S Dollar.
Elsewhere
At the time of writing, the Aussie Dollar was down by 0.15% to $0.7746, with the Kiwi Dollar down by 0.26% to $0.7196.
The Day Ahead:
For the EUR
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the Eurozone to provide the EUR with direction.
With little else to consider, expect car registration figures for January will draw some attention.
At the time of writing, the EUR was down by 0.12% to $1.2091.
For the Pound
It’s a relatively busy day ahead on the economic calendar. January inflation figures are due out later today.
With the UK government making progress on the vaccination front, optimism towards the UK economic recovery has improved. A pickup in inflationary pressures would provide further upside for the Pound.
At the time of writing, the Pound was down by 0.22% to $1.3873.
Across the Pond
It’s a busy day ahead on the economic calendar. Key stats include retail sales, industrial production, and wholesale inflation figures.
Expect January’s retail sales figures to have the greatest influence on the Dollar and market risk sentiment.
On the monetary policy front, the FOMC meeting minutes late in the U.S session will also draw attention. The minutes will need to be aligned with FED Chair Powell’s assurances of lower for longer…
At the time of writing, the Dollar Spot Index was up by 0.24% to 90.728. A jump in U.S Treasury yields supported by expectations of a pickup in inflationary pressures supported demand for the Dollar.
For the Loonie
It’s a relatively quiet day on the economic data front. January inflation figures are due out late in the day.
While we will expect the numbers to influence, crude oil inventory numbers will also provide direction in the day.
At the time of writing, the Loonie was down by 0.15% to C$1.2709 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Expect January’s retail sales figures to have the greatest influence on the Dollar and market risk sentiment. The minutes will need to be aligned with FED Chair Powell’s assurances of lower for longer… At the time of writing, the Dollar Spot Index was up by 0.24% to 90.728. This article was originally posted on FX Empire More From FXEMPIRE: NASDAQ, S&P 500 Tumble as High-Flying Tech Shares Plunge on Valuation Concerns Natural Gas Price Prediction – Prices Slide on Warmer Weather Forecast U.S. Dollar Index (DX) Futures Technical Analysis – 89.890 Could Be Trigger Point for Steep Plunge into 89.165 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Day Ahead: For the EUR It’s a particularly quiet day ahead on the economic calendar. Expect January’s retail sales figures to have the greatest influence on the Dollar and market risk sentiment. January inflation figures are due out late in the day. | At the time of writing, the Japanese Yen was down by 0.02% to ¥105.36 against the U.S Dollar. The Day Ahead: For the EUR It’s a particularly quiet day ahead on the economic calendar. This article was originally posted on FX Empire More From FXEMPIRE: NASDAQ, S&P 500 Tumble as High-Flying Tech Shares Plunge on Valuation Concerns Natural Gas Price Prediction – Prices Slide on Warmer Weather Forecast U.S. Dollar Index (DX) Futures Technical Analysis – 89.890 Could Be Trigger Point for Steep Plunge into 89.165 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | According to figures released by the Ministry of Finance, Compared with January 2020, exports rose by 6.4% to ¥5.780bn, while imports fell by 9.5% to ¥6.104bn. For the Loonie It’s a relatively quiet day on the economic data front. January inflation figures are due out late in the day. | 75021ea0-d01d-4c58-85fd-323affc334f6 |
709015.0 | 2021-02-15 00:00:00 UTC | Economic Data Puts the EUR and the Greenback in Focus Amidst Relentless Market Optimism | DBO | https://www.nasdaq.com/articles/economic-data-puts-the-eur-and-the-greenback-in-focus-amidst-relentless-market-optimism | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a particularly quiet start to the day on the economic calendar this morning, with no material stats for the markets to consider.
Later this morning, however, the RBA meeting minutes and tertiary industry activity numbers from Japan will be in focus.
Expect the RBA meeting minutes to draw the greatest interest following the surprise move at the last meet.
The Majors
At the time of writing, the Japanese Yen was up by 0.02% to ¥105.36 against the U.S Dollar, with the Aussie Dollar up by 0.04% to $0.7784. The Kiwi Dollar was up by 0.07% to $0.7232.
The Day Ahead:
For the EUR
It’s a busy day ahead on theeconomic calendar
Key stats include 2nd estimate GDP numbers for the Eurozone and ZEW economic sentiment figures for Germany and the Eurozone.
Expect both sets of figures to influence later this morning, particularly if there are any revisions to GDP numbers.
At the time of writing, the EUR was flat at $1.2129.
For the Pound
It’s another quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction.
The lack of stats will continue to leave the Pound in the hands of market risk sentiment and COVID-19 news on the day.
At the time of writing, the Pound was up by 0.03% to $1.3907.
Across the Pond
It’s a relatively quiet day ahead on theeconomic calendar following Monday’s holiday. NY Empire State Manufacturing numbers are due out later today.
With little else to consider, expect the numbers to influence.
Away from theeconomic calendar chatter from Capitol Hill will also need continued monitoring.
For the Loonie
It’s a relatively quiet day on the economic data front following Monday’s holiday.
Housing start figures for January and foreign security purchases for December are due out.
Barring particularly dire numbers, however, we don’t expect too much influence from the numbers.
Chatter from Capitol Hill and crude oil prices will remain the key drivers on the day.
At the time of writing, the Loonie was flat at C$1.2639 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The lack of stats will continue to leave the Pound in the hands of market risk sentiment and COVID-19 news on the day. Chatter from Capitol Hill and crude oil prices will remain the key drivers on the day. This article was originally posted on FX Empire More From FXEMPIRE: S&P 500 Price Forecast – Stock Markets Have Pulled Back Yet Again E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Reaction to 31426 Sets Tone into Close GBP/USD Price Forecast – British Pound Continues to Look Parabolic The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | FXEmpire.com - Earlier in the Day: It’s was a particularly quiet start to the day on the economic calendar this morning, with no material stats for the markets to consider. The Day Ahead: For the EUR It’s a busy day ahead on theeconomic calendar Key stats include 2nd estimate GDP numbers for the Eurozone and ZEW economic sentiment figures for Germany and the Eurozone. Across the Pond It’s a relatively quiet day ahead on theeconomic calendar following Monday’s holiday. | FXEmpire.com - Earlier in the Day: It’s was a particularly quiet start to the day on the economic calendar this morning, with no material stats for the markets to consider. The Day Ahead: For the EUR It’s a busy day ahead on theeconomic calendar Key stats include 2nd estimate GDP numbers for the Eurozone and ZEW economic sentiment figures for Germany and the Eurozone. This article was originally posted on FX Empire More From FXEMPIRE: S&P 500 Price Forecast – Stock Markets Have Pulled Back Yet Again E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Reaction to 31426 Sets Tone into Close GBP/USD Price Forecast – British Pound Continues to Look Parabolic The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | FXEmpire.com - Earlier in the Day: It’s was a particularly quiet start to the day on the economic calendar this morning, with no material stats for the markets to consider. The Day Ahead: For the EUR It’s a busy day ahead on theeconomic calendar Key stats include 2nd estimate GDP numbers for the Eurozone and ZEW economic sentiment figures for Germany and the Eurozone. Expect both sets of figures to influence later this morning, particularly if there are any revisions to GDP numbers. | a8adb8e1-1509-4977-8191-ca117cf6b32d |
709016.0 | 2021-02-14 00:00:00 UTC | Economic Data Puts the EUR in Focus, While the Pound Makes an Early Move | DBO | https://www.nasdaq.com/articles/economic-data-puts-the-eur-in-focus-while-the-pound-makes-an-early-move-2021-02-15 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively quiet start to the week on the economic calendar this morning, with the China and Hong Kong markets closed. Going into the Asian open, the Japanese Yen was in action, however.
Later this morning, finalized industrial production figures from Japan are also due out. We don’t expect too much influence from the numbers, however.
For the Japanese Yen
4th quarter GDP numbers were in focus this morning.
Quarter-on-quarter, the Japanese economy expanded by 3.0%, following 5.3% growth in the 3rd quarter. Economists had forecast the economy to expand by 2.3%.
Year-on-year, the economy expanded by 12.7% following the 3rd quarter’s 22.9% rebound. Economists had forecast growth of 9.5%.
GDP capital expenditures rebounded in the 4th quarter, rising by 4.5%. Economists had forecast a 2.6% increase following a 2.4% slide in the 3rd
External demand saw a more modest 1.0% rise, following a 2.7% increase in the 3rd
Private consumption also saw a more modest 2.2% increase. In the 3rd quarter, private consumption had risen by 5.1%.
The Japanese Yen moved from ¥105.045 to ¥105.039 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.10% to ¥105.04 against the U.S Dollar
Elsewhere
At the time of writing, the Aussie Dollar was up by 0.03% to $0.7763, while the Kiwi Dollar was down by 0.01% to $0.7222. News of Auckland going into lockdown pegged the Kiwi back early on.
The Day Ahead:
For the EUR
It’s a relatively busy day ahead on the economic calendar.
Key stats include December industrial production and trade data for the Eurozone. Following some disappointing industrial production figures from member states, we can expect plenty of interest in the numbers.
Trade data will need to provide support, however, as the Eurozone continues to struggle amidst containment measures.
At the time of writing, the EUR was up by 0.02% to $1.2122.
For the Pound
It’s a quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction.
The lack of stats will leave the Pound in the hands of market risk sentiment and vaccination news on the day. Progress on the vaccination front has fueled hopes of an early end to lockdown measures, driving Pound support.
At the time of writing, the Pound was up by 0.20% to $1.3877.
Across the Pond
There are no material stats due out of the U.S, with the U.S markets closed for President’s Day.
At the time of writing, the Dollar Spot Index was down by 0.04% to 90.441.
For the Loonie
It’s also a quiet day on the economic data front, with the Canadian markets closed for Family Day.
The lack of stats will leave the Loonie in the hands of crude oil prices on the day.
At the time of writing, the Loonie was up by 0.08% to C$1.2686 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | FXEmpire.com - Earlier in the Day: It’s was a relatively quiet start to the week on the economic calendar this morning, with the China and Hong Kong markets closed. Progress on the vaccination front has fueled hopes of an early end to lockdown measures, driving Pound support. This article was originally posted on FX Empire More From FXEMPIRE: AUD/USD Forex Technical Analysis – Trader Reaction to .7869 Sets the Tone on Monday Powell Congressional Testimony: Likely to Address Rising Rates, Surge in Inflation, Need for Fiscal Stimulus The Crypto Daily – Movers and Shakers – February 22nd, 2021 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Japanese Yen 4th quarter GDP numbers were in focus this morning. The lack of stats will leave the Pound in the hands of market risk sentiment and vaccination news on the day. For the Loonie It’s also a quiet day on the economic data front, with the Canadian markets closed for Family Day. | At the time of writing, the Japanese Yen was down by 0.10% to ¥105.04 against the U.S Dollar Elsewhere At the time of writing, the Aussie Dollar was up by 0.03% to $0.7763, while the Kiwi Dollar was down by 0.01% to $0.7222. The Day Ahead: For the EUR It’s a relatively busy day ahead on the economic calendar. For the Loonie It’s also a quiet day on the economic data front, with the Canadian markets closed for Family Day. | For the Japanese Yen 4th quarter GDP numbers were in focus this morning. The lack of stats will leave the Pound in the hands of market risk sentiment and vaccination news on the day. For the Loonie It’s also a quiet day on the economic data front, with the Canadian markets closed for Family Day. | 3dde014f-325f-4912-aee0-0c07d368b4b6 |
709017.0 | 2021-02-13 00:00:00 UTC | The Week Ahead – A Busy Economic Calendar and U.S Politics in Focus | DBO | https://www.nasdaq.com/articles/the-week-ahead-a-busy-economic-calendar-and-u.s-politics-in-focus-2021-02-14 | nan | nan | FXEmpire.com -
On the Macro
It’s a busy week ahead on the economic calendar, with 77 stats in focus in the week ending 19th February. In the week prior, 33 stats had been in focus.
For the Dollar:
It’s a busy week ahead.
In the 1st half of the week, January retail sales and industrial production figures will be in focus.
Expect retail sales figures to be the key driver.
The focus will then shift to Philly FED Manufacturing PMI numbers and weekly jobless claims figures on Friday.
While we would expect plenty of sensitivity to the jobless claim figures, the PMI numbers will also influence.
At the end of the week, prelim private sector PMI numbers for February wrap things up on Friday. The Services PMI will likely have the greatest impact on the day.
Other stats include wholesale inflation and housing sector data along with NY Empire State Manufacturing figures. These stats should have a muted impact on the markets, however.
On the monetary policy front, the FOMC meeting minutes are also due out on Wednesday. Expect the minutes to influence. The markets will be looking for the Committee to be aligned with Powell’s recent forward guidance.
The Dollar Spot Index ended the week down by 0.62% to 90.480.
For the EUR:
It’s also a busy week ahead on the economic data front.
In the 1st half of the week, economic data for Germany and the Eurozone will be in focus.
2nd estimate GDP numbers for the 4th quarter and ZEW Economic Sentiment figures for February are due out.
Industrial production and trade data for the Eurozone will also draw attention at the start of the week.
On Thursday, finalized January inflation and consumer confidence figures for the Eurozone are due out ahead of a busy Friday.
Prelim private sector PMI numbers for France, Germany, and the Eurozone are due out on Friday.
While Germany’s Manufacturing PMI will have the greatest influence, also expect sensitivity to the rest of the PMIs. Lockdown measures are likely to hurt the services sector further in February. Any impact on the manufacturing sector and expect the EUR to come under pressure.
On the monetary policy front, the ECB monetary policy meeting minutes are due out on Thursday. We can expect plenty of interest. In the last press conference, ECB President stood by the ECB growth forecasts. Lagarde did warn of downside risks, however.
The EUR ended the week up by 0.61% to $1.2120.
For the Pound:
It’s another busy week ahead on the economic calendar.
On Wednesday, January inflation figures are due out ahead of a busy Friday.
At the end of the week, January retail sales and February prelim private sector PMIs will be in focus.
Expect the retail sales and services PMI numbers to have the greatest impact on the Pound.
Other stats include CBI industrial trend orders for February. Barring particularly dire numbers, however, the stats should have a muted impact on the Pound.
The Pound ended the week up by 0.83% to $1.3849.
For the Loonie:
It’s a relatively busy week ahead on the economic calendar.
January inflation figures on Wednesday and December retail sales figures on Friday will influence.
Other stats include manufacturing sales, housing stats, and foreign security purchases. We don’t expect too much influence from the numbers, however.
From elsewhere, expect the PMI numbers from the Eurozone and the U.S to also influence. Week numbers would question the market optimism towards the economic outlook… Any shift in sentiment would weigh on crude oil prices and the Loonie.
The Loonie ended the week up by 0.47% to C$1.2696 against the U.S Dollar.
Out of Asia
For the Aussie Dollar:
It’s another relatively quiet week.
January employment figures are due out on Thursday ahead of wage growth figures on Friday.
Expect the employment numbers to have the greatest impact. Consumer spending remains key to an economic recovery. A weakening in labor market conditions would test support for the Aussie Dollar.
On the monetary policy front, the RBA meeting minutes will also influence on Tuesday.
The Aussie Dollar ended the week up by 1.08% to $0.7761.
For the Kiwi Dollar:
It’s a particularly quiet week ahead on the economic calendar.
Wholesale inflation figures for the 4th quarter are due out on Friday. With no other stats to consider, the Kiwi will be in the hands of market risk sentiment in the week.
Expect the Eurozone and the U.S PMI numbers on Friday to also provide direction.
The Kiwi Dollar ended the week up by 0.35% to $0.7223.
For the Japanese Yen:
It is a busy week ahead.
At the start of the week, 4th quarter GDP and finalized industrial production figures are due out.
Expect the GDP numbers to garner plenty of interest.
The focus will then shift to trade data on Wednesday ahead of inflation figures and prelim PMI numbers on Friday.
The Japanese Yen ended the week up by 0.43% to ¥104.94 against the U.S Dollar.
Out of China
It’s a quiet week ahead. With the Chinese market closed for Chinese New Year, there are no material stats to consider in the week.
The lack of stats will leave geo-politics in focus.
The Chinese Yuan ended the week up by 0.12% to CNY6.4582 against the U.S Dollar.
Geo-Politics
U.S Politics
Capitol Hill and U.S foreign policy remain key areas of focus.
The need for a COVID-19 relief package is becoming more pressing as labor market woes linger.
With the markets now expecting the Democrats to deliver Biden’s $1.9tn, economic growth forecasts are being revised upwards.
Any unexpected speed bumps on stimulus front and expect risk aversion to sweep the markets.
COVID-19
Vaccination rates and availability of vaccines will continue to be key areas of interest.
An upward trend in vaccination rates and a downward trend on infection rates would support riskier assets in the week.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The focus will then shift to Philly FED Manufacturing PMI numbers and weekly jobless claims figures on Friday. On Thursday, finalized January inflation and consumer confidence figures for the Eurozone are due out ahead of a busy Friday. Week numbers would question the market optimism towards the economic outlook… Any shift in sentiment would weigh on crude oil prices and the Loonie. | On the monetary policy front, the ECB monetary policy meeting minutes are due out on Thursday. The focus will then shift to trade data on Wednesday ahead of inflation figures and prelim PMI numbers on Friday. This article was originally posted on FX Empire More From FXEMPIRE: USD/JPY Weekly Price Forecast – US Dollar Continues to Grind Higher Natural Gas Weekly Price Forecast – Natural Gas Markets Give Up Gains U.S. Market Wrap and Forecast for Monday The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | FXEmpire.com - On the Macro It’s a busy week ahead on the economic calendar, with 77 stats in focus in the week ending 19th February. The focus will then shift to Philly FED Manufacturing PMI numbers and weekly jobless claims figures on Friday. This article was originally posted on FX Empire More From FXEMPIRE: USD/JPY Weekly Price Forecast – US Dollar Continues to Grind Higher Natural Gas Weekly Price Forecast – Natural Gas Markets Give Up Gains U.S. Market Wrap and Forecast for Monday The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | FXEmpire.com - On the Macro It’s a busy week ahead on the economic calendar, with 77 stats in focus in the week ending 19th February. For the EUR: It’s also a busy week ahead on the economic data front. The focus will then shift to trade data on Wednesday ahead of inflation figures and prelim PMI numbers on Friday. | c16937a1-2520-4723-a7c2-9bd13b06c94f |
709018.0 | 2021-02-09 00:00:00 UTC | Economic Data Put the EUR and Dollar in the Spotlight, with ECB President Lagarde also in Focus | DBO | https://www.nasdaq.com/articles/economic-data-put-the-eur-and-dollar-in-the-spotlight-with-ecb-president-lagarde-also-in | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively busy start to the Day on the economic calendar this morning. The Aussie Dollar was in action, with economic data from the China also in focus.
For the Aussie Dollar
In February, the Westpac Consumer Sentiment Index rose by 1.9% to 109.1. In January, the index had fallen by 4.5% to 107.0. Economists had forecast a 1.0% increase.
Sentiment remained strong in February, which is key to a more positive outlook on consumer spending.
According to the latest Westpac Report,
The upside in February came following January’s pullback from a 10-year high in December.
Looking at the sub-indexes:
Family finances vs a year ago slipped by 0.6% to 88.8. By contrast, family finances next 12-months rose by 2.6% to 111.4. The sub-index was also up by 12.4% year-on-year.
The economic conditions next 12-months jumped by 6.9% to 109.8 and was up by 22.9% year-on-year.
Sentiment towards employment conditions also improved. The Unemployment Expectations Index fell by 3.8% to 114.5 and was down by 15% year-on-year.
The Aussie Dollar moved from $0.77380 to $0.77413 upon release of the figures that preceded inflation figures from China. At the time of writing, the Aussie Dollar was down by 0.12% to $0.7730.
From China
Inflation figures were in focus.
In January, deflationary pressures returned. Consumer prices fell by 0.3%, year-on-year, reversing a 0.2% rise from December. Economists had forecast a 0.1% decline.
Month-on-month, however, consumer prices rose by 1.0% following a 0.7% increase in December. Economists had also forecast a 1.0% rise.
Wholesale inflationary pressures returned in January. The producer price index rose by 0.3%, year-on-year, partially reversing a 0.4% decline from December. Economists had forecast a 0.4% increase.
The Aussie Dollar moved from $0.77282 to $0.77300 upon release of the figures.
Elsewhere
At the time of writing, the Japanese Yen was down by 0.07% to ¥104.66 against the U.S Dollar, with the Kiwi Dollar down by 0.19% to $0.7228.
The Day Ahead:
For the EUR
It’s another relatively quiet day ahead on theeconomic calendar
Finalized German inflation figures for January and French industrial production figures for December are due out.
Expect the French industrial production figures to have the greatest impact on the EUR.
On the monetary policy front, ECB President Lagarde is also scheduled to speak later in the day.
At the time of writing, the EUR was down by 0.04% to $1.2114.
For the Pound
It’s another quiet day ahead on the economic calendar, with no material stats due out of the UK.
The lack of stats will continue to leave the Pound in the hands of COVID-19 news updates and market risk sentiment.
At the time of writing, the Pound was down by 0.04% to $1.3811.
Across the Pond
It’s a relatively quiet day ahead on the economic calendar. January inflation figures are due out of the U.S later today.
Barring particularly dire numbers, we don’t expect the stats to have a material impact on the Dollar.
Away from theeconomic calendar chatter from Capitol Hill will continue to influence.
At the time of writing, the Dollar Spot Index was up by 0.09% to 90.523.
For the Loonie
It’s another quiet day on the economic data front, with no material stats to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of crude oil inventory numbers on the day.
At the time of writing, the Loonie was down by 0.09% to C$1.2705 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Pound It’s another quiet day ahead on the economic calendar, with no material stats due out of the UK. The lack of stats will continue to leave the Pound in the hands of COVID-19 news updates and market risk sentiment. This article was originally posted on FX Empire More From FXEMPIRE: European Equities: GDP and Economic Sentiment Figures in Focus Sterling Clocks Fresh Multi-Month Peaks Vs. Dollar Amidst On-going Vaccination Progress S&P 500 Price Forecast – S&P 500 Futures Continue to Rise The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Aussie Dollar In February, the Westpac Consumer Sentiment Index rose by 1.9% to 109.1. The Day Ahead: For the EUR It’s another relatively quiet day ahead on theeconomic calendar Finalized German inflation figures for January and French industrial production figures for December are due out. For the Pound It’s another quiet day ahead on the economic calendar, with no material stats due out of the UK. | For the Aussie Dollar In February, the Westpac Consumer Sentiment Index rose by 1.9% to 109.1. The Day Ahead: For the EUR It’s another relatively quiet day ahead on theeconomic calendar Finalized German inflation figures for January and French industrial production figures for December are due out. This article was originally posted on FX Empire More From FXEMPIRE: European Equities: GDP and Economic Sentiment Figures in Focus Sterling Clocks Fresh Multi-Month Peaks Vs. Dollar Amidst On-going Vaccination Progress S&P 500 Price Forecast – S&P 500 Futures Continue to Rise The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Aussie Dollar In February, the Westpac Consumer Sentiment Index rose by 1.9% to 109.1. The Day Ahead: For the EUR It’s another relatively quiet day ahead on theeconomic calendar Finalized German inflation figures for January and French industrial production figures for December are due out. For the Loonie It’s another quiet day on the economic data front, with no material stats to provide the Loonie with direction. | 5804dfa1-fa30-4b2c-bdc8-0d02c4444133 |
709019.0 | 2021-02-02 00:00:00 UTC | Private Sector PMIs and US ADP Nonfarm Figures Put the EUR and the Dollar in the Spotlight | DBO | https://www.nasdaq.com/articles/private-sector-pmis-and-us-adp-nonfarm-figures-put-the-eur-and-the-dollar-in-the-spotlight | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a busy start to the day on the economic calendar this morning. The Kiwi Dollar, Aussie Dollar, and Japanese Yen were all in action, with economic data from China also in focus.
For the Kiwi Dollar
Employment figures for the 4th quarter supported the Kiwi Dollar.
Employment rose by 0.60% in the quarter, partially reversing a 0.8% decline in the 3rd quarter. As a result, the unemployment rate fell from 5.3% to 4.9%. Economists had forecast a fall in employment of 0.8% and an unemployment rate of 5.6%.
According to NZ Stats,
Despite the 4th quarter rise in employment, the unemployment rate remained higher than it has been in a few years.
This time last year, the unemployment rate had stood at 4.1%.
The total number of unemployed remained 25,000 higher than the 4th quarter of last year.
The Kiwi Dollar moved from $0.71645 to $0.71912 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.29% to $0.7213.
For the Aussie Dollar
Building approvals jumped by 10.9% in December, following a 2.6% increase in November.
According to the ABS,
A 6th consecutive monthly increase in approvals took private sector house approvals to a record high in December.
Private sector house approvals surged by 15.8%, while dwellings excluding houses increased by 2.3%.
The Aussie Dollar moved from $0.76079 to $0.76113 upon release of the data that preceded service PMI numbers from China. At the time of writing, the Au1ssie Dollar was up by 0.12% to $0.7616.
For the Japanese Yen
Japan’s Services PMI fell from 47.7 to 46.1 in January, which was a upward revision from a prelim 45.7.
According to the finalized Survey,
Rising COVID-19 cases continued to weigh on service sector activity at the start of the year.
Both output and new business inflows saw sharper declines in January.
New business inflows fell at the fastest pace in 8-months.
Employment levels remained stable for a fourth consecutive month, however.
Firms also remained optimistic towards growth prospects.
The Japanese Yen moved from ¥105.021 to ¥105.032 upon release of the finalized PMI. At the time of writing, the Japanese Yen was up by 0.04% to ¥104.94 against the U.S Dollar.
Out of China
China’s Caixin Services PMI fell from 56.3 to 52.0 in January.
According to the January Caixin survey,
Business activity saw its weakest increase in 9-months in January.
New business increased at the slowest pace since last August, with new export sales weighing.
Weak demand, attributed to the COVID-19 pandemic, weighed on export sales at the start of the year.
In spite of weaker conditions, staffing levels increased marginally.
Input cost inflation increased to the second-sharpest pace since early 2012.
Optimism towards the next 12-months remained strong, while weakening from December to the lowest level since last September.
The Aussie Dollar moved from $0.76100 to $0.76160 upon release of the figures.
The Day Ahead:
For the EUR
It’s a busy day ahead on the economic calendar.
Italian and Spanish service sector PMI figures for January are due out.
Finalized numbers are also due out, along with composite PMIs, for France, Germany, and the Eurozone.
Barring any marked revisions from prelims, expect Italy and the Eurozone’s PMIs to be the key drivers.
Later in the day, prelim January inflation figures for Italy and the Eurozone will also draw attention.
Expect the Eurozone’s annual rate of inflation to have the greatest impact on the EUR.
Away from theeconomic calendar expect COVID-19 news updates to also continue to influence.
At the time of writing, the EUR was up by 0.03% to $1.2048.
For the Pound
It’s a relatively quiet day ahead on the economic calendar. January’s finalized services and composite PMIs are due out later this morning.
Expect any marked downward revisions to prelim figures to pin back the Pound.
At the time of writing, the Pound was up by 0.08% to $1.3679.
Across the Pond
It’s a busy day ahead on the economic calendar.
ADP nonfarm employment change figures are due out along with the market’s preferred ISM Non-Manufacturing PMI for January.
Expect both sets of numbers to provide the Dollar with direction.
Finalized Markit survey PMI numbers are also due out but should have a muted impact on the markets.
Away from theeconomic calendar chatter from Capitol Hill will remain a key area of interest.
At the time of writing, the Dollar Spot Index was down by 0.19% to 91.028.
For the Loonie
It’s another particularly quiet day on the economic data front, with no material stats to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of the weekly EIA and API crude oil inventory numbers.
At the time of writing, the Loonie was up by 0.11% to C$1.2767 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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U.S. Market Wrap and Forecast for Tuesday
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US Sector Forecast – The Russell Breaks Out and is Poised to Continue to Rise
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | According to the finalized Survey, Rising COVID-19 cases continued to weigh on service sector activity at the start of the year. ADP nonfarm employment change figures are due out along with the market’s preferred ISM Non-Manufacturing PMI for January. The lack of stats will leave the Loonie in the hands of the weekly EIA and API crude oil inventory numbers. | According to NZ Stats, Despite the 4th quarter rise in employment, the unemployment rate remained higher than it has been in a few years. According to the ABS, A 6th consecutive monthly increase in approvals took private sector house approvals to a record high in December. According to the finalized Survey, Rising COVID-19 cases continued to weigh on service sector activity at the start of the year. | The Kiwi Dollar, Aussie Dollar, and Japanese Yen were all in action, with economic data from China also in focus. For the Kiwi Dollar Employment figures for the 4th quarter supported the Kiwi Dollar. The Day Ahead: For the EUR It’s a busy day ahead on the economic calendar. | This time last year, the unemployment rate had stood at 4.1%. According to the finalized Survey, Rising COVID-19 cases continued to weigh on service sector activity at the start of the year. At the time of writing, the Loonie was up by 0.11% to C$1.2767 against the U.S Dollar. | ec697b73-fe9e-4477-86db-df63e38ea56c |
709020.0 | 2021-01-27 00:00:00 UTC | 4th Quarter GDP Figures and Weekly Jobless Claims Keeps the Greenback in Focus | DBO | https://www.nasdaq.com/articles/4th-quarter-gdp-figures-and-weekly-jobless-claims-keeps-the-greenback-in-focus-2021-01-28 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively busy start to the day on the economic calendar this morning. The Kiwi Dollar and the Japanese Yen were in action in the early in the day.
For the Kiwi Dollar
The trade surplus narrowed from NZ$290m to just NZ$17m in December. Year-on-year, the trade surplus narrowed from NZ$3,300m to NZ$2,940m.
According to the NZ Stats,
Imports tumbled by NZ$7.4bn compared with year to December 2019.
This was the largest annual December decline since December 2009.
Petroleum and product imports fell by NZ$2.4bn following COVID-19 travel restrictions.
Imports of vehicle, parts, and accessories fell by NZ$2.1bn over the same period.
Mechanical machinery and equipment imports fell by NZ$1.1bn.
Exports increased by a modest NZ$24m to NZ$60bn in the year to December 2020.
Breathing equipment exports, due to high demand during the COVID-19 pandemic, rose by NZ$526m.
Fruit exports increased by NZ$525m, with aircraft and parts exports rising by NZ$435m.
The Kiwi Dollar moved from $0.71617 to $0.71563 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.36% to $0.7134.
For the Japanese Yen
Retail sales fell by 0.3%, year-on-year, in December, partially reversing a 0.6% rise in November. Economists had forecast a 0.4% decline.
The Japanese Yen moved from ¥104.162 to ¥104.213 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.21% to ¥104.33 against the U.S Dollar.
Elsewhere
At the time of writing, the Aussie Dollar was down by 0.48% to $0.7626.
The Day Ahead:
For the EUR
It’s a quiet day ahead on theeconomic calendar Prelim German inflation figures for January are due out later today.
Barring another marked decline, however, we don’t expect the numbers to have an impact on the EUR.
The lack of stats will leave the EUR in the hands of COVID-19 news and sentiment towards the economic recovery.
At the time of writing, the EUR was down by 0.17% to $1.2090.
For the Pound
It’s another particularly quiet day ahead on the economic calendar. There are no material stats to provide the Pound with direction.
The lack of stats will leave the Pound in the hands of COVID-19 vaccination rates and updates vis-à-vis the new strains of the virus.
At the time of writing, the Pound was down by 0.15% to $1.3667.
Across the Pond
It’s a busy day ahead on the economic calendar. 4th quarter GDP figures are due out along with the weekly jobless claim figures.
Expect both sets of numbers to influence. A marked rise in initial jobless claims, however, would likely overshadow any better-than-expected GDP numbers.
Other stats due out include December trade data and housing sector figures that should have a muted impact on the Dollar.
Away from theeconomic calendar chatter from Capitol Hill and COVID-19 updates will also remain in focus, however.
At the time of writing, the Dollar Spot Index was up by 0.11% to 90.750.
For the Loonie
It’s a relatively quiet day on the economic data front. Building permit figures for December are due out late in the day.
We don’t expect the Loonie to respond to the numbers, however.
COVID-19 news will likely have the final say on crude oil prices and the Loonie on the day.
At the time of writing, the Loonie was down by 0.23% to C$1.2829 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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Silver Price Daily Forecast – Silver Tries To Stabilize After Yesterday’s Sell-Off
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The lack of stats will leave the Pound in the hands of COVID-19 vaccination rates and updates vis-à-vis the new strains of the virus. Other stats due out include December trade data and housing sector figures that should have a muted impact on the Dollar. This article was originally posted on FX Empire More From FXEMPIRE: Silver Price Daily Forecast – Silver Tries To Stabilize After Yesterday’s Sell-Off January Service and Composite PMIs Hit the EUR ahead of Inflation Figures Natural Gas Price Fundamental Daily Forecast – Uncertainty Over Cold Trends after Feb 15 Capping Gains The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Kiwi Dollar The trade surplus narrowed from NZ$290m to just NZ$17m in December. The Day Ahead: For the EUR It’s a quiet day ahead on theeconomic calendar Prelim German inflation figures for January are due out later today. This article was originally posted on FX Empire More From FXEMPIRE: Silver Price Daily Forecast – Silver Tries To Stabilize After Yesterday’s Sell-Off January Service and Composite PMIs Hit the EUR ahead of Inflation Figures Natural Gas Price Fundamental Daily Forecast – Uncertainty Over Cold Trends after Feb 15 Capping Gains The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Kiwi Dollar The trade surplus narrowed from NZ$290m to just NZ$17m in December. According to the NZ Stats, Imports tumbled by NZ$7.4bn compared with year to December 2019. The Day Ahead: For the EUR It’s a quiet day ahead on theeconomic calendar Prelim German inflation figures for January are due out later today. | According to the NZ Stats, Imports tumbled by NZ$7.4bn compared with year to December 2019. The Day Ahead: For the EUR It’s a quiet day ahead on theeconomic calendar Prelim German inflation figures for January are due out later today. At the time of writing, the Pound was down by 0.15% to $1.3667. | 80aca841-f30d-43f7-b52a-9481ca8c474d |
709021.0 | 2021-01-26 00:00:00 UTC | Economic Data, the FED, and Capitol Hill and U.S Stimulus News Puts the Dollar in the Spotlight | DBO | https://www.nasdaq.com/articles/economic-data-the-fed-and-capitol-hill-and-u.s-stimulus-news-puts-the-dollar-in-the | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a busier start to the day on the economic calendar this morning. The Aussie Dollar was in action in the early in the day, with economic data from China also in focus.
For the Aussie Dollar
Inflation and business confidence figures were on the docket.
In the 4th quarter, consumer prices rose by 0.9%, following a 1.6% jump in the 3rd quarter. Economists had forecast a 0.7% rise.
The annual rate of inflation picked up from 0.7% to 0.9%. Economists had forecast the annual rate of inflation to hold steady at 0.7%.
According to the ABS,
An increase in tobacco excise and the introduction, continuation, and conclusion of a number of government schemes influenced.
In the 4th quarter, tobacco prices jumped by 10.9%, following a 12.5% increase in tobacco excise tax.
Prices for child care surged by 37.7% after the unwinding of free child care.
Domestic holiday travel prices increased by 6.3% after the reopening of state and territory borders.
There was also a 2.5% increase in prices for medical and hospital services.
A 7.5% slide in prices for electricity stemmed from WA Household Electricity Credit providing households with a one-off credit.
In December, the NAB Business Confidence Index fell from +12.0 to +4.0. In November, the Index had risen from +9 to +12.
According to the Monthly Business Survey,
A fall in business confidence across NSW, Victoria, and Queensland weighed on the headline figure.
The decline was attributed to a COVID-19 outbreak in Sydney at the end of the year.
In December, most indicators were broadly at or above pre-virus levels, with the exception of export conditions and capital expenditure.
While business confidence waned, the Business Conditions Index increased by 7 points to +14 points, its highest level since Sep-2018.
Looking at the key indicators, the employment sub-index rose from -4 to +9, pointing to much-needed jobs growth.
Forward orders fell from +6 points to +1 point, however, with the exports sub-index falling from -4 to -5 points.
The Aussie Dollar moved from $0.77554 to $0.77535 upon release of the inflation and business confidence figures. At the time of writing, the Aussie Dollar was down by 0.10% to $0.7739.
From China
Industrial profits were on the rise at the end of the year.
Year-on-year, industrial profits were up by 20.10% in December, after having risen by 15.50% in November.
Year-to-date, profits were up by 4.10% to December. In November, profits had been up by 2.40%, year-to-date.
The Aussie Dollar moved from 0.77553 to $0.77457 upon release of the figures.
For the Majors
At the time of writing, the Japanese Yen was down by 0.07% to ¥103.69 against the U.S Dollar, with the Kiwi Dollar down by 0.12% to $0.7227.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. Germany’s GfK Consumer Climate figures for February will be in focus later this morning.
Following news of vaccine supply shortages and extended lockdown measures, a marked fall in consumer confidence would weigh on the EUR.
Away from theeconomic calendar expect COVID-19 updates to continue to influence.
At the time of writing, the EUR was flat at $1.2160.
For the Pound
It’s a particularly quiet day ahead on the economic calendar. There are no material stats to provide the Pound with direction.
The lack of stats will leave the Pound in the hands of market risk sentiment on the day.
COVID-19 news will also influence, however. A continued rise in vaccination rates and fall in infection rates should support the Pound. Any further updates on the new strains and effectiveness of vaccines will also need monitoring.
At the time of writing, the Pound was down by 0.04% to $1.3731.
Across the Pond
It’s a relatively busy day ahead on the economic calendar. December durable goods and core durable goods orders are due out of the U.S later today.
Expect the core durable goods figures to have the greatest impact, with forecasts positive for riskier assets.
Late in the day, the FED will also deliver its first monetary policy decision of the year. With the FED expected to leave rates unchanged, expect the rate statement and press conference to be the key drivers.
Away from theeconomic calendar chatter from Capitol Hill and COVID-19 updates will also remain in focus, however.
At the time of writing, the Dollar Spot Index was up by 0.06% to 90.223.
For the Loonie
It’s a particularly quiet day on the economic data front, with no material stats to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of the API and EIA crude oil inventory numbers for the week.
Away from theeconomic calendar sentiment towards U.S stimulus will also influence on the day.
At the time of writing, the Loonie was down by 0.16% to C$1.2714 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Following news of vaccine supply shortages and extended lockdown measures, a marked fall in consumer confidence would weigh on the EUR. The lack of stats will leave the Loonie in the hands of the API and EIA crude oil inventory numbers for the week. This article was originally posted on FX Empire More From FXEMPIRE: European Equities: Eurozone GDP Figures, Corporate Earnings, and Capitol Hill in Focus E-mini S&P 500 Index (ES) Futures Technical Analysis – Test of 3759.25 – 3783.75 Completes First Objective GBP/USD Daily Forecast – British Pound Tries To Rebound The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Aussie Dollar Inflation and business confidence figures were on the docket. While business confidence waned, the Business Conditions Index increased by 7 points to +14 points, its highest level since Sep-2018. December durable goods and core durable goods orders are due out of the U.S later today. | While business confidence waned, the Business Conditions Index increased by 7 points to +14 points, its highest level since Sep-2018. The Aussie Dollar moved from $0.77554 to $0.77535 upon release of the inflation and business confidence figures. The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. | While business confidence waned, the Business Conditions Index increased by 7 points to +14 points, its highest level since Sep-2018. From China Industrial profits were on the rise at the end of the year. Away from theeconomic calendar expect COVID-19 updates to continue to influence. | ece96fc8-03b3-4a50-a2ee-4e187848acba |
709022.0 | 2021-01-24 00:00:00 UTC | Business Sentiment and ECB President Lagarde Put the EUR in Focus | DBO | https://www.nasdaq.com/articles/business-sentiment-and-ecb-president-lagarde-put-the-eur-in-focus-2021-01-25 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a quiet start to the week on the economic calendar this morning. There were no material stats to provide the majors with direction early in the day.
The lack of stats left the majors in the hands of U.S stimulus chatter and COVID-19 news. A Joe Biden push to deliver early fiscal support drove demand for riskier assets early on.
For the Majors
At the time of writing, the Aussie Dollar was up by 0.14% to $0.7726, with the Kiwi Dollar was up by 0.15% to $0.7200.
The Japanese Yen was flat at ¥103.78 against the U.S Dollar.
The Day Ahead:
For the EUR
It’s a relatively busy day ahead on theeconomic calendar January IFO Business Climate figures for Germany are due out later this afternoon.
Following ECB President Lagarde’s cautious outlook on the economic recovery and some disappointing PMI numbers, we can expect sensitivity to today’s stats.
On the monetary policy front, ECB President Lagarde could also move the dial with a scheduled speech later today.
Away from theeconomic calendar however, COVID-19 news will remain a key driver. Vaccination supply, low vaccination rates, and rising new COVID-19 case remain downside risks for the economy.
At the time of writing, the EUR was down by 0.01% to $1.2170.
For the Pound
It’s a quiet day ahead on the economic calendar. There are no material stats to provide the Pound with direction.
The lack of stats should leave the Pound in the hands of COVID-19 news updates. A marked pickup in vaccination rates should support the Pound at the start of the week.
At the time of writing, the Pound was up by 0.04% to $1.3692.
Across the Pond
It’s also a quiet day ahead on the economic calendar. There are no material stats to provide the Dollar with direction.
The lack of stats will leave COVID-19 news and chatter from Capitol Hill in focus.
At the time of writing, the Dollar Spot Index was down by 0.03% to 90.212.
For the Loonie
It’s a quiet day on the economic data front, with no material stats to provide the Loonie with direction.
COVID-19 news from China and the U.S could further pressure crude oil prices that would weigh on the Loonie.
From the U.S, stimulus talks will also influence, however.
At the time of writing, the Loonie was up by 0.16% to C$1.2712 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Following ECB President Lagarde’s cautious outlook on the economic recovery and some disappointing PMI numbers, we can expect sensitivity to today’s stats. On the monetary policy front, ECB President Lagarde could also move the dial with a scheduled speech later today. This article was originally posted on FX Empire More From FXEMPIRE: McDonald’s Moves Higher Despite Missing Q4 Earnings Estimates S&P 500 Price Weekly Price Forecast – Stock Markets Have Tough Week NZD/USD Forex Technical Analysis – Rangebound Trade Signaling Investor Indecision, Impending Volatility The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | There were no material stats to provide the majors with direction early in the day. The Day Ahead: For the EUR It’s a relatively busy day ahead on theeconomic calendar January IFO Business Climate figures for Germany are due out later this afternoon. For the Loonie It’s a quiet day on the economic data front, with no material stats to provide the Loonie with direction. | There were no material stats to provide the majors with direction early in the day. For the Pound It’s a quiet day ahead on the economic calendar. For the Loonie It’s a quiet day on the economic data front, with no material stats to provide the Loonie with direction. | The lack of stats left the majors in the hands of U.S stimulus chatter and COVID-19 news. For the Pound It’s a quiet day ahead on the economic calendar. For the Loonie It’s a quiet day on the economic data front, with no material stats to provide the Loonie with direction. | 544f5d4a-da33-4b37-bb67-05295bed7447 |
709023.0 | 2020-12-21 00:00:00 UTC | Crude Oil Falls Amid Covid Fears, Spurring Inverse Crude ETFs | DBO | https://www.nasdaq.com/articles/crude-oil-falls-amid-covid-fears-spurring-inverse-crude-etfs-2020-12-21 | nan | nan | Prices of crude oil and oil-related ETFs are falling on Monday after a new strain of Covid that was uncovered in the U.K. generated new travel restrictions across Europe and worries that there may be more lockdowns globally, potentially hampering demand for fuel.
Futures tied to West Texas Intermediate, the key U.S. crude measure, sank as low as $46.25, or over 6% Monday, before scrambling back toward $48 a barrel in early afternoon trade. International bellwether, Brent crude oil, tumbled 4.1% to $50.10 a barrel, its sharpest one-day drop since October.
The U.K. government said the new strain seemed to be more contagious than the prior known strains, disseminating 70% faster than earlier mutations. It has locked down parts of the country, including London, as a result.
“The new variant of the virus and new travel restrictions have increased anxiety again,” said Norbert Rücker, head of commodities research at Julius Baer. “The road back to normal has its bumps and this seems to be the latest one.”
Crude oil ETFs are under pressure from the falling futures markets Monday. The United States Oil Fund (USO) declined 2.69% while the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) is down 2.21% as of just before 2PM EST.
Prior to the fall Monday, crude oil and crude ETFs had been in a strong uptrend for nearly two months, which analysts don't necessarily see an end to anytime soon.
"The main trend is up according to the daily swing chart. A trade through $49.43 will signal a resumption of the uptrend. The main trend will change to down on a move through $45.14. The minor trend is also up. Monday’s lower-low turned $49.43 into a new minor top. On the downside, the first support is the long-term Fibonacci level at $46.04," wrote James Hyerczyk of fxempire.com.
There are other experts who see a more protracted recovery for oil, which could encounter some headwinds now that it is approaching the pivotal $50 per barrel level.
"A full comeback won't happen overnight, despite the unbridled enthusiasm of traders...For now, oil consumption still remains depressed as governments impose new travel restrictions to slow the spread of the virus during the holidays -- a season that in any other year would be associated with greater demand for petroleum products. Gas prices are under $2 a gallon across much of the country," said Dan K. Eberhart, CEO of Canary, an independent oilfield services company in the United States, in a CNN opinion piece.
While there are a number of options for investors looking to use ETFs to express a long bias, such as the Invesco DB Oil Fund (DBO), savvy investors looking to short oil over supply concerns could consider the ProShares UltraShort Bloomberg Crude Oil (SCO), which has gained over 4.49% Monday.
For more market trends, visit ETF Trends.
Read more on ETFtrends.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | While there are a number of options for investors looking to use ETFs to express a long bias, such as the Invesco DB Oil Fund (DBO), savvy investors looking to short oil over supply concerns could consider the ProShares UltraShort Bloomberg Crude Oil (SCO), which has gained over 4.49% Monday. Prices of crude oil and oil-related ETFs are falling on Monday after a new strain of Covid that was uncovered in the U.K. generated new travel restrictions across Europe and worries that there may be more lockdowns globally, potentially hampering demand for fuel. "A full comeback won't happen overnight, despite the unbridled enthusiasm of traders...For now, oil consumption still remains depressed as governments impose new travel restrictions to slow the spread of the virus during the holidays -- a season that in any other year would be associated with greater demand for petroleum products. | While there are a number of options for investors looking to use ETFs to express a long bias, such as the Invesco DB Oil Fund (DBO), savvy investors looking to short oil over supply concerns could consider the ProShares UltraShort Bloomberg Crude Oil (SCO), which has gained over 4.49% Monday. “The road back to normal has its bumps and this seems to be the latest one.” Crude oil ETFs are under pressure from the falling futures markets Monday. The United States Oil Fund (USO) declined 2.69% while the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) is down 2.21% as of just before 2PM EST. | While there are a number of options for investors looking to use ETFs to express a long bias, such as the Invesco DB Oil Fund (DBO), savvy investors looking to short oil over supply concerns could consider the ProShares UltraShort Bloomberg Crude Oil (SCO), which has gained over 4.49% Monday. Prices of crude oil and oil-related ETFs are falling on Monday after a new strain of Covid that was uncovered in the U.K. generated new travel restrictions across Europe and worries that there may be more lockdowns globally, potentially hampering demand for fuel. Prior to the fall Monday, crude oil and crude ETFs had been in a strong uptrend for nearly two months, which analysts don't necessarily see an end to anytime soon. | While there are a number of options for investors looking to use ETFs to express a long bias, such as the Invesco DB Oil Fund (DBO), savvy investors looking to short oil over supply concerns could consider the ProShares UltraShort Bloomberg Crude Oil (SCO), which has gained over 4.49% Monday. Prices of crude oil and oil-related ETFs are falling on Monday after a new strain of Covid that was uncovered in the U.K. generated new travel restrictions across Europe and worries that there may be more lockdowns globally, potentially hampering demand for fuel. “The road back to normal has its bumps and this seems to be the latest one.” Crude oil ETFs are under pressure from the falling futures markets Monday. | 17099a2c-9cff-4116-8046-e1dc67382bfe |
709024.0 | 2020-12-13 00:00:00 UTC | Brexit, COVID-19, and Capitol Hill in Focus, with Economic Data on the Lighter Side | DBO | https://www.nasdaq.com/articles/brexit-covid-19-and-capitol-hill-in-focus-with-economic-data-on-the-lighter-side-2020-12 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively busy start to the week on the economic calendar this morning. The Japanese Yen was in action in the early hours.
For the Japanese Yen
Tankan survey figures were in focus ahead of finalized industrial production and tertiary industry activity figures due out later this morning.
All Big Industry CAPEX Index decreased by 1.2% in the 4th quarter. In the 3rd quarter, the CAPEX Index had increased by 1.4%. Economists had forecast a 0.1% decline.
Big Manufacturing Outlook Index rose from -17 to -8. In the 3rd quarter, the Index had risen from -27 to -17. Economists had forecast a rise to -11.
The Large Manufactures Index increased rose from -27 to -10. In the previous quarter, the index had increased from -34 to -27. Economists had forecast a rise to -15.
Large Non-Manufacturers Index rose from -12 to -5, coming in ahead of a forecasted -6. In the 3rd quarter, the index had increased from -17 to -12.
The Japanese Yen moved from ¥103.940 to ¥103.942 upon release of the figures. At the time of writing, the Japanese Yen was up by 0.04% to ¥104.20 against the U.S Dollar
Elsewhere
At the time of writing, the Aussie Dollar was up by 0.01% to $0.7534, with the Kiwi Dollar up by 0.06% to $0.7088.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. October industrial production figures for the Eurozone are due out later today.
Barring dire numbers, we don’t expect the figures to have a material impact on the EUR, however.
COVID-19 news and market reaction to the Sunday news on Brexit will influence in the day. Later in the day, the EUR could find support should lawmakers make progress towards a U.S stimulus package.
At the time of writing, the EUR was up by 0.11% to $1.2125, the early upside coming from the decision to extend Brexit talks.
For the Pound
It’s a quiet day ahead on the economic calendar. There are no material stats to provide the Pound with direction.
That leaves the Pound in the hands of Brexit updates from the weekend and chatter in the day.
At the time of writing, the Pound was up by 0.59% to $1.3302, with the early surge coming from Sunday’s decision to extend talks.
Across the Pond
It’s also a quiet day ahead on the economic calendar. There are no material stats to provide the markets with direction late in the day.
A lack of stats will leave the markets in the hands of stimulus talks and COVID-19 news updates.
At the time of writing, the Dollar Spot Index was down by 0.13% to $90.854.
For the Loonie
It’s a quiet day ahead on the economic data front. There are no material stats due out to provide the Loonie with direction.
While there are no stats to consider, OPEC’s monthly report is due out this afternoon that will provide crude oil prices with direction. The focus will likely be on forecasts for demand, which remain at risk to a marked decline as global economic woes linger.
Away from theeconomic calendar any positive news from Capitol Hill would support the Loonie late in the day.
At the time of writing, the Loonie was up by 0.08% to C$1.2759 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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S&P 500 Weekly Price Forecast – Stock Markets Choppy Ahead of Holidays
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | While there are no stats to consider, OPEC’s monthly report is due out this afternoon that will provide crude oil prices with direction. The focus will likely be on forecasts for demand, which remain at risk to a marked decline as global economic woes linger. This article was originally posted on FX Empire More From FXEMPIRE: S&P 500 Price Forecast – Stock Markets Pull Back Ahead of Holidays S&P 500 Weekly Price Forecast – Stock Markets Choppy Ahead of Holidays Gold Price Forecast – Gold Markets Continue to Look Buoyant The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Japanese Yen Tankan survey figures were in focus ahead of finalized industrial production and tertiary industry activity figures due out later this morning. The Large Manufactures Index increased rose from -27 to -10. This article was originally posted on FX Empire More From FXEMPIRE: S&P 500 Price Forecast – Stock Markets Pull Back Ahead of Holidays S&P 500 Weekly Price Forecast – Stock Markets Choppy Ahead of Holidays Gold Price Forecast – Gold Markets Continue to Look Buoyant The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | At the time of writing, the Japanese Yen was up by 0.04% to ¥104.20 against the U.S Dollar Elsewhere At the time of writing, the Aussie Dollar was up by 0.01% to $0.7534, with the Kiwi Dollar up by 0.06% to $0.7088. The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. This article was originally posted on FX Empire More From FXEMPIRE: S&P 500 Price Forecast – Stock Markets Pull Back Ahead of Holidays S&P 500 Weekly Price Forecast – Stock Markets Choppy Ahead of Holidays Gold Price Forecast – Gold Markets Continue to Look Buoyant The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Large Non-Manufacturers Index rose from -12 to -5, coming in ahead of a forecasted -6. The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. There are no material stats to provide the Pound with direction. | cbbd9387-63f3-429e-b4bb-745cad3d30f9 |
709025.0 | 2020-12-01 00:00:00 UTC | Economic Data, Capitol Hill, and Brexit Put the EUR, USD, and GBP in Focus | DBO | https://www.nasdaq.com/articles/economic-data-capitol-hill-and-brexit-put-the-eur-usd-and-gbp-in-focus-2020-12-02 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a quieter start to the week on the economic calendar this morning. The Aussie Dollar was in action.
For the Aussie Dollar
The Australian economy was in focus this morning. In the 3rd quarter, the economy grew by 3.3%, quarter-on-quarter, following a 7.0% contraction in the 2nd quarter. Economists had forecast of 2.6% growth.
According to the ABS,
The economy only saw a partial recovery in the September quarter. As a result, economic activity fell 3.8% through the year to September quarter.
Household spending jumped by 7.9% to drive the economy, with the upside coming from an easing of lockdown measures.
In spite of record quarterly growth in household spending, the level in September was 6.8% lower than that recorded in the December Quarter 2019.
Compensation of employees rose 2.3% as hours worked increased. The household saving to income ratio remained elevated at 18.9%. This was down from a June quarter 22.1%, however.
Net trade detracted 1.9 percentage points from GDP, the largest detraction since the 3rd quarter of 1980.
A demand-driven surge in imports and a fall in the exports of goods and services weighed.
The Aussie Dollar moved from $0.73797 to $0.73855 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.03% to $0.7373.
Elsewhere
At the time of writing, the Japanese Yen was down by 0.04% to ¥104.37 against the U.S Dollar, with the Kiwi Dollar down by 0.10% to $0.7057.
The Day Ahead:
For the EUR
It’s a relatively busy day ahead on the economic calendar. German retail sales and Spanish and Eurozone unemployment figures are due out.
Barring dire unemployment figures from the Eurozone, German retail sales figures will have the greatest impact.
Away from theeconomic calendar Brexit and COVID-19 news updates remain key drivers, however.
At the time of writing, the EUR was down by 0.03% to $1.2067.
For the Pound
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out, leaving the Pound firmly in the hands of Brexit updates.
At the time of writing, the Pound was down by 0.02% to $1.3417.
Across the Pond
It’s a relatively quiet day ahead for the U.S Dollar. November’s ADP Nonfarm Employment Change figures are due out later today. With market concerns over the U.S labor market recovery lingering, today’s stats will provide riskier assets with direction.
Hopes of an imminent COVID-19 vaccine, however, would limit the effect of any disappointing numbers, however.
Away from theeconomic calendar any chatter from Capitol Hill and COVID-19 news updates will continue to influence.
At the time of writing, the Dollar Spot Index was up by 0.09% to 91.231.
For the Loonie
It’s a quiet day on the economic data front. There are no material stats due out to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of crude oil inventories and market risk sentiment.
At the time of writing, the Loonie was down by 0.02% to C$1.2938 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Household spending jumped by 7.9% to drive the economy, with the upside coming from an easing of lockdown measures. The lack of stats will leave the Loonie in the hands of crude oil inventories and market risk sentiment. This article was originally posted on FX Empire More From FXEMPIRE: AUD/USD Price Forecast – Aussie Dollar Sitting Under Major Resistance USD/JPY Price Forecast – US Dollar Tightening Up Crude Oil Price Forecast – Crude Oil Markets Continue Sideways Chop The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Barring dire unemployment figures from the Eurozone, German retail sales figures will have the greatest impact. Away from theeconomic calendar Brexit and COVID-19 news updates remain key drivers, however. This article was originally posted on FX Empire More From FXEMPIRE: AUD/USD Price Forecast – Aussie Dollar Sitting Under Major Resistance USD/JPY Price Forecast – US Dollar Tightening Up Crude Oil Price Forecast – Crude Oil Markets Continue Sideways Chop The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In spite of record quarterly growth in household spending, the level in September was 6.8% lower than that recorded in the December Quarter 2019. Elsewhere At the time of writing, the Japanese Yen was down by 0.04% to ¥104.37 against the U.S Dollar, with the Kiwi Dollar down by 0.10% to $0.7057. This article was originally posted on FX Empire More From FXEMPIRE: AUD/USD Price Forecast – Aussie Dollar Sitting Under Major Resistance USD/JPY Price Forecast – US Dollar Tightening Up Crude Oil Price Forecast – Crude Oil Markets Continue Sideways Chop The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In spite of record quarterly growth in household spending, the level in September was 6.8% lower than that recorded in the December Quarter 2019. At the time of writing, the Aussie Dollar was up by 0.03% to $0.7373. At the time of writing, the Loonie was down by 0.02% to C$1.2938 against the U.S Dollar. | aad9ecf0-e8e1-4784-9b4d-71097a506d98 |
709026.0 | 2020-11-26 00:00:00 UTC | Economic Data and Brexit Keep the EUR and the Pound in the Spotlight | DBO | https://www.nasdaq.com/articles/economic-data-and-brexit-keep-the-eur-and-the-pound-in-the-spotlight-2020-11-27 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively quiet start to the day on the economic calendar this morning. The Japanese Yen was in action in the early part of the day.
For the Japanese
November inflation figures were in focus early in the day.
In November, Tokyo’s core annual rate of inflation fell by 0.7%, as deflationary pressures persisted. In October core consumer prices had fallen by 0.5%.
According to the Ministry of Internal Affairs and Communication,
Prices for fuel, light, and water charges tumbled by 6.3%, with prices for culture & recreation falling by 4.1%.
Education (-1.8%) and transportation & communication (-0.4%) were also a drag in November.
There were price increases, however, for medical care (+0.2%), housing (+0.5%), clothes & footwear (+1.1%), and furniture & household utensils (+2.2%).
The Japanese Yen moved from ¥104.258 to ¥104.247 upon release of the figures. At the time of writing, the Japanese Yen was up by 0.14% to ¥104.11 against the U.S Dollar.
Elsewhere
At the time of writing, the Aussie Dollar was down by 0.11% to $0.7354, with the Kiwi Dollar down by 0.03% to $0.7004.
The Day Ahead:
For the EUR
It’s a relatively busy day ahead on the economic calendar, with the French economy in the spotlight.
Key stats include November consumer spending and prelim inflation figures, along with finalized 3rd quarter GDP numbers.
We would expect the consumer spending figures to have the greatest impact on the day.
Late in the session, finalized Eurozone consumer confidence figures will likely have a muted impact on the majors.
Away from theeconomic calendar Brexit and COVID-19 news will continue to influence.
At the time of writing, the EUR was flat at $1.1913.
For the Pound
It’s yet another particularly quiet day ahead on the economic calendar. There are no material stats due out, leaving the Pound in the hands of Brexit and market risk sentiment.
Brexit negotiations are to resume in London and we can expect the Pound to show some sensitivity to any chatter from either side.
At the time of writing, the Pound was down by 0.05% to $1.3351.
Across the Pond
It’s a quiet day ahead for the U.S Dollar, with the U.S markets on a half-day. There are no material stats from the U.S to provide the Dollar or the broader markets with direction.
At the time of writing, the Dollar Spot Index was up by 0.02% to 92.013.
For the Loonie
It’s also another quiet day on the economic data front. There are no material stats due out to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of COVID-19 news updates and crude oil prices.
At the time of writing, the Loonie was down by 0.05% to C$1.3024 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | There were price increases, however, for medical care (+0.2%), housing (+0.5%), clothes & footwear (+1.1%), and furniture & household utensils (+2.2%). Key stats include November consumer spending and prelim inflation figures, along with finalized 3rd quarter GDP numbers. Brexit negotiations are to resume in London and we can expect the Pound to show some sensitivity to any chatter from either side. | Key stats include November consumer spending and prelim inflation figures, along with finalized 3rd quarter GDP numbers. There are no material stats due out, leaving the Pound in the hands of Brexit and market risk sentiment. There are no material stats due out to provide the Loonie with direction. | FXEmpire.com - Earlier in the Day: It’s was a relatively quiet start to the day on the economic calendar this morning. The Day Ahead: For the EUR It’s a relatively busy day ahead on the economic calendar, with the French economy in the spotlight. This article was originally posted on FX Empire More From FXEMPIRE: Oil Moves Higher Despite Signs That OPEC+ Will Gradually Increase Production GBP/USD Price Forecast – British Pound Continues To Press Highs Natural Gas Price Prediction – Prices Tumble Following Inventory Draw Miss The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Japanese November inflation figures were in focus early in the day. At the time of writing, the Japanese Yen was up by 0.14% to ¥104.11 against the U.S Dollar. At the time of writing, the Loonie was down by 0.05% to C$1.3024 against the U.S Dollar. | 35648077-9268-48f9-b2be-06859048dae1 |
709027.0 | 2020-11-25 00:00:00 UTC | Economic Data, the ECB, and Brexit Put the EUR and the Pound in Focus | DBO | https://www.nasdaq.com/articles/economic-data-the-ecb-and-brexit-put-the-eur-and-the-pound-in-focus-2020-11-26 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively quiet start to the day on the economic calendar this morning. The Aussie Dollar and the Kiwi Dollar were back in action in the early part of the day.
For the Kiwi Dollar
Trade figures were in focus in the early hours. In October, the annual trade surplus widened from NZ$1,710m to a 28-year high NZ$2,190m in the year ended October 2020. Month-on-month, the trade deficit narrowed from NZ$1,017m to NZ$1,000m.
According to NZ Stats,
Annual imports fell NZ$6.5bn (10%) to NZ$58bn in the year ended October 2020.
The decline in imports was attributed to restrictions on international and domestic travel to curb the spread of the COVID-19 pandemic.
In the same period, exports rose by NZ$734m (1.2%) to NZ$60bn.
Monthly imports fell by NZ$759m (13%) to NZ$5.3bn in October 2020 compared with October 2019. A slide in the imports of mechanical machinery and equipment weighed.
Exports fell NZ$222m (4.4%) to NZ$4.8bn in October 2020 compared with October 2019.
The Kiwi Dollar moved from $0.70039 to $0.70044 upon release of the data. At the time of writing, the Kiwi Dollar was up by 0.01% to $0.7008.
For the Aussie Dollar
Private new capital expenditure fell by 3.00% in the 3rd quarter, following a 5.9% slide in the 2nd quarter. Economists had forecast a 1.5% decline.
According to the ABS,
By total Capex volume, transport, postal, and warehousing fell by 19.1%. Construction (-16.8%) and information media and telecommunications (-15.0%) also saw marked declines.
Wholesale trade (+10.6%) saw the largest increase in new capital expenditure.
Estimate 4 for 2020-21 is A$104,984m, which is up by 6.3% from Estimate 3 for 2020-21.
Buildings and structures fell by 3.7%, with equipment, plant, and machinery expenditure declining by 2.2%.
The Aussie Dollar moved from $0.73656 to $0.73652 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.03% to $0.7363.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.12% to ¥104.33 against the U.S Dollar.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. From Germany, GfK Consumer Climate figures for November are due out. While the EUR tends to respond to the numbers, any downside move may be muted by the latest COVID-19 vaccine news.
Consumer confidence is likely to get a boost from hopes of an imminent COVID-19 vaccine that would support an easing of containment measures.
From the ECB, the ECB’s monetary policy meeting minutes are due out later in the day. We can expect some EUR sensitivity as the markets look for clues on what policy moves are likely next month.
Away from theeconomic calendar Brexit and COVID-19 news will continue to influence.
At the time of writing, the EUR was up by 0.10% to $1.1929.
For the Pound
It’s another particularly quiet day ahead on the economic calendar. There are no material stats due out, leaving the Pound in the hands of Brexit and market risk sentiment.
Brexit negotiations are set to resume and there has been plenty of chatter of an imminent deal.
At the time of writing, the Pound was up by 0.13% to $1.3397.
Across the Pond
It’s a quiet day ahead for the U.S Dollar, with the U.S markets closed for Thanksgiving.
At the time of writing, the Dollar Spot Index was down by 0.07% to 91.927.
For the Loonie
It’s another quiet day on the economic data front. There are no material stats due out to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of COVID-19 news updates and crude oil prices.
At the time of writing, the Loonie was up by 12% to C$1.2992 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | There are no material stats due out, leaving the Pound in the hands of Brexit and market risk sentiment. The lack of stats will leave the Loonie in the hands of COVID-19 news updates and crude oil prices. This article was originally posted on FX Empire More From FXEMPIRE: Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 3rd, 2020 AUD/USD Forex Technical Analysis – Holding .7414 Sets Up Eventual Test of July 2018 Top at .7484 COVID-19 Vaccine Update – The UK Wastes No Time as MHRA Approves Vaccine The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | According to NZ Stats, Annual imports fell NZ$6.5bn (10%) to NZ$58bn in the year ended October 2020. Monthly imports fell by NZ$759m (13%) to NZ$5.3bn in October 2020 compared with October 2019. Exports fell NZ$222m (4.4%) to NZ$4.8bn in October 2020 compared with October 2019. | According to NZ Stats, Annual imports fell NZ$6.5bn (10%) to NZ$58bn in the year ended October 2020. Monthly imports fell by NZ$759m (13%) to NZ$5.3bn in October 2020 compared with October 2019. The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. | Economists had forecast a 1.5% decline. We can expect some EUR sensitivity as the markets look for clues on what policy moves are likely next month. At the time of writing, the Loonie was up by 12% to C$1.2992 against the U.S Dollar. | ba666b2c-c200-427f-9a5b-2622e972d0b3 |
709028.0 | 2020-11-10 00:00:00 UTC | A Quiet Economic Calendar Leaves COVID-19 and Geopolitics in Focus | DBO | https://www.nasdaq.com/articles/a-quiet-economic-calendar-leaves-covid-19-and-geopolitics-in-focus-2020-11-11 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively quiet start to the day on the economic calendar this morning. The Aussie Dollar and the Kiwi Dollar were in action in the early part of the day.
For the Aussie Dollar
The Westpac Consumer Sentiment Index rose by 2.5% to 107.7 in November, falling short of a forecasted 3.8% rise. In October, the Index had jumped by 11.9% to 105.0.
The Aussie Dollar moved from $0.72854 to $0.72822 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.03% to $0.7286.
For the Kiwi Dollar
The RBNZ delivered its November monetary policy decision this morning.
In line with market expectations, the RBNZ held the Official Cash Rate unchanged at 0.25%. While the RBNZ left the cash rate unchanged, the Committee did deliver more monetary policy stimulus.
In summary,
A Funding for Lending Programme (“FLP”) will commence in December. This will reduce banks’ funding costs and lower interest rates.
Large Scale Asset Purchase Programme (“LSAP”) of up to NZ$100bn.
Official Cash Rate (“OCR”) unchanged at 0.25%, while ready to drop the OCR into negative territory.
Salient points from the Rate Statement included:
Global economic activity has improved following the severe contraction, though there are geo-divergences.
Some economies, including China, have seen surprising resilience.
The impact of the global economic weakness on New Zealand had been more muted than anticipated.
Commodity and asset prices have remained firm.
Members remain concerned about the downside risks stemming from the 2nd wave of the pandemic
Domestically
The pandemic was having significant implications for the Committee in meeting its remit.
Both headline and underlying inflation were below 2%, with inflation expectations subdued.
Employment was assessed to be below its maximum sustainable level.
Closed international borders meant service export industries, such as tourism, would operate below capacity for an extended period.
Members agreed that there was substantial uncertainty around how the economy would adjust.
It was therefore appropriate for fiscal policy to play the primary role in supporting the economy.
Without further policy easing, members projected that the labor market would weaken further near-term before recovering over subsequent years.
Inflation was projected to fluctuate around the bottom of the Committee’s 1-3% target range until late in the projection period.
Economic outcomes could be stronger than assumed if household or business spending accelerated.
Policy Outlook
Members agreed that, under current circumstances, the appropriate stance to achieve its remit objections would be to provide further monetary stimulus.
The Committee reaffirmed that an FLP, a lower or negative OCR, purchase of foreign assets, and interest rate swaps remain under consideration.
Members noted that the banking system is on track to be operationally ready for negative rates by year-end.
The Kiwi Dollar moved from $0.68222 to $0.68422 upon release of the statement. At the time of writing, the Kiwi Dollar was up by 0.10% to $0.6838 ahead of the RBNZ Press Conference.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.22% to ¥105.07 against the U.S Dollar.
The Day Ahead:
For the EUR
It’s a quiet day ahead on the economic calendar. There are no material stats due out of the Eurozone to provide the EUR with direction.
The lack of stats will leave the EUR in the hands of COVID-19 news updates and news from Capitol Hill.
At the time of writing, the EUR was up by 0.08% to $1.1824.
For the Pound
It’s a quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction. The lack of stats will leave the Pound in the hands of Brexit updates and COVID-19 news.
At the time of writing, the Pound was up down 0.07% to $1.3263.
Across the Pond
It’s a quiet day ahead for the U.S Dollar, with no material stats to provide the markets with direction.
The lack of stats will leave any updates on U.S politics and COVID-19 in focus. U.S stimulus talk and Biden’s plans to take on the COVID-19 pandemic will be key areas of focus.
At the time of writing, the Dollar Spot Index was down by 0.04% to 92.716.
For the Loonie
It’s a quiet day on the economic data front. There are no material stats to provide the Loonie with direction on the day.
A lack of stats will leave the Loonie in the hands of market risk sentiment and COVID-19 news updates.
On the oil front, OPEC’s monthly report and crude oil inventory numbers will also provide direction.
At the time of writing, the Loonie was up by 0.02% to C$1.3031 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Policy Outlook Members agreed that, under current circumstances, the appropriate stance to achieve its remit objections would be to provide further monetary stimulus. The Committee reaffirmed that an FLP, a lower or negative OCR, purchase of foreign assets, and interest rate swaps remain under consideration. This article was originally posted on FX Empire More From FXEMPIRE: Governments, Creditors Need DSSI+ Debt Relief Framework to Tackle Africa’s Solvency Crisis European Equities: Brexit and U.S Economic Data in Focus Lordstown Motors Soars as Truck Orders Pick Up The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Kiwi Dollar The RBNZ delivered its November monetary policy decision this morning. While the RBNZ left the cash rate unchanged, the Committee did deliver more monetary policy stimulus. A lack of stats will leave the Loonie in the hands of market risk sentiment and COVID-19 news updates. | The Committee reaffirmed that an FLP, a lower or negative OCR, purchase of foreign assets, and interest rate swaps remain under consideration. The Day Ahead: For the EUR It’s a quiet day ahead on the economic calendar. Across the Pond It’s a quiet day ahead for the U.S Dollar, with no material stats to provide the markets with direction. | The Aussie Dollar and the Kiwi Dollar were in action in the early part of the day. The Committee reaffirmed that an FLP, a lower or negative OCR, purchase of foreign assets, and interest rate swaps remain under consideration. At the time of writing, the Kiwi Dollar was up by 0.10% to $0.6838 ahead of the RBNZ Press Conference. | bf737f6a-2774-444e-b4df-afdd077b290c |
709029.0 | 2020-11-08 00:00:00 UTC | A Light Economic Calendar Leaves Capitol Hill, COVID-19, and Brexit in Focus | DBO | https://www.nasdaq.com/articles/a-light-economic-calendar-leaves-capitol-hill-covid-19-and-brexit-in-focus-2020-11-09 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a particularly quiet start to the day on the economic calendar this morning. There were no material stats to provide the markets with direction.
The lack of stats left the majors in the hands of U.S politics and the latest COVID-19 updates from the weekend. From the weekend, news of Biden winning the U.S Presidential Election ultimately supported riskier assets early on.
Trade data from China from the weekend was also positive, with China reporting an 11.4% jump in exports. A more modest 4.7% rise in imports led to a widening of the U.S Dollar trade surplus from $37bn to $58.44bn.
While imports were softer than a forecasted 9.5%, it wasn’t bad enough to suggest any marked deterioration in demand for Chinese goods. In September imports had surged by 13.2%.
For the Majors
At the time of writing, the Japanese Yen was flat at ¥103.35 against the U.S Dollar. The Aussie Dollar was up by 0.25% to $0.7276, with Kiwi Dollar up by 0.35% to $0.6798.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar, with Germany’s trade data for September in focus.
As the Eurozone falls to a 2nd wave of the COVID-19 pandemic, however, the stats are unlikely to have a material impact.
The markets will be looking towards October and November data to ascertain the damage to the 4th quarter.
Away from theeconomic calendar expect any further updates on COVID-19 to remain a factor. Brexit and U.S Politics will also influence. Biden’s victory is considered EUR positive.
On the monetary policy front, ECB President Lagarde could move the dial and soften the EUR. The ECB President had talked of further easing next month. Any hints should pin back the EUR.
At the time of writing, the EUR was up by 0.11% to $1.1887.
For the Pound
It’s a quiet day ahead on the economic calendar, with no material stats to provide direction on the day.
While there are no material stats to consider, BoE Governor Bailey is scheduled to speak later this morning. There may be few surprises, however, following last week’s policy decision.
Away from theeconomic calendar updates on Brexit and COVID-19 will remain key drivers. It’s last chance saloon for a Brexit deal this week. Chatter from the weekend suggests that a deal is imminent. With Biden looking to take the Presidency, some compromise from the UK may be likely in a bid to seal a trade agreement with the U.S in return.
At the time of writing, the Pound was up by 0.21% to $1.3184.
Across the Pond
It’s a quiet day ahead for the U.S Dollar. There are no material stats to provide direction. The focus will remain on Capitol Hill.
Vote recounts and court rulings will need monitoring, following Biden’s victory.
At the time of writing, the Dollar Spot Index was down by 0.04% to 92.195.
For the Loonie
It’s a relatively quiet day on the economic data front. Housing start numbers are due out later today. The numbers should have a muted impact on the Loonie, however.
Expect market risk sentiment to be the key driver as the markets respond to the Biden victory.
At the time of writing, the Loonie was up by 0.24% to C$1.3019 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | From the weekend, news of Biden winning the U.S Presidential Election ultimately supported riskier assets early on. While imports were softer than a forecasted 9.5%, it wasn’t bad enough to suggest any marked deterioration in demand for Chinese goods. This article was originally posted on FX Empire More From FXEMPIRE: Silver Price Forecast – Silver Markets Break 50 Day EMA Gold Weekly Price Forecast – Gold Markets Have Rough Week GBP/JPY Weekly Price Forecast – Pound Gives Back Important Gains The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar, with Germany’s trade data for September in focus. For the Pound It’s a quiet day ahead on the economic calendar, with no material stats to provide direction on the day. This article was originally posted on FX Empire More From FXEMPIRE: Silver Price Forecast – Silver Markets Break 50 Day EMA Gold Weekly Price Forecast – Gold Markets Have Rough Week GBP/JPY Weekly Price Forecast – Pound Gives Back Important Gains The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar, with Germany’s trade data for September in focus. For the Pound It’s a quiet day ahead on the economic calendar, with no material stats to provide direction on the day. This article was originally posted on FX Empire More From FXEMPIRE: Silver Price Forecast – Silver Markets Break 50 Day EMA Gold Weekly Price Forecast – Gold Markets Have Rough Week GBP/JPY Weekly Price Forecast – Pound Gives Back Important Gains The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar, with Germany’s trade data for September in focus. For the Pound It’s a quiet day ahead on the economic calendar, with no material stats to provide direction on the day. At the time of writing, the Loonie was up by 0.24% to C$1.3019 against the U.S Dollar. | 2915def1-1247-4f6d-813b-167e4287c84a |
709030.0 | 2020-11-03 00:00:00 UTC | Economic Data Takes a Backseat. The Focus Will be on Electoral College Votes… | DBO | https://www.nasdaq.com/articles/economic-data-takes-a-backseat.-the-focus-will-be-on-electoral-college-votes...-2020-11-04 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively busy start to the day on the economic calendar this morning. The Kiwi Dollar and the Aussie Dollar were in action in the early part of the day.
Away from theeconomic calendar the U.S Presidential Election remained the key driver as results begin to trickle in. As the vote count continued, Florida was the main area of focus for the markets early on.
For the Kiwi Dollar
3rd quarter employment figures were in focus. Quarter-on-quarter, employment fell by 0.8% in the 3rd quarter, following a 0.4% decline in the 2nd quarter. Economists had forecast a 0.8% decline.
The unemployment rate rose from 4.0% to 5.3% in the 3rd quarter, however. Economists had forecast an unemployment rate of 5.4%.
According to NZ Stats,
The number of unemployed increased by a record of 37,000 to hit 151,000 in the third quarter.
In the global financial crisis, the number of unemployed had increased by a more modest 18,000.
There were 22,000 fewer employed people in the 3rd quarter when compared with the 2nd
The underutilization rate rose to 13.2%.
As a result of the COVID-19 pandemic, the unemployment rate also saw its largest quarterly increase on record.
The Kiwi Dollar moved from $0.67050 to $0.66686 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.06% to $0.6682.
For the Aussie Dollar
Retail sales fell by 1.1% in September, following on from a 4% slide in August. Economists had forecasted a 1.5% decline.
According to the ABS,
Household goods retailing and food retailing led the way down, with declines of 3.6% and 1.5% respectively.
Other retailing (-0.7%), and clothing, footwear, & personal accessory retailing (-1.1%) also saw falls.
There were increases in cafes, restaurants, & food services (3.5%) and department stores (1.0%).
The Aussie Dollar moved from $0.71819 to $0.71646 upon release of the figures that preceded China service sector PMI numbers. At the time of writing, the Aussie Dollar was down by 0.35% to $0.7139.
Out of China
The Caixin Services PMI increased from 54.8 to 56 8in October.
According to the October survey,
The rate of expansion was the 2nd quickest for over a decade, driven by a marked increase in total new work.
New work from overseas, however, declined as a result of the 2nd wave of the COVID-19 pandemic in key export markets.
Staffing levels were on the rise as a result of the jump in new orders that was the 3rd steepest since September 2010.
As a result of a pickup in the pace of hiring, outstanding workloads rose only marginally and softer than in September.
Optimism also improved, with service sector firms the most optimistic since April 2012.
The Aussie Dollar moved from $0.71468 to $0.71394 upon release of the figures.
Elsewhere
At the time of writing, the Japanese Yen was down by 0.11% ¥104.60 against the U.S Dollar.
The Day Ahead:
For the EUR
It’s a particularly busy day ahead on the economic calendar.
Key stats include October service PMI numbers for Italy and Spain.
Finalized composite and service PMIs are also due out of France, Germany, and the Eurozone.
Expect the Eurozone’s services and composite PMIs to have the greatest influence.
Spanish unemployment figures that are also due out should have a muted impact on the EUR.
Away from theeconomic calendar updates on Brexit, COVID-19, and the U.S Presidential Election will remain key drivers.
At the time of writing, the EUR was down by 0.26% to $1.1685.
For the Pound
It’s also a relatively quiet day ahead on the economic calendar. October’s finalized Services and Composite PMIs are due out later today.
Barring a downward revision to prelim figures, however, the stats should have a muted impact on the Pound.
Away from theeconomic calendar Brexit and U.S politics will remain key drivers. With England in lockdown mode, expect the Pound to see limited upside, however, ahead of the BoE’s monetary policy decision on Thursday’s.
At the time of writing, the Pound was down by 0.25% to $1.3027.
Across the Pond
It’s a busy day ahead for the U.S Dollar. Key stats include the market’s preferred ISM Non-Manufacturing PMI numbers for October and the ADP’s nonfarm employment change figures for October.
Expect both sets of numbers to garner some interest on the day.
Trade data and the Markit Survey’s finalized services and composite PMIs should have a muted impact on the Dollar.
Away from theeconomic calendar expect the U.S Presidential Election to continue to influence mid-week.
At the time of writing, the Dollar Spot Index was up by 0.11% to 93.659.
For the Loonie
It’s another quiet day on the economic data front, with no material stats to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of market risk sentiment and crude oil prices.
At the time of writing, the Loonie was down by 0.27% to C$1.3180 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | With England in lockdown mode, expect the Pound to see limited upside, however, ahead of the BoE’s monetary policy decision on Thursday’s. The lack of stats will leave the Loonie in the hands of market risk sentiment and crude oil prices. This article was originally posted on FX Empire More From FXEMPIRE: The Crypto Daily – The Movers and Shakers – November 10th, 2020 USD/JPY Fundamental Daily Forecast – Repricing Across All Asset Classes Should Boost Dollar/Yen Investors Lose Appetite for Beyond Meats After COVID-19 Eats Profits The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Away from theeconomic calendar the U.S Presidential Election remained the key driver as results begin to trickle in. The Aussie Dollar moved from $0.71819 to $0.71646 upon release of the figures that preceded China service sector PMI numbers. Key stats include October service PMI numbers for Italy and Spain. | The Kiwi Dollar and the Aussie Dollar were in action in the early part of the day. The Aussie Dollar moved from $0.71819 to $0.71646 upon release of the figures that preceded China service sector PMI numbers. Key stats include the market’s preferred ISM Non-Manufacturing PMI numbers for October and the ADP’s nonfarm employment change figures for October. | The Kiwi Dollar and the Aussie Dollar were in action in the early part of the day. For the Kiwi Dollar 3rd quarter employment figures were in focus. The Aussie Dollar moved from $0.71819 to $0.71646 upon release of the figures that preceded China service sector PMI numbers. | a4ff7d95-2a8e-438e-a10b-a22dc89e860b |
709031.0 | 2020-11-02 00:00:00 UTC | The U.S Presidential Election is the Main Event, with the RBA also in Action | DBO | https://www.nasdaq.com/articles/the-u.s-presidential-election-is-the-main-event-with-the-rba-also-in-action-2020-11-02 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a quiet start to the day on the economic calendar this morning. There were no material stats for the markets to consider in the early hours.
On the monetary policy front, the RBA is in action later this morning, though the main event of the day is the U.S Presidential Election.
Expect the results to have a material impact on market risk sentiment, though the outcome may not be known for weeks. Much will depend on the margins of victory, with mail voting expected to delay the outcome for a number of U.S states.
For the Majors
At the time of writing, the Japanese Yen was down by 0.03% ¥104.75 against the U.S Dollar. The Aussie Dollar was flat at $0.7055, with the Kiwi Dollar up by 0.05% to $0.6635.
The Day Ahead:
For the EUR
It’s a particularly quiet day ahead on the economic calendar.
There are no material stats to provide the EUR with direction on the day. The lack of stats will leave the EUR in the hands of the U.S Presidential Election, COVID-19, and Brexit.
Expect the election results to be the key driver, however. Any suggestions of another surprise Trump victory would likely test support for the EUR. A second term for Trump would likely leave the EU in Trump’s trade war sights…
At the time of writing, the EUR was flat at $1.1641.
For the Pound
It’s also a particularly quiet day ahead on the economic calendar. With no material stats due out of the UK, the Pound will be in the hands of Brexit chatter and the U.S Presidential Election.
A Trump victory would be Pound positive… With Brexit talks continuing, a Biden victory is expected to leave Johnson and the Brexiteers on a weaker footing.
At the time of writing, the Pound was down by 0.01% to $1.2916.
Across the Pond
It’s a relatively quiet day ahead for the U.S Dollar. September factory orders are due out later today.
We don’t expect the Dollar to respond, however, with the result of the U.S Presidential Election the key driver on the day.
The Dollar Spot Index rose by 0.10% to 94.129 on Monday.
For the Loonie
It’s a quiet day on the economic data front, with no material stats to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of market risk sentiment and crude oil prices. A Trump victory should provide crude oil prices and the Loonie with support, though Trump’s trade wars could limit any upside.
At the time of writing, the Loonie was down by 0.03% to C$1.3321 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | On the monetary policy front, the RBA is in action later this morning, though the main event of the day is the U.S Presidential Election. The lack of stats will leave the Loonie in the hands of market risk sentiment and crude oil prices. This article was originally posted on FX Empire More From FXEMPIRE: Natural Gas Price Fundamental Weekly Forecast – Lower if Weak Weather Demand Offsets Strong LNG Volumes Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 9th, 2020 US Elections: Political Polarisation, Governance, Fiscal Challenges Weigh on Credit Outlook The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Loonie It’s a quiet day on the economic data front, with no material stats to provide the Loonie with direction. The lack of stats will leave the Loonie in the hands of market risk sentiment and crude oil prices. A Trump victory should provide crude oil prices and the Loonie with support, though Trump’s trade wars could limit any upside. | The Day Ahead: For the EUR It’s a particularly quiet day ahead on the economic calendar. We don’t expect the Dollar to respond, however, with the result of the U.S Presidential Election the key driver on the day. For the Loonie It’s a quiet day on the economic data front, with no material stats to provide the Loonie with direction. | With no material stats due out of the UK, the Pound will be in the hands of Brexit chatter and the U.S Presidential Election. For the Loonie It’s a quiet day on the economic data front, with no material stats to provide the Loonie with direction. At the time of writing, the Loonie was down by 0.03% to C$1.3321 against the U.S Dollar. | 06650785-c09a-49c8-a4c5-e0b2823d147b |
709032.0 | 2020-10-27 00:00:00 UTC | COVID-19 and U.S Politics Remain Key Drivers, with the BoC also in Focus Today | DBO | https://www.nasdaq.com/articles/covid-19-and-u.s-politics-remain-key-drivers-with-the-boc-also-in-focus-today-2020-10-28 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively busy start to the week on the economic calendar this morning. The Aussie Dollar was in action in the early part of the day.
Away from theeconomic calendar U.S politics and COVID-19 continued to be an area of focus. The surge in new COVID-19 cases and some uncertainty over the outcome of the U.S Presidential Election weighed on risk sentiment early on.
There was also the fading hope of a U.S stimulus package to add to the market angst this morning.
For the Aussie Dollar
Inflation figures for the third quarter were in focus this morning.
In the 3rd quarter, inflationary pressures returned, with an annual rate of inflation of 0.7% in the 3rd quarter. In the 2nd quarter, consumer prices had fallen by 0.3% year-on-year. Quarter-on-quarter, consumer prices rose by 1.6%, partially reversing a 1.9% slide from the 2nd quarter.
Economists had forecast an annual rate of inflation of 0.7% and a 1.5% jump in consumer prices in the quarter.
The Aussie Dollar moved from $0.71253 to $0.71186 upon release of the figures. At the time of writing, the Aussie Dollar was flat at $0.7129
Elsewhere
At the time of writing, the Japanese Yen was down by 0.05% ¥104.47 against the U.S Dollar, with the Kiwi Dollar down by 0.07% to $0.6705.
The Day Ahead:
For the EUR
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the Eurozone to provide the EUR with direction.
A lack of stats will leave the EUR under pressure, as the markets continue to focus on the 2nd wave of the COVID-19 pandemic.
Any progress towards a Brexit deal and/or a U.S stimulus package on Capitol Hill would ease some of the pain. It may not be enough to raise the prospects of another economic meltdown in the 4th quarter, however.
At the time of writing, the EUR was down by 0.08% to $1.1786.
For the Pound
It’s another quiet day ahead on the economic calendar. with no material stats to provide the Pound with direction.
The lack of stats will leave the Pound squarely in the hands of Brexit chatter.
At the time of writing, the Pound was down by 0.03% to $1.3040.
Across the Pond
It’s a relatively quiet day ahead for the U.S Dollar.
Key stats include September goods trade figures and retail inventory numbers. We would expect the stats to have a muted impact on the Greenback, however.
The focus on the day will be on Capitol Hill and the final week of U.S Presidential Election campaigning. A narrowing in the polls in favor of Trump would be considered market negative. That is assuming that the senate election polls continue to favor the Democrats to control the house.
At the time of writing, the Dollar Spot Index was up by 0.20% to 93.122.
For the Loonie
The Bank of Canada is in action later today. As new COVID-19 cases surge across key economies, dovish chatter is to be expected.
It remains to be seen, however, whether the BoC will talk of any imminent moves. Unlikely for now, which should limit some of the damage as crude oil prices continue to fall.
At the time of writing, the Loonie was down by 0.01% to C$1.3186 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The surge in new COVID-19 cases and some uncertainty over the outcome of the U.S Presidential Election weighed on risk sentiment early on. A lack of stats will leave the EUR under pressure, as the markets continue to focus on the 2nd wave of the COVID-19 pandemic. This article was originally posted on FX Empire More From FXEMPIRE: US Stock Market Overview – Stocks Close Mixed; Ahead of US Election U.S Presidential Election – The Global Equity Markets Say Biden… Price of Gold Fundamental Daily Forecast – Biden Win Means More Stimulus, Weaker Dollar, Higher Gold Demand The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Aussie Dollar Inflation figures for the third quarter were in focus this morning. A lack of stats will leave the EUR under pressure, as the markets continue to focus on the 2nd wave of the COVID-19 pandemic. This article was originally posted on FX Empire More From FXEMPIRE: US Stock Market Overview – Stocks Close Mixed; Ahead of US Election U.S Presidential Election – The Global Equity Markets Say Biden… Price of Gold Fundamental Daily Forecast – Biden Win Means More Stimulus, Weaker Dollar, Higher Gold Demand The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | At the time of writing, the Aussie Dollar was flat at $0.7129 Elsewhere At the time of writing, the Japanese Yen was down by 0.05% ¥104.47 against the U.S Dollar, with the Kiwi Dollar down by 0.07% to $0.6705. The Day Ahead: For the EUR It’s a particularly quiet day ahead on the economic calendar. This article was originally posted on FX Empire More From FXEMPIRE: US Stock Market Overview – Stocks Close Mixed; Ahead of US Election U.S Presidential Election – The Global Equity Markets Say Biden… Price of Gold Fundamental Daily Forecast – Biden Win Means More Stimulus, Weaker Dollar, Higher Gold Demand The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Aussie Dollar Inflation figures for the third quarter were in focus this morning. For the Pound It’s another quiet day ahead on the economic calendar. As new COVID-19 cases surge across key economies, dovish chatter is to be expected. | bc3b456c-e4e7-47d1-a190-7eab08873454 |
709033.0 | 2020-10-20 00:00:00 UTC | The Dollar Pullback Continues on Hopes of a COVID-19 Stimulus Package | DBO | https://www.nasdaq.com/articles/the-dollar-pullback-continues-on-hopes-of-a-covid-19-stimulus-package-2020-10-21 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a particularly quiet start to the day on the economic calendar this morning. There were no material stats to provide the markets with direction early in the Asian session.
A lack of stats left the markets to focus on progress towards a U.S stimulus package that weighed on the Greenback early on.
The Majors
At the time of writing, the Japanese Yen was up by 0.13% ¥105.36 against the U.S Dollar. The Aussie Dollar was up by 0.27% to $0.7067, with the Kiwi Dollar up by 0.20% to $0.6594.
The Day Ahead:
For the EUR
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the Eurozone to provide the EUR with direction.
A lack of stats will leave the EUR in the hands of COVID-19, Brexit, and U.S politics.
At the time of writing, the EUR was up by 0.09% to $1.1833.
For the Pound
It’s a relatively busy day ahead on the economic calendar. September inflation figures are due out later this morning.
With the Bank of England ready to drop rates into negative territory, expect Pound sensitivity to the numbers.
Direction on the day will ultimately come from Brexit and COVID-19 news updates. Boris Johnson left the door ajar and the EU has talked of a willingness to continue negotiating. A willingness to return to the table suggests a willingness to compromise. It remains to be seen, however, whether EU member states can bring Macron on board… Talks on Tuesday had failed to deliver.
At the time of writing, the Pound was up by 0.12% to $1.2963.
Across the Pond
It’s a particularly quiet day ahead for the U.S Dollar.
There are no material stats due out of the U.S to provide the markets with direction.
A lack of stats will leave U.S politics and COVID-19 in focus. We can expect plenty of market reaction to chatter from Capitol Hill on the day.
There are also the U.S Presidential and the Senate elections to consider… The markets are looking for that blue wave…
At the time of writing, the Dollar Spot Index was down by 0.07% to 93.006.
For the Loonie
It’s a busy day ahead on theeconomic calendar Key stats include September inflation and August retail sales figures.
Expect plenty of influence from the numbers ahead of the BoC’s monetary policy decision next week.
The weekly EIA crude oil inventory numbers will also influence later in the day.
Away from theeconomic calendar COVID-19 news updates will remain a key driver, however.
At the time of writing, the Loonie was up by 0.14% to C$1.3110 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | With the Bank of England ready to drop rates into negative territory, expect Pound sensitivity to the numbers. For the Loonie It’s a busy day ahead on theeconomic calendar Key stats include September inflation and August retail sales figures. This article was originally posted on FX Empire More From FXEMPIRE: Big Week for Big Tech Oil Traders go Long Over Hurricane Zeta European Equities: U.S Economic Data, U.S Politics, and COVID-19 in Focus The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | There were no material stats to provide the markets with direction early in the Asian session. For the Loonie It’s a busy day ahead on theeconomic calendar Key stats include September inflation and August retail sales figures. Away from theeconomic calendar COVID-19 news updates will remain a key driver, however. | FXEmpire.com - Earlier in the Day: It’s was a particularly quiet start to the day on the economic calendar this morning. The Day Ahead: For the EUR It’s a particularly quiet day ahead on the economic calendar. For the Loonie It’s a busy day ahead on theeconomic calendar Key stats include September inflation and August retail sales figures. | The Day Ahead: For the EUR It’s a particularly quiet day ahead on the economic calendar. For the Pound It’s a relatively busy day ahead on the economic calendar. Expect plenty of influence from the numbers ahead of the BoC’s monetary policy decision next week. | 33b3bfb7-fc07-4478-a179-4299d97453d3 |
709034.0 | 2020-10-14 00:00:00 UTC | The EU Summit Puts the Pound in Focus, with COVID-19 back in the Spotlight | DBO | https://www.nasdaq.com/articles/the-eu-summit-puts-the-pound-in-focus-with-covid-19-back-in-the-spotlight-2020-10-15 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively busy start to the day on the economic calendar this morning. The Aussie Dollar was in action early on, with economic data from China also in focus.
For the Aussie Dollar
September employment figures were in focus this morning.
Total employment fell by 29.5k in September, partially reversing a 111k jump from August. Economists had forecast a 35k decline.
Full employment fell by 20.1k, following a 36.2k increase in August. In September, the unemployment rate rose from 6.8% to 6.9%. Economists had forecast an increase to 7.1%.
According to the ABS,
The number of unemployed people increased by 11,300 people and was up by 228,100 over the year.
Compared to September 2019, full-time employment declined by 301,700, with part-time employment falling by 56,700.
The employment to population ratio fell by 0.2 points 60.3%.
While the unemployment rate increased, the participation rate fell by 0.1 points to 64.8%.
The Aussie Dollar moved from $0.71375 to $0.71394 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.31% to $0.7140.
Out of China
The annual rate of inflation softened from 2.4% to 1.7% in September. Economists had forecast a softening to 1.8%. Month-on-month, consumer prices increased by 0.2%, following a 0.4% rise in August. Economists had forecast a 0.3% rise.
Wholesale deflationary pressures picked up in September. The producer price index fell by 2.1%, following a 2.0% decline in August, year-on-year. Economists had forecast a 1.8% fall.
The Aussie Dollar moved from $0.71440 to $0.71379 upon release of the figures.
Elsewhere
At the time of writing, the Japanese Yen was down by 0.09% ¥105.26 against the U.S Dollar, with the Kiwi Dollar down by 0.03% to $0.6655.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. Key stats include finalized September inflation figures from France.
Barring a material revision from prelim figures, we would expect the stats to have a muted impact on the EUR.
Expect Brexit updates from the EU Summit later in the day to be the key driver on the day.
On the monetary policy front, ECB President Lagarde is due to speak later in the day. Expect any chatter on monetary policy and the economic outlook to influence.
While Brexit will likely be the key driver, market concerns over the latest rise in new COVID-19 cases will also test the EUR.
At the time of writing, the EUR was up by 0.01% to $1.1747.
For the Pound
It’s a quiet day ahead on the economic calendar. There are no material stats due out, leaving the Pound in the hands of Brexit.
Failure to find common ground at the EU Summit later today could see British negotiators walk away. Expect a choppy day ahead…
At the time of writing, the Pound was up by 0.04% to $1.3017.
Across the Pond
It’s a busy day ahead for the U.S Dollar.
Key stats include Philly and NY State manufacturing PMI figures and the weekly jobless claims for the week ending 9th October.
Expect the weekly jobless claims and October’s Philly FED Manufacturing PMI to be the key drivers on the day.
Away from theeconomic calendar U.S politics, and updates from Capitol Hill will also influence on the day.
The Dollar Spot Index was up by 0.02% to 93.400 at the time of writing.
For the Loonie
It’s a quiet day ahead, with no material stats to provide the Loonie with direction.
A lack of stats will leave the Loonie in the hands of the EIA crude oil inventory numbers due out later today.
Away from theeconomic calendar market risk sentiment and COVID-19 news will also provide direction.
At the time of writing, the Loonie was down by 0.05% to C$1.3153 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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USD/CAD Daily Forecast – Canadian Dollar Failed To Move Higher Against U.S. Dollar
EUR/USD Mid-Session Technical Analysis for October 21, 2020
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Expect the weekly jobless claims and October’s Philly FED Manufacturing PMI to be the key drivers on the day. A lack of stats will leave the Loonie in the hands of the EIA crude oil inventory numbers due out later today. This article was originally posted on FX Empire More From FXEMPIRE: U.S. Stocks Mixed As Traders Wait For Stimulus News USD/CAD Daily Forecast – Canadian Dollar Failed To Move Higher Against U.S. Dollar EUR/USD Mid-Session Technical Analysis for October 21, 2020 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Key stats include finalized September inflation figures from France. Key stats include Philly and NY State manufacturing PMI figures and the weekly jobless claims for the week ending 9th October. Expect the weekly jobless claims and October’s Philly FED Manufacturing PMI to be the key drivers on the day. | The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. Expect Brexit updates from the EU Summit later in the day to be the key driver on the day. This article was originally posted on FX Empire More From FXEMPIRE: U.S. Stocks Mixed As Traders Wait For Stimulus News USD/CAD Daily Forecast – Canadian Dollar Failed To Move Higher Against U.S. Dollar EUR/USD Mid-Session Technical Analysis for October 21, 2020 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Aussie Dollar September employment figures were in focus this morning. Expect Brexit updates from the EU Summit later in the day to be the key driver on the day. Expect a choppy day ahead… At the time of writing, the Pound was up by 0.04% to $1.3017. | f8e2041f-8e3f-407a-a666-8ce04494392a |
709035.0 | 2020-10-13 00:00:00 UTC | Brexit and COVID-19 Keep the Pound in the Spotlight, with U.S Politics also in Focus | DBO | https://www.nasdaq.com/articles/brexit-and-covid-19-keep-the-pound-in-the-spotlight-with-u.s-politics-also-in-focus-2020 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively quiet start to the day on the economic calendar this morning. The Aussie Dollar was in action early on, with economic data from Japan due out later this morning.
For the Aussie Dollar
Consumer sentiment was in focus early on. The Westpac Consumer Sentiment Index jumped by 11.9% to 105.0 in October. In September, the Index had surged by 18.0% to 93.8.
According to the latest Westpac Report,
A 2nd sharp monthly rise took the index to its highest level since July 2018. Confidence now sits 10% above the average level in the 6-months prior to the pandemic.
The sharp increase was attributed to the October Federal Budget and continued success in containing the COVID-19 outbreak.
Expectations of a further RBA rate cut in November was also considered a possible source of support.
Looking at the sub-indexes:
Finances vs a year ago rose by 6.2% to 92.9, with finances next 12-months rising by 9.4% to 110.8.
Sentiment towards the economic outlook continued to impress.
Economic conditions next 12-months surged by 24.2% to 94.0, taking it above the long-run average of 90.7.
Over the next 5-years, sentiment jumped by 14.1% to 113.8. The long-run average sat at 91.3.
The time to buy a dwelling sub-index rose by 10.6%, with the Unemployment Expectations Index sliding by 14.2%.
Sentiment towards the housing sector also improved, with the House Price Expectations Index surging by 31.5%.
The Aussie Dollar moved from $0.71623 to $0.71644 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.04% to $0.7164.
For the Japanese Yen
Finalized industrial production figures for August are due out later this morning. Barring a marked revision from prelim numbers, however, the data should have a muted impact on the Yen.
At the time of writing, the Japanese Yen was up by 0.13% ¥105.34 against the U.S Dollar.
Elsewhere
At the time of writing, the Kiwi Dollar was up by 0.11% to $0.6658.
The Day Ahead:
For the EUR
It’s a relatively busy day ahead on the economic calendar. Key stats include August’s industrial production figures for the Eurozone.
Finalized inflation figures for Spain are also due out but will likely have a muted impact on the EUR.
On the monetary policy front, ECB President Lagarde is scheduled to speak. Expect any chatter on monetary policy or the economic outlook to influence.
With Boris Johnson’s 15th October Brexit deadline, however, expect the focus to be on Brexit ahead of tomorrow’s EU Summit.
Adding to the EUR’s near-term woes is the continued rise in new COVID-19 cases.
At the time of writing, the EUR was down by 0.03% to $1.1743.
For the Pound
It’s a quiet day ahead on the economic calendar. There are no material stats due out, leaving the Pound in the hands of Brexit.
Its last chance saloon for the likes of Macron to compromise or face the uncertainty of a no-deal Brexit. Hopes of an EU compromise and an agreement had hit a wall over the weekend following Macron’s latest demands.
With the BoE ready to deliver negative rates and the UK government introducing new COVID-19 containment measures, only a Brexit deal can support a Pound rebound.
At the time of writing, the Pound was down by 0.05% to $1.2931.
Across the Pond
It’s a relatively busy day ahead for the U.S Dollar. September wholesale inflation figures are due out later today.
Barring particularly dire numbers, however, the stats are unlikely to have a material impact on the U.S Dollar.
The market focus will likely remain on geopolitics, Capitol Hill, the U.S Presidential Election, and COVID-19 updates.
The Dollar Spot Index was up by 0.01% to 93.539 at the time of writing.
For the Loonie
It’s a quiet day ahead, with no material stats to provide the Loonie with direction.
While there are no material stats, the IEA’s monthly report should provide crude oil prices along with the weekly inventory numbers.
Expect COVID-19 news to also influence sentiment towards the demand for crude oil and the direction of the Loonie.
At the time of writing, the Loonie was down by 0.08% to C$1.3150 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | With the BoE ready to deliver negative rates and the UK government introducing new COVID-19 containment measures, only a Brexit deal can support a Pound rebound. While there are no material stats, the IEA’s monthly report should provide crude oil prices along with the weekly inventory numbers. This article was originally posted on FX Empire More From FXEMPIRE: Oil Bears take Control European Equities: Capitol Hill, COVID-19, and Brexit Remain Key Areas of Focus AUD/USD and NZD/USD Fundamental Daily Forecast – Aussie Hits Three-Week Low on QE Expectations The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Sentiment towards the housing sector also improved, with the House Price Expectations Index surging by 31.5%. For the Japanese Yen Finalized industrial production figures for August are due out later this morning. While there are no material stats, the IEA’s monthly report should provide crude oil prices along with the weekly inventory numbers. | The Day Ahead: For the EUR It’s a relatively busy day ahead on the economic calendar. The Dollar Spot Index was up by 0.01% to 93.539 at the time of writing. This article was originally posted on FX Empire More From FXEMPIRE: Oil Bears take Control European Equities: Capitol Hill, COVID-19, and Brexit Remain Key Areas of Focus AUD/USD and NZD/USD Fundamental Daily Forecast – Aussie Hits Three-Week Low on QE Expectations The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Westpac Consumer Sentiment Index jumped by 11.9% to 105.0 in October. Sentiment towards the economic outlook continued to impress. At the time of writing, the EUR was down by 0.03% to $1.1743. | 7b5e71b5-2e64-44c6-8d85-124c56d79153 |
709036.0 | 2020-10-12 00:00:00 UTC | Economic Data and Brexit Put the Pound in the Spotlight | DBO | https://www.nasdaq.com/articles/economic-data-and-brexit-put-the-pound-in-the-spotlight-2020-10-13 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a busier start to the day on the economic calendar this morning. The Kiwi Dollar was in action, with economic data out of China also in focus this morning.
While economic data was of influence, news of Johnson & Johnson hitting pause on its vaccine trials weighed on riskier assets. A reported pause in the J&J trial due to a patient becoming ill weighed on risk appetite as new COVID-19 cases continue to rise. Adding to the negativity was news from China of its 1st COVID-19 case since August.
For the Kiwi Dollar
Electronic card retail sales rose by 5.4% in September, reversing most of a 7.9% slide from August. Compared with September 2019, spending was up by 7.3%. In August, spending had been down by 0.8%, year-on-year.
According to NZ Stats,
Spending on durables rose by 19%, with spending on motor vehicles (excl. fuel) up by 15%, year-on-year.
There were also marked increases in spending on consumables (10%) and apparel (6.6%).
Compared with September 2019, spending on hospitality (-4.9%) and fuel (-11%) declined, however.
The rise in spending in September 2020 was attributed to fewer COVID-19 restrictions when compared with August 2020. The COVID-19 alert level for Auckland was lowered from level 3 to level 2.
Spending on hospitality and fuel rose by 13% and by 11% respectively in the month.
The Kiwi Dollar moved from $0.66451 to $0.66475 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.08% to $0.6642.
Out of China
China’s US Dollar trade surplus narrowed from $58.93bn to $37bn in September. Economists had forecasted a narrowing to $58.0bn.
Exports rose by 9.9%, compared with September 2019, following a 9.5% jump in August. Economists had forecasted a 10.0% increase.
Imports increased by 13.2%, following a 2.1% slide in August. Economists had forecast a 0.3% rise.
At the time of writing, the Aussie Dollar was down by 0.51% to $0.7172. The Aussie Dollar showed little response to the numbers, the early slide coming from risk-off sentiment early on.
Elsewhere
At the time of writing, the Japanese Yen was down by 0.05% ¥105.38 against the U.S Dollar.
The Day Ahead:
For the EUR
It’s a relatively busy day ahead on the economic calendar. Key stats include ZEW Economic Sentiment figures for Germany and the Eurozone. Finalized September inflation figures for Germany are also due out but should have a muted impact on the EUR.
Away from theeconomic calendar any further talk of a reintroduction of lockdown measures, Brexit, and U.S politics will also influence.
At the time of writing, the EUR was down by 0.15% to $1.1795.
For the Pound
It’s a busy day ahead on the economic calendar. Key stats include September’s claimant counts and August’s unemployment rate and employment change figures.
With the UK seeing a marked increase in new COVID-19 cases in September, any jump in claimant counts will weigh.
Earlier in the day, the BRC Retail Sales Monitor rose by 6.1% in September, year-on-year. In August, the Monitor had risen by 4.7%. The upbeat data failed to provide early support for the Pound, however.
Away from theeconomic calendar updates from Brexit negotiations ahead of the EU Summit will be key.
At the time of writing, the Pound was down by 0.15% to $1.3045.
Across the Pond
It’s a relatively busy day ahead for the U.S Dollar. September inflation figures are due out later today.
Barring particularly dire numbers, however, the stats are unlikely to have a material impact on the U.S Dollar. Weak numbers would test market risk sentiment that would be Dollar positive…
Away from theeconomic calendar U.S politics will remain the key driver on the day. Updates from Capitol Hill on stimulus talks and U.S Presidential Election campaign chatter will influence.
The Dollar Spot Index was up by 0.12% to 93.176 at the time of writing.
For the Loonie
It’s a quiet day ahead, with no material stats to provide the Loonie with direction.
While there are no material stats, OPEC’s monthly report should provide crude oil prices with direction after last week’s supply disruption driven bounce. Any doom and gloom on demand and expect the Loonie to struggle.
At the time of writing, the Loonie was down by 0.14% to C$1.3133 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Weak numbers would test market risk sentiment that would be Dollar positive… Away from theeconomic calendar U.S politics will remain the key driver on the day. While there are no material stats, OPEC’s monthly report should provide crude oil prices with direction after last week’s supply disruption driven bounce. This article was originally posted on FX Empire More From FXEMPIRE: High Odds for COVID -19 Vaccines Support Crude Oil Price of Gold Fundamental Weekly Forecast – Bullish Traders Patiently Waiting for Catalyst Arab SWFs Struggling with Rentier State Strategies The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | While economic data was of influence, news of Johnson & Johnson hitting pause on its vaccine trials weighed on riskier assets. Key stats include ZEW Economic Sentiment figures for Germany and the Eurozone. While there are no material stats, OPEC’s monthly report should provide crude oil prices with direction after last week’s supply disruption driven bounce. | For the Kiwi Dollar Electronic card retail sales rose by 5.4% in September, reversing most of a 7.9% slide from August. The Day Ahead: For the EUR It’s a relatively busy day ahead on the economic calendar. Weak numbers would test market risk sentiment that would be Dollar positive… Away from theeconomic calendar U.S politics will remain the key driver on the day. | The Kiwi Dollar was in action, with economic data out of China also in focus this morning. In August, spending had been down by 0.8%, year-on-year. For the Loonie It’s a quiet day ahead, with no material stats to provide the Loonie with direction. | 8fdc5cc7-2c6b-434e-b203-33f3c044bd51 |
709037.0 | 2020-09-27 00:00:00 UTC | Risk Appetite Weighs on the Dollar, with COVID-19 and Geopolitics in Focus today | DBO | https://www.nasdaq.com/articles/risk-appetite-weighs-on-the-dollar-with-covid-19-and-geopolitics-in-focus-today-2020-09-28 | nan | nan | FXEmpire.com -
Earlier in the Day:
Itâs was a particularly quiet start to the day on the economic calendar this morning. There were no material stats to provide direction through the Asian session, leaving the markets to take their cues from the U.S. session on Friday.
Support for riskier assets weighed on the Dollar early, driving support for the commodity currencies and the Yen.
For the Majors
At the time of writing, the Japanese Yen was up by 0.19% ¥105.38 against the U.S Dollar. The Aussie Dollar was up by 0.34% to $0.7055, with the Kiwi Dollar up by 0.20% to $0.6559.
The Day Ahead:
For the EUR
Itâs a quiet day ahead on the economic calendar. There are no material stats due out of the Eurozone to provide the EUR with direction.
While there are no material stats to consider, ECB President Lagarde is scheduled to speak late in the day. Any monetary policy chatter will influence.
Away from theeconomic calendar COVID-19 and geopolitics remain key drivers. From the weekend and late last week, there was nothing positive on the COVID-19 vaccine front to ease concerns over the latest spike in new cases.
At the time of writing, the EUR was up by 0.03% to $1.1635.
For the Pound
Itâs also a quiet day ahead on the economic calendar. There are no material stats due out to provide the Pound with direction.
The lack of stats will leave the Pound in the hands of Brexit and COVID-19 on the day.
COVID-19 news suggests that the government may be forced to deliver more measures to contain the spread.
On the Brexit front, 3-days of talks are set to begin on Tuesday. Progress will need to be made for more intense talks to then be held on key hurdles ahead of the EU Summit in mid-October.
At the time of writing, the Pound was up by 0.15% to $1.2765.
Across the Pond
Itâs a quiet day ahead for the U.S Dollar. There are no material stats due out of the U.S to provide the Dollar with direction.
A lack of stats leaves the Dollar in the hands of geopolitics and COVID-19 news updates.
From late last week, U.S sanctions on SMIC and a court ruling on Trumpâs ban on TikTok will set the tone. The court ruling to block Trumpâs attempts to ban TikTok was well received.
The Dollar Spot Index was down by 0.14% to 94.514 at the time of writing.
For the Loonie
Itâs another particularly quiet day ahead, with no material stats due out today.
The lack of stats will leave the Loonie in the hands of market risk sentiment and crude oil prices.
Key areas of focus remain U.S â China relations and COVID-19. From the weekend, news of a spike in new cases across Ontario and Quebec will be Loonie negative.
At the time of writing, the Loonie was up by 0.03% to C$1.3382 against the U.S Dollar.
For a look at all of todayâs economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | From the weekend and late last week, there was nothing positive on the COVID-19 vaccine front to ease concerns over the latest spike in new cases. Progress will need to be made for more intense talks to then be held on key hurdles ahead of the EU Summit in mid-October. This article was originally posted on FX Empire More From FXEMPIRE: Crude Oil Price Forecast â Crude Oil Markets Break Down a Bit Natural Gas Price Forecast â Natural Gas Markets Building a Base E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis â Testing Balance Point at 11550.75 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Day Ahead: For the EUR Itâs a quiet day ahead on the economic calendar. The lack of stats will leave the Loonie in the hands of market risk sentiment and crude oil prices. This article was originally posted on FX Empire More From FXEMPIRE: Crude Oil Price Forecast â Crude Oil Markets Break Down a Bit Natural Gas Price Forecast â Natural Gas Markets Building a Base E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis â Testing Balance Point at 11550.75 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Day Ahead: For the EUR Itâs a quiet day ahead on the economic calendar. There are no material stats due out of the U.S to provide the Dollar with direction. For the Loonie Itâs another particularly quiet day ahead, with no material stats due out today. | The Day Ahead: For the EUR Itâs a quiet day ahead on the economic calendar. A lack of stats leaves the Dollar in the hands of geopolitics and COVID-19 news updates. At the time of writing, the Loonie was up by 0.03% to C$1.3382 against the U.S Dollar. | e8d09041-17fd-45f0-b159-d55a6de86b1d |
709038.0 | 2020-09-24 00:00:00 UTC | Economic Data Puts the U.S Economy Back in the Spotlight | DBO | https://www.nasdaq.com/articles/economic-data-puts-the-u.s-economy-back-in-the-spotlight-2020-09-25 | nan | nan | FXEmpire.com -
Earlier in the Day:
Itâs was a particularly quiet start to the day on the economic calendar this morning. There were no material stats to provide direction through the Asian session, leaving the markets to take their cues from the U.S.
For the Majors
At the time of writing, the Japanese Yen was down by 0.07% ¥105.48 against the U.S Dollar. The Aussie Dollar was up by 0.18% to $0.7060, with the Kiwi Dollar up by 0.14% to $0.6555.
The Day Ahead:
For the EUR
Itâs a quiet day ahead on the economic calendar. There are no material stats due out of the Eurozone to provide the EUR with direction.
With a lack of major stats, French and Italian consumer confidence figures for September will draw attention early in the session.
With little else for the markets to focus, COVID-19 and Brexit will remain areas of focus on the day.
At the time of writing, the EUR was down by 0.03% to $1.1668.
For the Pound
Itâs also a quiet day ahead on the economic calendar. There are no material stats due out to provide the Pound with direction.
The lack of stats will leave the Pound in the hands of Brexit and COVID-19 on the day. As things stand, new containment measures can only be negative for the UK economy and the Pound near-term.
For the bulls, the only real hope would be a breaking of the Brexit deadlock.
At the time of writing, the Pound was up by 0.07% to $1.2756.
Across the Pond
Itâs a relatively quiet day ahead for the U.S Dollar. Key stats include August durable goods and core durable goods orders.
On the monetary policy front, expect any FOMC member chatter to also influence. COVID-19 news updates and any chatter from the U.S government will also provide direction.
The Dollar Spot Index was flat at 94.352 at the time of writing.
For the Loonie
Itâs another particularly quiet day ahead, with no material stats due out today.
The lack of stats will leave the Loonie in the hands of market risk sentiment and crude oil prices.
Key areas of focus remain U.S â China relations and COVID-19.
At the time of writing, the Loonie was up by 0.11% to C$1.3347 against the U.S Dollar.
For a look at all of todayâs economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | There were no material stats to provide direction through the Asian session, leaving the markets to take their cues from the U.S. For the Majors At the time of writing, the Japanese Yen was down by 0.07% Â¥105.48 against the U.S Dollar. With a lack of major stats, French and Italian consumer confidence figures for September will draw attention early in the session. This article was originally posted on FX Empire More From FXEMPIRE: Silver Price Forecast â Silver Markets Drift Lower USD/CAD Daily Forecast â Canadian Dollar Shows Strength Against U.S. Dollar E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis â Big Challenge for Bulls at 27729 â 28040 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Day Ahead: For the EUR Itâs a quiet day ahead on the economic calendar. For the Loonie Itâs another particularly quiet day ahead, with no material stats due out today. This article was originally posted on FX Empire More From FXEMPIRE: Silver Price Forecast â Silver Markets Drift Lower USD/CAD Daily Forecast â Canadian Dollar Shows Strength Against U.S. Dollar E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis â Big Challenge for Bulls at 27729 â 28040 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | There were no material stats to provide direction through the Asian session, leaving the markets to take their cues from the U.S. For the Majors At the time of writing, the Japanese Yen was down by 0.07% Â¥105.48 against the U.S Dollar. The Day Ahead: For the EUR Itâs a quiet day ahead on the economic calendar. This article was originally posted on FX Empire More From FXEMPIRE: Silver Price Forecast â Silver Markets Drift Lower USD/CAD Daily Forecast â Canadian Dollar Shows Strength Against U.S. Dollar E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis â Big Challenge for Bulls at 27729 â 28040 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | There were no material stats to provide direction through the Asian session, leaving the markets to take their cues from the U.S. For the Majors At the time of writing, the Japanese Yen was down by 0.07% Â¥105.48 against the U.S Dollar. The lack of stats will leave the Pound in the hands of Brexit and COVID-19 on the day. At the time of writing, the Pound was up by 0.07% to $1.2756. | ce673b20-ef91-4326-afb5-ee4cc3b612f5 |
709039.0 | 2020-09-20 00:00:00 UTC | Geopolitics Keeps the Pound and the Dollar in Focus, with Lagarde to Test the EUR Later | DBO | https://www.nasdaq.com/articles/geopolitics-keeps-the-pound-and-the-dollar-in-focus-with-lagarde-to-test-the-eur-later | nan | nan | FXEmpire.com -
Earlier in the Day:
Itâs was a relatively start to the day on the economic calendar this morning. There were no material stats to provide direction in the early part of the day.
While the PBoC was in action, there was little market reaction to Beijingâs threat of retaliatory measures from the weekend was the key driver.
Beijingâs threat came in response to the U.S administrationâs targeting of TikTok and WeChat. It had started long before, however, with the targeting of Huawei and CFO Meng Wanzhou.
Out of China
The PBoC held the 1-year and 5-year loan prime rates steady at 3.85% and 4.65% respectively. This was in line with forecasts and recent forward guidance from the PBoC.
Economic data from China has continued to support an in-country driven economic recovery.
The Aussie Dollar moved from $0.73066 to $0.73058 upon release of the PBoC decision. At the time of writing, the Aussie Dollar was up by 0.25% to $0.7307.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.13% ¥104.43 against the U.S Dollar, with the Kiwi Dollar up by 0.21% to $0.6773.
The Day Ahead:
For the EUR
Itâs a particularly quiet day ahead on the economic calendar. There are no material stats due out of the Eurozone to provide direction.
Through the early part of the day, the latest COVID-19 numbers and U.S â China tensions will be in focus.
Late in the European session, ECB President Lagarde is scheduled to speak. There are unlikely to be too many surprises, however.
At the time of writing, the EUR was up by 0.15% to $1.1858.
For the Pound
Itâs also a particularly quiet day ahead on the economic calendar, with no material stats to provide the Pound with direction.
The lack of stats will leave the Pound firmly in the hands of Brexit and the passage of the Internal Market Bill.
At the time of writing, the Pound was up by 0.29% to $1.2954.
Across the Pond
Itâs a quiet day ahead for the U.S Dollar. There are also no material stats from the U.S to provide the Greenback with direction.
The lack of stats will leave the Dollar in the hands of chatter from Beijing and Capitol Hill. Any news COVID-19 concerns will also influence ahead of FED Chair Powellâs testimony in the week.
The Dollar Spot Index was down by 0.09% to 92.838 at the time of writing.
For the Loonie
Itâs a quiet day ahead, with August new house price figures due out later today.
Donât expect too much influence from the numbers, however. Any renewed tensions between the U.S and China could question Chinaâs willingness to crank up the import of U.S goods. Such an outcome would not bode well for global trade terms and crude oil prices.
At the time of writing, the Loonie was up by 0.18% to C$1.3180 against the U.S Dollar.
For a look at all of todayâs economic events, check out our economic calendar.
This article was originally posted on FX Empire
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GBP/USD Price Forecast â British Pound Continues to Grind Sideways
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | While the PBoC was in action, there was little market reaction to Beijingâs threat of retaliatory measures from the weekend was the key driver. The lack of stats will leave the Pound firmly in the hands of Brexit and the passage of the Internal Market Bill. For the Loonie Itâs a quiet day ahead, with August new house price figures due out later today. | The Day Ahead: For the EUR Itâs a particularly quiet day ahead on the economic calendar. For the Pound Itâs also a particularly quiet day ahead on the economic calendar, with no material stats to provide the Pound with direction. This article was originally posted on FX Empire More From FXEMPIRE: AUD/USD Price Forecast â Australian Dollar Gives Up Early Gains GBP/USD Price Forecast â British Pound Continues to Grind Sideways USD/JPY Price Forecast â US Dollar Grinding Higher Against Yen The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Day Ahead: For the EUR Itâs a particularly quiet day ahead on the economic calendar. For the Pound Itâs also a particularly quiet day ahead on the economic calendar, with no material stats to provide the Pound with direction. This article was originally posted on FX Empire More From FXEMPIRE: AUD/USD Price Forecast â Australian Dollar Gives Up Early Gains GBP/USD Price Forecast â British Pound Continues to Grind Sideways USD/JPY Price Forecast â US Dollar Grinding Higher Against Yen The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | FXEmpire.com - Earlier in the Day: Itâs was a relatively start to the day on the economic calendar this morning. The Day Ahead: For the EUR Itâs a particularly quiet day ahead on the economic calendar. For the Pound Itâs also a particularly quiet day ahead on the economic calendar, with no material stats to provide the Pound with direction. | f3090cb3-d141-4630-9f89-9bf6b1b73359 |
709040.0 | 2020-09-15 00:00:00 UTC | Economic Data Puts the GBP, Loonie, and USD in Focus Ahead of the FOMC… | DBO | https://www.nasdaq.com/articles/economic-data-puts-the-gbp-loonie-and-usd-in-focus-ahead-of-the-fomc...-2020-09-16 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively busy start to the day on the economic calendar this morning. The Kiwi Dollar and the Japanese Yen were in action.
For the Kiwi Dollar
Current account figures for the 2nd quarter were in focus. Quarter-on-quarter, the current account surplus widened from NZ$1.56bn to NZ$1.83bn. Economists had forecast a narrowing to NZ$0.60bn.
Year-on-year, the current account deficit narrowed from NZ$8.51bn to NZ$5.77bn. Economists had forecast a narrowing to NZ$7.37bn.
The current account as a percentage of GDP stood at -1.9% in the 2nd quarter. This was up from -2.7% in the 1st quarter. Economists had forecast a percentage of GDP of -2.5%.
The Kiwi Dollar moved from $0.67124 to $0.67128 upon release of the numbers. At the time of writing, the Kiwi Dollar was up by 0.01% to $0.6715.
For the Japanese Yen
In August, Japan’s trade surplus widened from ¥10.9bn to ¥248.3bn. Economists had forecast a deficit of ¥77.6bn.
According to figures released by the Ministry of Finance,
In August, exports slid by 14.8%, year-on-year.
While exports to Asia fell by 7.8%, exports to China rose by 5.1%.
A 4% fall in exports to HK, a 13.8% fall to South Korea, a 31.3% slump in exports to Thailand, and a 26.1% decline to Singapore weighed.
Exports to Australia slumped by 20.9%, with exports to the U.S tumbling by 21.3%.
Things were not much better to Europe, with exports to Western Europe sliding by 15.3%.
Imports tumbled by 20.8% in August, year-on-year.
While imports from Asia fell by 11.2%, imports from Australia tumbled by 43.4%.
Imports from the U.S slid by 22%, with imports from Europe falling by 22.2%.
The Japanese Yen moved from ¥105.402 to ¥105.308 upon release of the figures. At the time of writing, the Japanese Yen was up by 0.14% ¥105.29 against the U.S Dollar.
Elsewhere
At the time of writing, the Aussie Dollar was up by 0.03% to $0.7305.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. Key stats include July trade data for the Eurozone.
We don’t expect too much influence on the EUR, however, barring particularly dire numbers.
On the day, the monetary policy and geopolitics will be key drivers. Brexit will be a key area of interest, with the FOMC policy decision and economic and interest rate projections of particular interest.
We saw the Dollar tumble in response to the lower for longer and policy framework revision. Following last week’s ECB press conference, a dovish FED could see the EUR head back towards $1.20 levels.
At the time of writing, the EUR was down by 0.05% to $1.1841.
For the Pound
It’s a relatively busy day ahead on the economic calendar. Key stats include August inflation figures.
While consumer prices will influence, expect wholesale inflation figures to have a greater impact early in the day.
Away from theeconomic calendar Brexit will remain the key driver, however. There’s been plenty of chatter over the Internal Market Bill and the PM’s desire to protect Northern Ireland from the EU.
Any further updates will be of influence as the Internal Market Bill gets sliced and diced in Westminster.
At the time of writing, the Pound was up by 0.09% to $1.2900.
Across the Pond
It’s also a relatively busy day ahead for the U.S Dollar. Key stats include August retail sales figures.
Expect the numbers to influence risk sentiment ahead of the main event. Consumer spending is a key contributor and will need to continue to rebound to support the economic recovery.
The main event of the day is the FOMC monetary policy decision, however. With the FOMC expected to stand pat, the market focus will be on the FOMC economic and interest rate projections.
Following the announcement of the new monetary policy framework, the markets are expecting interest rate forecasts to remain dovish.
The FOMC’s outlook on the economic recovery is an area of uncertainty…
The Dollar Spot Index was up by 0.12% to 93.166 at the time of writing.
For the Loonie
It’s a busier day ahead, with key stats including August inflation and July Foreign Securities Purchases figures.
Expect the inflation figures to have the greatest impact on the day.
We will also expect the weekly crude oil inventory numbers to also provide direction.
At the time of writing, the Loonie was up by 0.02% to C$1.3183 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | While consumer prices will influence, expect wholesale inflation figures to have a greater impact early in the day. Following the announcement of the new monetary policy framework, the markets are expecting interest rate forecasts to remain dovish. For the Loonie It’s a busier day ahead, with key stats including August inflation and July Foreign Securities Purchases figures. | Brexit will be a key area of interest, with the FOMC policy decision and economic and interest rate projections of particular interest. Following the announcement of the new monetary policy framework, the markets are expecting interest rate forecasts to remain dovish. This article was originally posted on FX Empire More From FXEMPIRE: GBP/USD Price Forecast – British Pound Stabilized in at 200 EMA Silver Price Daily Forecast – Strong U.S. Dollar Continues To Put Pressure On Silver Crude Oil Price Forecast – Crude Oil Markets Flat The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. For the Loonie It’s a busier day ahead, with key stats including August inflation and July Foreign Securities Purchases figures. This article was originally posted on FX Empire More From FXEMPIRE: GBP/USD Price Forecast – British Pound Stabilized in at 200 EMA Silver Price Daily Forecast – Strong U.S. Dollar Continues To Put Pressure On Silver Crude Oil Price Forecast – Crude Oil Markets Flat The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | According to figures released by the Ministry of Finance, In August, exports slid by 14.8%, year-on-year. The FOMC’s outlook on the economic recovery is an area of uncertainty… The Dollar Spot Index was up by 0.12% to 93.166 at the time of writing. For the Loonie It’s a busier day ahead, with key stats including August inflation and July Foreign Securities Purchases figures. | 41ac60d4-5bf4-4cab-b1f0-cfb7569df4d8 |
709041.0 | 2020-09-13 00:00:00 UTC | A Quiet Day ahead of Busy Week Leaves the Majors in the Hands of Geopolitics | DBO | https://www.nasdaq.com/articles/a-quiet-day-ahead-of-busy-week-leaves-the-majors-in-the-hands-of-geopolitics-2020-09-14 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a quiet start to the day on the economic calendar this morning. There were no material stats through the early part of the Asian session to provide the majors with direction.
On the geopolitical risk front, U.S – China tensions and the Liberal Democratic Party leadership election were in focus.
With TikTok’s sale deadline looming, Huawei is also in the spotlight. The telco’s suppliers are due to stop shipments after mid-night today. This not only impacts U.S suppliers but also Huawei’s Asian suppliers including Taiwan Semiconductor Manufacturing Co. All non-U.S suppliers that use American tech will be required to apply for a license to continue supplying Huawei.
For the Japanese Yen
Finalized industrial production figures for July are due out later today. Barring any marked downward revision to the prelim 8% jump, however, the stats should have a muted impact on the Yen.
This morning, Japan’s governing party is expected to vote in Yoshihide Suga, who is also expected to continue Abe’s policies. Any surprise outcomes would, therefore, be a test for the Yen…
At the time of writing, the Japanese Yen was up by 0.07% ¥106.09 against the U.S Dollar.
Elsewhere
At the time of writing, the Aussie Dollar was down by 0.01% to $0.7283, while the Kiwi Dollar was up by 0.41% to $0.6693.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. July industrial production figures are due out in the early part of the day.
With the markets having digested production figures from key member states, today’s data should have a muted impact on the EUR.
On the geopolitical risk front, however, expect Brexit and chatter from Beijing and Washington to influence.
At the time of writing, the EUR was up by 0.03% to $1.1850.
For the Pound
It’s a particularly quiet day ahead of a busy week on the economic calendar. There are no material stats due out to provide the Pound with direction.
The lack of stats will leave the Pound in the hands of Brexit and market risk sentiment,
While Brexit chatter from the weekend was of little use for the bulls, talk of a resumption of COVID-19 vaccine trials was positive.
Over the weekend, the news wires reported that Oxford University is to resume clinical trials on its COVID-19 vaccine. Ultimately, however, with Brexit and economic doom and gloom, any upside would likely be limited.
At the time of writing, the Pound was up by 0.23% to $1.2825.
Across the Pond
It’s also a particularly quiet day ahead for the U.S Dollar. There are no material stats due out of the U.S to provide the greenback with direction
With a lack of stats to consider, chatter on TikTok, U.S and China relations, and Brexit will be key drivers.
The Dollar Spot Index was down by 0.16% to 93.183 at the time of writing.
For the Loonie
It’s another quiet day ahead, with no material stats due out of Canada to provide the Loonie with direction.
A lack of stats will leave the Loonie in the hands of market risk sentiment and crude oil prices. OPEC’s monthly report is due out today. We’ve seen crude oil prices suffer of late as a result of demand concerns.
Negative projections on demand would be negative for the Loonie.
At the time of writing, the Loonie was up by 0.14% to C$1.3160 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | On the geopolitical risk front, U.S – China tensions and the Liberal Democratic Party leadership election were in focus. With the markets having digested production figures from key member states, today’s data should have a muted impact on the EUR. This article was originally posted on FX Empire More From FXEMPIRE: E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Trading on Weak Side of Retracement Zone Gold Price Futures (GC) Technical Analysis – Tight Trading Ranger Indicates Impending Volatility EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – September 19th, 2020 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Japanese Yen Finalized industrial production figures for July are due out later today. The lack of stats will leave the Pound in the hands of Brexit and market risk sentiment, While Brexit chatter from the weekend was of little use for the bulls, talk of a resumption of COVID-19 vaccine trials was positive. A lack of stats will leave the Loonie in the hands of market risk sentiment and crude oil prices. | The lack of stats will leave the Pound in the hands of Brexit and market risk sentiment, While Brexit chatter from the weekend was of little use for the bulls, talk of a resumption of COVID-19 vaccine trials was positive. There are no material stats due out of the U.S to provide the greenback with direction With a lack of stats to consider, chatter on TikTok, U.S and China relations, and Brexit will be key drivers. For the Loonie It’s another quiet day ahead, with no material stats due out of Canada to provide the Loonie with direction. | On the geopolitical risk front, however, expect Brexit and chatter from Beijing and Washington to influence. The lack of stats will leave the Pound in the hands of Brexit and market risk sentiment, While Brexit chatter from the weekend was of little use for the bulls, talk of a resumption of COVID-19 vaccine trials was positive. For the Loonie It’s another quiet day ahead, with no material stats due out of Canada to provide the Loonie with direction. | 172052a6-4126-44ac-8905-b8386ebfe0cc |
709042.0 | 2020-09-10 00:00:00 UTC | Economic Data and Brexit Keep the Pound in the Spotlight | DBO | https://www.nasdaq.com/articles/economic-data-and-brexit-keep-the-pound-in-the-spotlight-2020-09-11 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively quiet start to the day on the economic calendar this morning. The Kiwi Dollar and the Japanese Yen were in action early on.
For the Kiwi Dollar
The Business PMI fell from 58.8 to 50.70 in August. In July, the PMI had risen from 56.3 to 58.8.
The Kiwi Dollar moved from $0.66501 to $0.66507 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.09% to $0.6657.
For the Japanese Yen
The BSI Large Manufacturing Conditions Index rose from -52.3 to 0.10 in the 3rd quarter.
The Japanese Yen moved from ¥106.165 to ¥106.131 upon release of the numbers. At the time of writing, the Japanese Yen was up by 0.01% ¥106.12 against the U.S Dollar.
Elsewhere
At the time of writing, the Aussie Dollar was up by 0.18% to $0.7271.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. Finalized August inflation figures for Germany and Spain are in focus later today.
With the markets having already responded to prelim numbers, however, the numbers are unlikely to have a material impact on the EUR.
We would expect the aftermath of the ECB press conference and market sentiment towards the Eurozone economy to be key drivers.
At the time of writing, the EUR was up by 0.17% to $1.1835.
For the Pound
It’s a busy day ahead on the economic calendar. Key stats include GDP, industrial and manufacturing production figures for July. July trade figures are also due out but will likely have a muted impact on the Pound.
While we expect the GDP numbers and manufacturing production, in particular, to influence, Brexit remains a key driver.
At the time of writing, the Pound was down by 0.01% to $1.2804.
Across the Pond
It’s a relatively quiet day ahead for the U.S Dollar. August inflation figures are due out later today.
While we can expect some influence from the numbers ahead of the FOMC policy decision next week, it’s Friday.
U.S President Trump favors Friday messaging, leaving the Dollar exposed to any chatter from the Oval Office and beyond.
The Dollar Spot Index was down by 0.05% to 93.289 at the time of writing.
For the Loonie
It’s a quiet day ahead, with no material stats due out of Canada to provide the Loonie with direction.
A lack of stats will leave the Loonie in the hands of market risk sentiment and crude oil prices.
At the time of writing, the Loonie was up by 0.05% to C$1.3186 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | We would expect the aftermath of the ECB press conference and market sentiment towards the Eurozone economy to be key drivers. A lack of stats will leave the Loonie in the hands of market risk sentiment and crude oil prices. This article was originally posted on FX Empire More From FXEMPIRE: Nike Flying High Ahead Of Earnings Gold Forecast – The September Breakdown in Gold is Beginning MetLife to Acquire Versant Health for $1.68 Billion; Target Price $44 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Key stats include GDP, industrial and manufacturing production figures for July. While we expect the GDP numbers and manufacturing production, in particular, to influence, Brexit remains a key driver. For the Loonie It’s a quiet day ahead, with no material stats due out of Canada to provide the Loonie with direction. | At the time of writing, the Kiwi Dollar was up by 0.09% to $0.6657. At the time of writing, the Japanese Yen was up by 0.01% ¥106.12 against the U.S Dollar. The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. | At the time of writing, the Japanese Yen was up by 0.01% ¥106.12 against the U.S Dollar. The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. For the Loonie It’s a quiet day ahead, with no material stats due out of Canada to provide the Loonie with direction. | 35a81ce8-1864-417e-80fe-6b550541f5dd |
709043.0 | 2020-09-10 00:00:00 UTC | Crude Oil Price Update – Trade Through $39.22 Confirms Reversal Bottom; $40.72 First Upside Target | DBO | https://www.nasdaq.com/articles/crude-oil-price-update-trade-through-%2439.22-confirms-reversal-bottom-%2440.72-first-upside | nan | nan | FXEmpire.com -
U.S. West Texas Intermediate crude oil futures are trading lower shortly before the release of the U.S. government inventories report at 15:00 GMT on Thursday, but edging toward the high of the session on the back of a weaker U.S. Dollar. The dollar is moving lower against a basket of major currencies after the Euro rallied in response to less-dovish comments from the European Central Bank (ECB).
At 13:38 GMT, December WTI crude oil futures are trading $38.74, down $0.13 or -0.33%. This is up from a low of $38.02.
At 15:00, the U.S. Energy Information Administration (EIA) will release its weekly inventories report. The EIA data is expected to show crude inventories fell by 500,000 barrels the week-ending September, according to analysts polled by S&P Global Platts. They also forecast a supply decline of 2.5 million barrels for gasoline and an inventory increase of 300,000 barrels in distillates.
Daily December WTI Crude Oil
Daily Swing Chart Technical Analysis
The main trend is down according to the daily swing chart, however, momentum may be getting ready to trend higher, following the formation of the potentially bullish closing price reversal bottom on Wednesday.
A trade through $37.11 will negate the closing price reversal bottom and signal a resumption of the downtrend.
Daily Swing Chart Technical Forecast
Based on the early price action, the direction of the December WTI crude oil futures market on Thursday is likely to be determined by trader reaction to yesterday’s high at $39.22.
Bullish Scenario
A sustained move over $39.22 will confirm the closing price reversal bottom. If this move creates enough upside momentum then look for the start of a 2 to 3 day counter-trend rally with the main objective the short-term retracement zone at $40.72 to $41.57.
Bearish Scenario
The inability to overcome or sustain a rally over $39.22 will signal the presence of sellers. The first target is a minor pivot at $38.05, followed by the closing price reversal bottom at $37.11.
If $37.11 fails as support then look for the break to possibly extend into the next main bottom at $35.72, followed by the main 50% level at $34.82.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | FXEmpire.com - U.S. West Texas Intermediate crude oil futures are trading lower shortly before the release of the U.S. government inventories report at 15:00 GMT on Thursday, but edging toward the high of the session on the back of a weaker U.S. Dollar. The dollar is moving lower against a basket of major currencies after the Euro rallied in response to less-dovish comments from the European Central Bank (ECB). Daily Swing Chart Technical Forecast Based on the early price action, the direction of the December WTI crude oil futures market on Thursday is likely to be determined by trader reaction to yesterday’s high at $39.22. | FXEmpire.com - U.S. West Texas Intermediate crude oil futures are trading lower shortly before the release of the U.S. government inventories report at 15:00 GMT on Thursday, but edging toward the high of the session on the back of a weaker U.S. Dollar. At 13:38 GMT, December WTI crude oil futures are trading $38.74, down $0.13 or -0.33%. Daily December WTI Crude Oil Daily Swing Chart Technical Analysis The main trend is down according to the daily swing chart, however, momentum may be getting ready to trend higher, following the formation of the potentially bullish closing price reversal bottom on Wednesday. | Daily December WTI Crude Oil Daily Swing Chart Technical Analysis The main trend is down according to the daily swing chart, however, momentum may be getting ready to trend higher, following the formation of the potentially bullish closing price reversal bottom on Wednesday. Daily Swing Chart Technical Forecast Based on the early price action, the direction of the December WTI crude oil futures market on Thursday is likely to be determined by trader reaction to yesterday’s high at $39.22. This article was originally posted on FX Empire More From FXEMPIRE: Stocks Tumble After Powell’s Warnings Over US Economic Recovery E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Trend Changes to Down if 10924.00 Fails GBP/USD Daily Forecast – British Pound Pulls Back After Rally The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The EIA data is expected to show crude inventories fell by 500,000 barrels the week-ending September, according to analysts polled by S&P Global Platts. Daily December WTI Crude Oil Daily Swing Chart Technical Analysis The main trend is down according to the daily swing chart, however, momentum may be getting ready to trend higher, following the formation of the potentially bullish closing price reversal bottom on Wednesday. A trade through $37.11 will negate the closing price reversal bottom and signal a resumption of the downtrend. | 6f2d9fed-241d-4a7e-bcee-13b4b09fcfda |
709044.0 | 2020-09-09 00:00:00 UTC | The ECB and U.S Jobless Claims Put the EUR and the Dollar in the Spotlight | DBO | https://www.nasdaq.com/articles/the-ecb-and-u.s-jobless-claims-put-the-eur-and-the-dollar-in-the-spotlight-2020-09-10 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively quiet start to the day on the economic calendar this morning. The Kiwi Dollar was in action early on.
For the Kiwi Dollar
Electronic card retail sales slid by 7.9% in August, reversing an upwardly revised 1.20% increase in July.
According to NZ Stats,
Compared with August 2019, the total value of electronic card spending was down 5.3% (NZ$411m).
The non-retail (excl. services) category was down 16% (NZ313m). This category includes medical and other health services; travel and tour arrangement services; postal and courier delivery services; and other non-retail industries).
Also seeing a heavy decline was the services category, which fell by 16% (NZ$52m).
The decline in August was attributed to the reintroduction of COVID-19 containment measures.
Spending on food and beverage services fell by 13% (NZ$115m) compared with August 2019.
The Kiwi Dollar moved from $0.66824 to $0.66839 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.13% to $0.6675.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.01% ¥106.17 against the U.S Dollar, with the Aussie Dollar was down by 0.23% to $0.7266.
The Day Ahead:
For the EUR
It’s a quiet day ahead on the economic calendar. There are no material stats to provide the EUR with direction on the day.
While there are no stats, however, the ECB is due to deliver its September monetary policy decision later today.
Following the FED’s change to the monetary policy framework and threat of prolonged Dollar weakness, the press conference will draw plenty of attention.
While the markets will be looking for forward guidance on policy and the ECB’s view on the economic recovery, any chatter on exchange rates will also influence.
At the time of writing, the EUR was up by 0.06% to $1.1810.
For the Pound
It’s yet another quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction.
That continues to leave the Pound firmly in the hands of Brexit chatter that has been negative for the Pound this week.
At the time of writing, the Pound was down by 0.12% to $1.2987.
Across the Pond
It’s a busier day ahead for the U.S Dollar, with August wholesale inflation figures and jobless claims figures due out later today.
While there will be some influence, any material easing of inflationary pressures is unlikely to shift the FED’s stance on policy near-term. It would support the FED’s lower for longer stance, however.
Of greater significance will be the weekly jobless claims figures that would need to avoid a return to 1m levels. A further decline would support riskier assets on the day.
Away from theeconomic calendar geopolitics will remain a key driver as Trump continues to ruffle Beijing’s feathers.
The Dollar Spot Index was down by 0.02% to 93.238 at the time of writing.
For the Loonie
It’s a quiet day ahead, with no material stats due out of Canada to provide the Loonie with direction.
A lack of stats will leave the Loonie in the hands of market risk sentiment and crude oil prices. Expect some sensitivity to the EIA weekly inventory numbers.
At the time of writing, the Loonie was down by 0.15% to C$1.3166 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – September 16th, 2020
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Kiwi Dollar Electronic card retail sales slid by 7.9% in August, reversing an upwardly revised 1.20% increase in July. Following the FED’s change to the monetary policy framework and threat of prolonged Dollar weakness, the press conference will draw plenty of attention. While the markets will be looking for forward guidance on policy and the ECB’s view on the economic recovery, any chatter on exchange rates will also influence. | The Day Ahead: For the EUR It’s a quiet day ahead on the economic calendar. Across the Pond It’s a busier day ahead for the U.S Dollar, with August wholesale inflation figures and jobless claims figures due out later today. This article was originally posted on FX Empire More From FXEMPIRE: Gold Price Prediction – Prices Edge Higher on Higher Import Prices Crude Oil Price Update – Best Case Scenario for Bulls Targets $40.72 EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – September 16th, 2020 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Day Ahead: For the EUR It’s a quiet day ahead on the economic calendar. Across the Pond It’s a busier day ahead for the U.S Dollar, with August wholesale inflation figures and jobless claims figures due out later today. For the Loonie It’s a quiet day ahead, with no material stats due out of Canada to provide the Loonie with direction. | Also seeing a heavy decline was the services category, which fell by 16% (NZ$52m). For the Pound It’s yet another quiet day ahead on the economic calendar. For the Loonie It’s a quiet day ahead, with no material stats due out of Canada to provide the Loonie with direction. | 731488b6-b5db-425f-bc54-8dd0f5e1dd66 |
709045.0 | 2020-09-09 00:00:00 UTC | Crude Oil – The Bearish Outlook Remains | DBO | https://www.nasdaq.com/articles/crude-oil-the-bearish-outlook-remains-2020-09-09 | nan | nan | FXEmpire.com -
Crude oil declined quite substantially this week, and it doesn’t look that the decline will be over just yet.
After a given market clearly moves in a certain direction, corrective moves are bound to happen. After all, no market can move in a straight line up or down. But still, this assumption might be misleading in case of the current situation in black gold. Obviously, it is taking a breather right now after declining several dollars. But, that doesn’t mean that any sizeable rebound is going to happen.
As a matter of fact, based on how crude oil behaved before the decline, we believe that it’s going to slide even further.
In today’s globalized and interconnected economy, no market moves completely independently from the rest of the world. Crude oil, as the most versatile commodity in the market, is definitely not an exception.
Two of the markets that it often looks up to are stocks and currencies.
Rising stocks are bullish for crude oil, due to better performing companies that drive greater products demand and transportation. Directly or indirectly, crude oil is used in many of those processes.
Conversely, a rising USD Index is bearish for crude oil (at least from the USD point of view), because that’s the currency crude oil is priced in.
The USD Index is after a short-term breakout, and the S&P 500 has just moved below its previous 2020 high, nullifying its breakout. This bodes very well for our profitable short positions in crude oil, but it’s not the most bearish signal available right now.
Arguably, the most bearish indicator is that crude oil declined even before the above-mentioned USDX strength and general stock market weakness occurred. Even though the USD Index had been declining and the S&P 500 had been rallying previously, crude oil refused to rally based on these indications.
Let’s take a look at the crude oil chart for details.
In early June, instead of rallying, crude oil kind of stopped with its significant growth. Since then, it has consolidated (mostly) below the 61.8% Fibonacci retracement level based on the previous 2020 decline and below the early-2020 low. As a result, the black gold had already shown a significant weakness for weeks, a decline completely not surprising given the above.
As such, crude oil was very vulnerable to the bearish stock market or bullish USD Index signals. And now, it just received both of them.
Technically, crude oil corrected to the 61.8% Fibonacci retracement, and now, it is declining once again. The strong resistance stayed on, and consequently, the price turned south.
To us, it seems very unlikely that crude oil would refuse to genuinely rally for months (! – since the June top), and decline by only a few dollars. Undoubtedly, it declined a few dollars, but only as a response to tiny USDX and general stock market moves. As these moves continue, crude oil is likely to amplify them, just like what it’s been doing for the past week.
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For a look at all of today’s economic events, check out our economic calendar.
Thank you.
Nadia Simmons
Day Trading and Oil Trading Strategist
Przemyslaw Radomski, CFA
Editor-in-chief, Gold & Silver Fund Manager
* * * * *
The information above represents analyses and opinions of Przemyslaw Radomski, CFA & Sunshine Profits’ associates only. As such, it may prove wrong and be subject to change without notice. At the time of writing, we base our opinions and analyses on facts and data sourced from respective essays and their authors. Although formed on top of careful research and reputably accurate sources, Przemyslaw Radomski, CFA and his associates cannot guarantee the reported data’s accuracy and thoroughness. The opinions published above neither recommend or offer any securities transaction. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski’s, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits’ employees, affiliates as well as their family members may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Rising stocks are bullish for crude oil, due to better performing companies that drive greater products demand and transportation. Arguably, the most bearish indicator is that crude oil declined even before the above-mentioned USDX strength and general stock market weakness occurred. Although formed on top of careful research and reputably accurate sources, Przemyslaw Radomski, CFA and his associates cannot guarantee the reported data’s accuracy and thoroughness. | Even though the USD Index had been declining and the S&P 500 had been rallying previously, crude oil refused to rally based on these indications. As such, crude oil was very vulnerable to the bearish stock market or bullish USD Index signals. Nadia Simmons Day Trading and Oil Trading Strategist Przemyslaw Radomski, CFA Editor-in-chief, Gold & Silver Fund Manager * * * * * The information above represents analyses and opinions of Przemyslaw Radomski, CFA & Sunshine Profits’ associates only. | Conversely, a rising USD Index is bearish for crude oil (at least from the USD point of view), because that’s the currency crude oil is priced in. Even though the USD Index had been declining and the S&P 500 had been rallying previously, crude oil refused to rally based on these indications. Nadia Simmons Day Trading and Oil Trading Strategist Przemyslaw Radomski, CFA Editor-in-chief, Gold & Silver Fund Manager * * * * * The information above represents analyses and opinions of Przemyslaw Radomski, CFA & Sunshine Profits’ associates only. | FXEmpire.com - Crude oil declined quite substantially this week, and it doesn’t look that the decline will be over just yet. After a given market clearly moves in a certain direction, corrective moves are bound to happen. Even though the USD Index had been declining and the S&P 500 had been rallying previously, crude oil refused to rally based on these indications. | 3f66d26e-5af5-40f8-8b82-dab8dccc7335 |
709046.0 | 2020-09-02 00:00:00 UTC | TSX rises on Cogeco-Altice deal, upbeat labor productivity data | DBO | https://www.nasdaq.com/articles/tsx-rises-on-cogeco-altice-deal-upbeat-labor-productivity-data-2020-09-02 | nan | nan | Sept 2 (Reuters) - Canada's main stock index rose on Wednesday, supported by gains in Cogeco CGO.TO after Altice USA Inc ATUS.N offered to purchase the Canadian television group, while upbeat domestic labor productivity data also bolstered sentiment.
* Cogeco's shares rose 30.4%, the most on the TSX, after Altice USA offered to buy the company in a C$10.3 billion ($7.88 billion) all-cash deal.
* The country's labor productivity grew by a record 9.8% in the second quarter as hours worked plummeted at a much faster pace than business output, Statistics Canada said.
* At 9:45 a.m. ET (1345 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 26.02 points, or 0.16%, at 16,671.01.
* The energy sector .SPTTEN dropped 1.3% as U.S. crude CLc1 prices were down 0.3% a barrel, while Brent crude LCOc1 lost 0.1%. O/R
* The financials sector .SPTTFS gained 0.6%. The industrials sector .GSPTTIN rose 0.7%.
* The materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies, lost 2.0% as gold futures GCc1 fell 1.0% to $1,948.3 an ounce. GOL/
* On the TSX, 110 issues were higher, while 106 issues declined for a 1.04-to-1 ratio favouring gainers, with 18.19 million shares traded.
* Cogeco's gains were followed by Alimentation Couche-Tard Inc ATDb.TO, which rose 6.2% after the company reported upbeat quarterly results.
* Ballard Power Systems Inc fell 6.1%, the most on the TSX, and the second biggest decliner was First Majestic Silver Corp , down 5.5%
* The most heavily traded shares by volume were Cardinal Resources Limited , and D-BOX Technologies Inc .
* The TSX posted six new 52-week highs and no new lows.
* Across all Canadian issues there were 60 new 52-week highs and six new lows, with total volume of 41.41 million shares.
(Reporting by Amal S in Bengaluru; Editing by Ramakrishnan M.)
((Amal.S@thomsonreuters.com; within U.S.+1 646 223 8780; outside U.S. +91 80 6749 3677;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Sept 2 (Reuters) - Canada's main stock index rose on Wednesday, supported by gains in Cogeco CGO.TO after Altice USA Inc ATUS.N offered to purchase the Canadian television group, while upbeat domestic labor productivity data also bolstered sentiment. * The country's labor productivity grew by a record 9.8% in the second quarter as hours worked plummeted at a much faster pace than business output, Statistics Canada said. * Ballard Power Systems Inc fell 6.1%, the most on the TSX, and the second biggest decliner was First Majestic Silver Corp , down 5.5% * The most heavily traded shares by volume were Cardinal Resources Limited , and D-BOX Technologies Inc . | Sept 2 (Reuters) - Canada's main stock index rose on Wednesday, supported by gains in Cogeco CGO.TO after Altice USA Inc ATUS.N offered to purchase the Canadian television group, while upbeat domestic labor productivity data also bolstered sentiment. * Cogeco's shares rose 30.4%, the most on the TSX, after Altice USA offered to buy the company in a C$10.3 billion ($7.88 billion) all-cash deal. * Cogeco's gains were followed by Alimentation Couche-Tard Inc ATDb.TO, which rose 6.2% after the company reported upbeat quarterly results. | Sept 2 (Reuters) - Canada's main stock index rose on Wednesday, supported by gains in Cogeco CGO.TO after Altice USA Inc ATUS.N offered to purchase the Canadian television group, while upbeat domestic labor productivity data also bolstered sentiment. * Cogeco's shares rose 30.4%, the most on the TSX, after Altice USA offered to buy the company in a C$10.3 billion ($7.88 billion) all-cash deal. * Ballard Power Systems Inc fell 6.1%, the most on the TSX, and the second biggest decliner was First Majestic Silver Corp , down 5.5% * The most heavily traded shares by volume were Cardinal Resources Limited , and D-BOX Technologies Inc . | Sept 2 (Reuters) - Canada's main stock index rose on Wednesday, supported by gains in Cogeco CGO.TO after Altice USA Inc ATUS.N offered to purchase the Canadian television group, while upbeat domestic labor productivity data also bolstered sentiment. * Cogeco's gains were followed by Alimentation Couche-Tard Inc ATDb.TO, which rose 6.2% after the company reported upbeat quarterly results. * Across all Canadian issues there were 60 new 52-week highs and six new lows, with total volume of 41.41 million shares. | e42cec37-a7f4-47d3-af71-00f7ec659dc3 |
709047.0 | 2020-09-01 00:00:00 UTC | Oil Price Fundamental Daily Forecast – Speculative Buyers Reacting to Weaker Dollar | DBO | https://www.nasdaq.com/articles/oil-price-fundamental-daily-forecast-speculative-buyers-reacting-to-weaker-dollar-2020-09 | nan | nan | FXEmpire.com -
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading slightly higher on Tuesday after posting a dramatic reversal to the downside the previous sessions. Traders are saying that oil prices are being supported by investors moving into riskier assets as the traditional safe-haven U.S. Dollar continues to get hammered into multi-year lows.
At 08:41 GMT, October WTI crude oil futures are trading $43.05, up $0.44 or +1.03% and December Brent crude oil is at $46.16, up $0.50 or +1.10%.
Brent closed out August up 7.5% for a fifth successive monthly price rise. WTI logged a fourth monthly gain at 5.8% after hitting a five-month high of $43.78 a barrel on August 26 when Hurricane Laura struck.
Demand Worries, Oversupply Concerns
Crude oil prices fell on Monday, with Brent slipping from a five-month high as global demand remained below pre-COVID levels while U.S. production edged up.
Still, with key economies around the world limply recovering from coronavirus lockdowns, the market could remain oversupplied with fuel.
Traders fear the issue over demand isn’t going to go away over the near-term. Furthermore, U.S. oil production climbed 420,000 barrels per day in June to 10.44 million barrels a day, the U.S. Energy Information Administration said, putting further pressure on prices.
Weak Dollar – Good for Commodities?
Prices are up on Tuesday because text book traders are following the premise that a weaker U.S. Dollar is good for commodity prices. A lower greenback is supposed to be good for crude oil because the asset is priced in dollars which makes it more attractive to foreign buyers.
A weak U.S. Dollar is helping to draw fresh foreign demand for dollar-denominated crude oil after the Fed made an accommodative announcement last week that nearly guarantees interest rates would remain close to zero percent for several more years.
However, there are some who are questioning whether the weaker U.S. Dollar will actually help to drive up demand.
“We believe that the impact of a cheaper dollar from current levels will see a minimal impact on crude purchases, irrespective of slightly more favorable crude pricing,” RBC Capital’s Mike Tran said in an August 27 note.
“The relationship between demand and price elasticity is blunted in the current environment, because oil is already cheap and readily available and there currently exist a dearth of buyers.”
Short-Term Outlook
Crude oil continues to face hurdles going forward that could slow down the rally, or bring the move to a halt, namely demand struggles as COVID-19 cases continue to increase globally and excessive supplies, particularly gasoline and distillates. We continue to expect a rangebound trade although the weaker U.S. Dollar may start to attract speculative bulls into the market. The weaker U.S. Dollar is also likely to prevent a price collapse too.
Looking ahead to Tuesday’s American Petroleum Institute (API) and Wednesday’s Energy Information Administration (EIA) weekly inventories reports, inventories likely fell for a sixth straight week, while refined product stocks also declined last week, a preliminary Reuters poll showed on Monday.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | FXEmpire.com - U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading slightly higher on Tuesday after posting a dramatic reversal to the downside the previous sessions. A weak U.S. Dollar is helping to draw fresh foreign demand for dollar-denominated crude oil after the Fed made an accommodative announcement last week that nearly guarantees interest rates would remain close to zero percent for several more years. “The relationship between demand and price elasticity is blunted in the current environment, because oil is already cheap and readily available and there currently exist a dearth of buyers.” Short-Term Outlook Crude oil continues to face hurdles going forward that could slow down the rally, or bring the move to a halt, namely demand struggles as COVID-19 cases continue to increase globally and excessive supplies, particularly gasoline and distillates. | FXEmpire.com - U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading slightly higher on Tuesday after posting a dramatic reversal to the downside the previous sessions. Demand Worries, Oversupply Concerns Crude oil prices fell on Monday, with Brent slipping from a five-month high as global demand remained below pre-COVID levels while U.S. production edged up. Looking ahead to Tuesday’s American Petroleum Institute (API) and Wednesday’s Energy Information Administration (EIA) weekly inventories reports, inventories likely fell for a sixth straight week, while refined product stocks also declined last week, a preliminary Reuters poll showed on Monday. | Demand Worries, Oversupply Concerns Crude oil prices fell on Monday, with Brent slipping from a five-month high as global demand remained below pre-COVID levels while U.S. production edged up. A weak U.S. Dollar is helping to draw fresh foreign demand for dollar-denominated crude oil after the Fed made an accommodative announcement last week that nearly guarantees interest rates would remain close to zero percent for several more years. “The relationship between demand and price elasticity is blunted in the current environment, because oil is already cheap and readily available and there currently exist a dearth of buyers.” Short-Term Outlook Crude oil continues to face hurdles going forward that could slow down the rally, or bring the move to a halt, namely demand struggles as COVID-19 cases continue to increase globally and excessive supplies, particularly gasoline and distillates. | WTI logged a fourth monthly gain at 5.8% after hitting a five-month high of $43.78 a barrel on August 26 when Hurricane Laura struck. Demand Worries, Oversupply Concerns Crude oil prices fell on Monday, with Brent slipping from a five-month high as global demand remained below pre-COVID levels while U.S. production edged up. Prices are up on Tuesday because text book traders are following the premise that a weaker U.S. Dollar is good for commodity prices. | e4ca8918-83f6-4cca-a460-037683c5dbf1 |
709048.0 | 2020-08-27 00:00:00 UTC | Economic Data Puts the EUR, the Loonie, and the Greenback in Focus | DBO | https://www.nasdaq.com/articles/economic-data-puts-the-eur-the-loonie-and-the-greenback-in-focus-2020-08-27 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively quiet start to the day on the economic calendar this morning. The Japanese Yen was in action in the early part of the day.
For the Japanese Yen
Tokyo’s August inflation figures were in focus. In August, core consumer prices fell by 0.3%, year-on-year, following a 0.4% rise in July. Economists had forecast a 0.3% rise. Tokyo’s annual rate of inflation softened from 0.6% to 0.3%.
According to the Ministry of Internal Affairs and Communication,
Price declines for education (-8.9%), culture and recreation (-3.0%), fuel, light, and water (-1.4%), and miscellaneous (-1.3%) weighed.
There were solid prices increases for furniture and household utensils (+2.4%) and clothes & footwear (+2.2%).
Prices for medical care rose by 0.9%, by 0.7% for transportation and communication, and by 0.6% for housing.
Prices for food increased by 2.9%.
The Japanese Yen moved from ¥106.663 to ¥106.628 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.08% ¥106.65 against the U.S Dollar
Elsewhere
At the time of writing, the Aussie Dollar was up by 0.01% to $0.7260, with the Kiwi Dollar up by 0.09% to $0.6645.
The Day Ahead:
For the EUR
It’s a busy day ahead on the economic calendar. Key stats include German consumer sentiment and French consumer spending and 2nd estimate GDP figures.
Prelim August inflation figures for France are also due out but will likely have a muted impact on the EUR.
For the economic recovery, consumer confidence and consumption remain key near-term…
There’s also Brexit, the U.S and China, COVID-19, and the Jackson Hole Symposium to influence on the day.
At the time of writing, the EUR was down by 0.03% to $1.1819.
For the Pound
It’s another quiet day ahead on the economic calendar. There are no material stats to provide the Pound with direction.
Late in the day, BoE Governor Bailey is scheduled to speak. Any chatter on monetary policy will influence. While 2nd quarter GDP numbers were a disappointment, August’s private sector PMIs were impressive.
Concerns over the end of fiscal support by way of the furlough scheme will be an issue, however. A surge in unemployment could result, which would sink the Pound and force the BoE into action.
Away from theeconomic calendar Brexit, the latest COVID-19 news and numbers, and geopolitical risk will also influence.
At the time of writing, the Pound was down by 0.01% to $1.3200.
Across the Pond
It’s a busy day ahead for the U.S Dollar. Key stats include July inflation, personal spending, and finalized consumer sentiment figures for August.
Trade data is also due out but will likely have a muted impact on risk sentiment on the day.
On the U.S economy and monetary policy, the Jackson Hole Symposium will also be in focus
Away from theeconomic calendar geopolitics, and chatter on COVID-19 will remain key areas of interest.
The Dollar Spot Index ended Thursday down by 0.01% to 93.001.
For the Loonie
It’s a busy day ahead on the economic data front. Key stats include GDP numbers for June and for the 2nd quarter.
After a quiet week on the economic data front, expect plenty of influence from the numbers.
Away from theeconomic calendar chatter from the Jackson Hole Symposium will influence sentiment towards the demand for crude oil…
At the time of writing, the Loonie was up by 0.02% to C$1.3125 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the economic recovery, consumer confidence and consumption remain key near-term… There’s also Brexit, the U.S and China, COVID-19, and the Jackson Hole Symposium to influence on the day. On the U.S economy and monetary policy, the Jackson Hole Symposium will also be in focus Away from theeconomic calendar geopolitics, and chatter on COVID-19 will remain key areas of interest. Away from theeconomic calendar chatter from the Jackson Hole Symposium will influence sentiment towards the demand for crude oil… At the time of writing, the Loonie was up by 0.02% to C$1.3125 against the U.S Dollar. | Key stats include German consumer sentiment and French consumer spending and 2nd estimate GDP figures. Key stats include July inflation, personal spending, and finalized consumer sentiment figures for August. Away from theeconomic calendar chatter from the Jackson Hole Symposium will influence sentiment towards the demand for crude oil… At the time of writing, the Loonie was up by 0.02% to C$1.3125 against the U.S Dollar. | At the time of writing, the Japanese Yen was down by 0.08% ¥106.65 against the U.S Dollar Elsewhere At the time of writing, the Aussie Dollar was up by 0.01% to $0.7260, with the Kiwi Dollar up by 0.09% to $0.6645. The Day Ahead: For the EUR It’s a busy day ahead on the economic calendar. This article was originally posted on FX Empire More From FXEMPIRE: EUR/USD Price Forecast – Euro Recovers Campbell Soup Q4 Net Sales Jump 18%, Forecast 5-7% Increase in Current Quarter; Target Price $59 in Best-Case USD/JPY Price Forecast – US Dollar Running Into Resistance Again The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Japanese Yen Tokyo’s August inflation figures were in focus. At the time of writing, the Japanese Yen was down by 0.08% ¥106.65 against the U.S Dollar Elsewhere At the time of writing, the Aussie Dollar was up by 0.01% to $0.7260, with the Kiwi Dollar up by 0.09% to $0.6645. For the Pound It’s another quiet day ahead on the economic calendar. | 73c55981-0f73-4628-a896-214b6812e6f5 |
709049.0 | 2020-08-27 00:00:00 UTC | Oil Loses Ground As U.S. Dollar Strengthens After Powell’s Comments | DBO | https://www.nasdaq.com/articles/oil-loses-ground-as-u.s.-dollar-strengthens-after-powells-comments-2020-08-27 | nan | nan | FXEmpire.com -
Oil Video 27.08.20.
Hurricane Laura Weakens To Category 2 Storm
Hurricane Laura, which was has recently pushed WTI oil to test the resistance at $43.50, made landfall as a Category 4 storm but then weakened to Category 2 storm.
At this point, traders do not expect that oil infrastructure will get significant damage so oil prices have lost their previous upside momentum.
The U.S. oil industry has developed extensive experience with hurricane-related problems so the market expects that oil production in the U.S. Gulf of Mexico will be restarted in a quick fashion.
Another factor that did not allow oil prices to gain more momentum is the high inventory level. While crude oil inventories continue to decline, they remain 15% above the five-year average for this time of the year.
In the current situation, inventories will remain high even if production shutdowns last long. The oil market has plenty of work to do in order to bring inventories down to normal levels, so sustainable oil price upside will require a steady decline in inventory levels.
In A Bearish Move For Oil, The U.S. Dollar Manages To Rebound After Powell’s Comments
As expected, the Fed Chair Jerome Powell stated that the Fed would adopt an average inflation target of 2%. In practice, this means that the Fed will not raise rates once inflation gets above 2%. Instead, the Fed will allow inflation to increase in order to support the economy.
Since inflation is currently below the 2% target, adopting an average target of 2% will allow the central bank to deal with higher inflation for months.
At the same time, Powell stated that a full job recovery could take years which is a negative catalyst for oil prices.
The key near-term problem for oil is the sudden rebound of the U.S. dollar which has found itself under pressure right after the start of Powell’s speech. The U.S. Dollar Index, which measures the strength of the U.S. dollar against a broad basket of currencies, is currently trying to get above the 20 EMA at 93.35.
If this attempt is successful, the U.S. dollar will gain more upside momentum and put additional pressure on dollar-denominated commodities, including oil.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The key near-term problem for oil is the sudden rebound of the U.S. dollar which has found itself under pressure right after the start of Powell’s speech. If this attempt is successful, the U.S. dollar will gain more upside momentum and put additional pressure on dollar-denominated commodities, including oil. This article was originally posted on FX Empire More From FXEMPIRE: Asia-Pacific Shares Mixed; Foreign Buyers Drive South Korean Chipmakers Higher Price of Gold Fundamental Daily Forecast – Lower Prices Expected Until Euro Hits Short-Term Bottom Daily Gold News: September 3 – Precious Metals Lower Again, U.S. Dollar Gains The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Hurricane Laura Weakens To Category 2 Storm Hurricane Laura, which was has recently pushed WTI oil to test the resistance at $43.50, made landfall as a Category 4 storm but then weakened to Category 2 storm. In A Bearish Move For Oil, The U.S. Dollar Manages To Rebound After Powell’s Comments As expected, the Fed Chair Jerome Powell stated that the Fed would adopt an average inflation target of 2%. This article was originally posted on FX Empire More From FXEMPIRE: Asia-Pacific Shares Mixed; Foreign Buyers Drive South Korean Chipmakers Higher Price of Gold Fundamental Daily Forecast – Lower Prices Expected Until Euro Hits Short-Term Bottom Daily Gold News: September 3 – Precious Metals Lower Again, U.S. Dollar Gains The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The oil market has plenty of work to do in order to bring inventories down to normal levels, so sustainable oil price upside will require a steady decline in inventory levels. In A Bearish Move For Oil, The U.S. Dollar Manages To Rebound After Powell’s Comments As expected, the Fed Chair Jerome Powell stated that the Fed would adopt an average inflation target of 2%. This article was originally posted on FX Empire More From FXEMPIRE: Asia-Pacific Shares Mixed; Foreign Buyers Drive South Korean Chipmakers Higher Price of Gold Fundamental Daily Forecast – Lower Prices Expected Until Euro Hits Short-Term Bottom Daily Gold News: September 3 – Precious Metals Lower Again, U.S. Dollar Gains The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Another factor that did not allow oil prices to gain more momentum is the high inventory level. While crude oil inventories continue to decline, they remain 15% above the five-year average for this time of the year. In A Bearish Move For Oil, The U.S. Dollar Manages To Rebound After Powell’s Comments As expected, the Fed Chair Jerome Powell stated that the Fed would adopt an average inflation target of 2%. | 402d3e17-3601-424a-9f7b-107b22f34e56 |
709050.0 | 2020-08-26 00:00:00 UTC | U.S Economic Data and FED Chair Powell Put the Greenback in the Spotlight | DBO | https://www.nasdaq.com/articles/u.s-economic-data-and-fed-chair-powell-put-the-greenback-in-the-spotlight-2020-08-27 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a quieter start to the day on the economic calendar this morning. The Aussie Dollar was in action in the early part of the day, with economic data from China also in focus.
Away from theeconomic calendar positive updates from Moderna on its COVID-19 vaccine clinical trials were positive.
The markets will also be looking ahead to FED Chair Powell’s speech from Jackson Hole scheduled for later today.
For the Aussie Dollar
Private new CAPEX fell by 5.9% in the 2nd quarter, following a 1.6% decline from the 1st quarter. Economists had forecast an 8.4% slide.
According to the ABS,
Plant and machinery capital expenditure fell by 6%, following a 2.3% decline in the 1st quarter.
Building expenditures fell by 4%, following a 1.1% decline in the 1st quarter.
The Aussie Dollar moved from $0.72388 to $0.72344 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.01% to $0.7234.
From China
Industrial profits increased by 19.6%, year-on-year, in July. In June, profits had increased by 11.5%. Year-to-date, profits were down by 8.1%. This was marginally better than in June when profits had been down by 12.8%.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.03% ¥105.96 against the U.S Dollar, with the Kiwi Dollar up by 0.21% to $0.6635.
The Day Ahead:
For the EUR
It’s a quiet day ahead on theeconomic calendar There are no material stats due out of the Eurozone to provide the EUR with direction.
A lack of stats will leave the EUR in the hands of geopolitics and market risk sentiment on the day.
There’s Brexit, the U.S and China, COVID-19, and the Jackson Hole Symposium to influence on the day.
At the time of writing, the EUR was up by 0.03% to $1.1833.
For the Pound
It’s also a quiet day ahead on the economic calendar. There are no material stats to provide the Pound with direction.
A lack of stats will continue to leave the Pound in the hands of Brexit, the latest COVID-19 news and numbers, and geopolitical risk.
At the time of writing, the Pound was down by 0.01% to $1.3209.
Across the Pond
It’s a relatively busy day ahead for the U.S Dollar. Key stats include 2nd estimate GDP numbers, the weekly jobless claims, and pending home sales figures.
While we can expect some interest in the GDP numbers, the weekly jobless claims will likely be the key driver. We don’ anticipate that the pending home sales figures will have any influence on the day.
On the U.S economy and monetary policy, the Jackson Hole Symposium will be of particular influence. FED Chair Powell is scheduled to speak later this afternoon. Following the gloomy FOMC meeting minutes, will there be any newfound optimism following last week’s private sector PMIs?
Away from theeconomic calendar U.S President Trump will no doubt have a few things to say after Powell’s speech…
At the time of writing, the Dollar Spot Index was down by 0.12% to 92.884.
For the Loonie
It’s another quiet day on the economic data front. There are no material stats to provide the Loonie with direction.
On the monetary policy front, BoC Gov. Council Member Maklem is scheduled to speak. Expect any chatter on monetary policy and the economic outlook to influence.
Away from theeconomic calendar chatter from the Jackson Hole Symposium will influence sentiment towards crude oil demand… Any gloomy chatter would likely weigh on crude oil prices and also the Loonie.
At the time of writing, the Loonie was down by 0.05% to C$1.3150 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | A lack of stats will continue to leave the Pound in the hands of Brexit, the latest COVID-19 news and numbers, and geopolitical risk. Key stats include 2nd estimate GDP numbers, the weekly jobless claims, and pending home sales figures. Away from theeconomic calendar U.S President Trump will no doubt have a few things to say after Powell’s speech… At the time of writing, the Dollar Spot Index was down by 0.12% to 92.884. | Key stats include 2nd estimate GDP numbers, the weekly jobless claims, and pending home sales figures. Away from theeconomic calendar chatter from the Jackson Hole Symposium will influence sentiment towards crude oil demand… Any gloomy chatter would likely weigh on crude oil prices and also the Loonie. This article was originally posted on FX Empire More From FXEMPIRE: Indices and USD Climb Higher Natural Gas Price Prediction – Prices Drop as Storms Fail to Threaten Infrastructure Crude Oil Price Forecast – Crude Oil Markets Drift Lower The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Day Ahead: For the EUR It’s a quiet day ahead on theeconomic calendar There are no material stats due out of the Eurozone to provide the EUR with direction. Away from theeconomic calendar chatter from the Jackson Hole Symposium will influence sentiment towards crude oil demand… Any gloomy chatter would likely weigh on crude oil prices and also the Loonie. This article was originally posted on FX Empire More From FXEMPIRE: Indices and USD Climb Higher Natural Gas Price Prediction – Prices Drop as Storms Fail to Threaten Infrastructure Crude Oil Price Forecast – Crude Oil Markets Drift Lower The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The markets will also be looking ahead to FED Chair Powell’s speech from Jackson Hole scheduled for later today. For the Aussie Dollar Private new CAPEX fell by 5.9% in the 2nd quarter, following a 1.6% decline from the 1st quarter. For the Pound It’s also a quiet day ahead on the economic calendar. | c089a53d-3d8c-4b06-9380-c36b09ae7618 |
709051.0 | 2020-08-25 00:00:00 UTC | Economic Data Puts the EUR and the U.S Dollar in the Spotlight | DBO | https://www.nasdaq.com/articles/economic-data-puts-the-eur-and-the-u.s-dollar-in-the-spotlight-2020-08-26 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a busier start to the day on the economic calendar this morning. The Kiwi Dollar and the Aussie Dollar were in action in the early part of the day.
For the Kiwi Dollar
The trade surplus narrowed from NZ$475m to NZ$282 in July.
According to NZ Stats,
Imports
For the 1st time in almost 34 years, no crude oil was imported into New Zealand. The imports of cars and other vehicles also fell.
Imports from Europe had the largest fall, declining by NZ$262m compared with July 2019.
From the U.S, imports fell by NZ$76m, while imports from China were up by NZ$108m (+10%).
Exports
Exports to China fell NZ$28m compared with July 2019, while total exports to the U.S rose by NZD89m.
The annual trade balance for the year ended July 2020 was a deficit of NZ$115m, which was the lowest deficit since October 2014.
The Kiwi Dollar moved from $0.65478 to $0.65458 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.03% to $0.6549.
For the Aussie Dollar
Construction work done fell by 0.70% in the 2nd quarter, following on from a 1% decline in the 1st quarter. Economists had forecast a 5.8% drop.
According to the ABS,
The value of work down on residential (-5.5%) and building (-3.9%) weighed heavily in the second quarter.
For engineering, the value of work down bucked the trend, however, rising by 3.8%.
The Aussie Dollar moved from $0.72009 to $0.72004 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.08% to $0.7189.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.09% ¥106.49 against the U.S Dollar.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. Economic data on the day include French consumer confidence and jobseeker figures.
Barring particularly dire jobseeker numbers, expect the consumer confidence figure to draw the greatest interest on the day
Away from theeconomic calendar COVID-19 news and geopolitics will continue to be of influence.
At the time of writing, the EUR was down by 0.14% to $1.1818.
For the Pound
It’s a quiet day ahead on the economic calendar. There are no material stats to provide the Pound with direction.
On the monetary policy front, BoE member Haldane is scheduled to speak later in the day. Following some quite dire 2nd quarter GDP numbers, will there be any talk of the need for further support? Private sector PMIs for August suggest not…
A lack of stats will also continue to leave the Pound in the hands of Brexit, the latest COVID-19 news and numbers, and geopolitical risk.
At the time of writing, the Pound was down by 0.13% to $1.3135.
Across the Pond
It’s a relatively busy day ahead for the U.S Dollar. Key stats include July’s durable and core durable goods orders.
Expect the core durable goods orders to be the key driver, with the markets eager to see a continued uptrend.
Away from theeconomic calendar geopolitics and the COVID-19 stimulus package will remain in focus.
At the time of writing, the Dollar Spot Index was up by 0.10% to 93.114.
For the Loonie
It’s another quiet day on the economic data front. There are no material stats to provide the Loonie with direction.
The weekly API and EIA inventory numbers and any chatter from Beijing and Washington will be the key drivers.
On the monetary policy front, BoC Gov. Council Member Wilkins is scheduled to speak. Expect any chatter on monetary policy and the economic outlook to also influence.
At the time of writing, the Loonie was down by 0.03% to C$1.3177 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Barring particularly dire jobseeker numbers, expect the consumer confidence figure to draw the greatest interest on the day Away from theeconomic calendar COVID-19 news and geopolitics will continue to be of influence. Private sector PMIs for August suggest not… A lack of stats will also continue to leave the Pound in the hands of Brexit, the latest COVID-19 news and numbers, and geopolitical risk. Expect the core durable goods orders to be the key driver, with the markets eager to see a continued uptrend. | Barring particularly dire jobseeker numbers, expect the consumer confidence figure to draw the greatest interest on the day Away from theeconomic calendar COVID-19 news and geopolitics will continue to be of influence. Key stats include July’s durable and core durable goods orders. This article was originally posted on FX Empire More From FXEMPIRE: Crude Oil Price Forecast – Crude Oil Markets Continue Consolidation Crude Oil Prices in a Range-Bound Market EUR/USD Mid-Session Technical Analysis for September 1, 2020 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Kiwi Dollar and the Aussie Dollar were in action in the early part of the day. The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. Barring particularly dire jobseeker numbers, expect the consumer confidence figure to draw the greatest interest on the day Away from theeconomic calendar COVID-19 news and geopolitics will continue to be of influence. | For the Aussie Dollar Construction work done fell by 0.70% in the 2nd quarter, following on from a 1% decline in the 1st quarter. Barring particularly dire jobseeker numbers, expect the consumer confidence figure to draw the greatest interest on the day Away from theeconomic calendar COVID-19 news and geopolitics will continue to be of influence. For the Loonie It’s another quiet day on the economic data front. | 7d8c1c44-1d59-4e1f-90b9-cd66a41c790a |
709052.0 | 2020-08-25 00:00:00 UTC | TSX reverses early gains as gold stocks weigh | DBO | https://www.nasdaq.com/articles/tsx-reverses-early-gains-as-gold-stocks-weigh-2020-08-25 | nan | nan | Aug 25 (Reuters) - Canada's main stock index shed early gains to trade flat on Tuesday as gold stocks slipped on hopes surrounding a potential COVID-19 vaccine and positive U.S.-China trade front.
* The energy sector .SPTTEN climbed 0.7% as U.S. crude CLc1 prices were up 1.9% a barrel, while Brent crude LCOc1 added 1.8%. O/R
* While the materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies, lost 0.9% as gold futures GCc1 fell 0.5% to $1,918.7 an ounce. GOL/
* At 0940 a.m. ET (1340 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 3.85 points, or 0.02%, at 16,622.79.
* The financials sector .SPTTFS gained 0.5%, while the industrials sector .GSPTTIN fell 0.2%.
* On the TSX, 82 issues were higher, while 132 issues declined for a 1.61-to-1 ratio to the downside, with 11.12 million shares traded.
* The largest percentage gainers on the TSX were Bank of Montreal , which jumped 4.5% after the lender posted upbeat third-quarter numbers.
* Its gains were followed by oil producer Crescent Point Energy Corp , which rose 3.3%.
* The fuel-cell products developer Ballard Power Systems Inc fell 4%, the most on the TSX, and the second-biggest decliner was Aurinia Pharmaceuticals Inc , down 3.1%.
* The most heavily traded shares by volume were Bombardier Inc , D-BOX Technologies Inc , and Northern Dynasty Minerals Ltd .
* The TSX posted one new 52-week highs and no fresh lows.
* Across all Canadian issues there were 19 new 52-week highs and three new lows, with total volume of 26.07 million shares.
(Reporting by Amal S in Bengaluru, Editing by Sherry Jacob-Phillips)
((Amal.S@thomsonreuters.com; within U.S.+1 646 223 8780; outside U.S. +91 80 6749 3677;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | O/R * While the materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies, lost 0.9% as gold futures GCc1 fell 0.5% to $1,918.7 an ounce. * The largest percentage gainers on the TSX were Bank of Montreal , which jumped 4.5% after the lender posted upbeat third-quarter numbers. * The fuel-cell products developer Ballard Power Systems Inc fell 4%, the most on the TSX, and the second-biggest decliner was Aurinia Pharmaceuticals Inc , down 3.1%. | Aug 25 (Reuters) - Canada's main stock index shed early gains to trade flat on Tuesday as gold stocks slipped on hopes surrounding a potential COVID-19 vaccine and positive U.S.-China trade front. * On the TSX, 82 issues were higher, while 132 issues declined for a 1.61-to-1 ratio to the downside, with 11.12 million shares traded. * Across all Canadian issues there were 19 new 52-week highs and three new lows, with total volume of 26.07 million shares. | Aug 25 (Reuters) - Canada's main stock index shed early gains to trade flat on Tuesday as gold stocks slipped on hopes surrounding a potential COVID-19 vaccine and positive U.S.-China trade front. * The financials sector .SPTTFS gained 0.5%, while the industrials sector .GSPTTIN fell 0.2%. * On the TSX, 82 issues were higher, while 132 issues declined for a 1.61-to-1 ratio to the downside, with 11.12 million shares traded. | ET (1340 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 3.85 points, or 0.02%, at 16,622.79. * The financials sector .SPTTFS gained 0.5%, while the industrials sector .GSPTTIN fell 0.2%. * On the TSX, 82 issues were higher, while 132 issues declined for a 1.61-to-1 ratio to the downside, with 11.12 million shares traded. | aeef1904-1692-4020-8f31-ab1b14cc9a3d |
709053.0 | 2020-08-23 00:00:00 UTC | A Quiet Economic Calendar Leaves Geopolitics and COVID-19 in Focus | DBO | https://www.nasdaq.com/articles/a-quiet-economic-calendar-leaves-geopolitics-and-covid-19-in-focus-2020-08-24 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a quiet start to the day on the economic calendar this morning. The Kiwi Dollar was in action in the early part of the day.
Away from theeconomic calendar risk appetite picked up on news that the U.S FDA approved the use of blood plasma from recovered patients to treat COVID-19.
Effective COVID-19 treatment would ease the effects of the persistent spread of the virus on the global economy.
For the Kiwi Dollar
Retail sales tumbled by 14.6% in the 2nd quarter, following a 1.20% decline in the 1st quarter. For the quarter, core retail sales slid by 13.7%. In the 1st quarter, core retail sales had risen by 0.60%.
According to NZ Stats,
Spending on eating out, accommodation away from home, vehicles, and fuel fell sharply in the June 2020 quarter compared with the June 2019 quarter.
A strong rise in supermarket and grocery sales partly offset the slump.
COVID-19 restrictions led to the marked decline in retail sales in the quarter. Non-essential businesses had been temporarily closed for close to half of the 2nd
Looking at the numbers,
Sales for food and beverage services slumped by 40%, with fuel retailing sliding by 35%.
Accommodation services slid by 44%, with motor vehicles and parts retailing down by 22%.
Supermarket and grocery store sales jumped by 12% off the back of a record 13% rise in the March 2020 quarter.
The Kiwi Dollar moved from $0.65394 to $0.65434 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.08% to $0.6546.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.08% ¥105.72 against the U.S Dollar, with the Aussie Dollar up by 0.18% to $0.7174.
The Day Ahead:
For the EUR
It’s a particularly quiet day ahead on the economic calendar. There are no material stats to provide the EUR with direction.
Following last week’s ECB monetary policy meeting minutes and private sector PMIs, the EUR could be under pressure today.
Geopolitics will be in focus, with the markets tracking chatter from Beijing and Washington and updates on Brexit.
At the time of writing, the EUR was up by 0.06% to $1.1804.
For the Pound
It’s also a particularly quiet day ahead on the economic calendar. There are no material stats to provide the Pound with direction.
A lack of stats will leave the Pound in the hands of Brexit, the latest COVID-19 numbers, and geopolitical risk.
We’ve seen the Eurozone economic recovery come undone due to fresh spikes in COVID-19 cases. Expect the same for the UK should new cases spike, which would be negative for the Pound.
At the time of writing, the Pound was up by 0.04% to $1.3095.
Across the Pond
It’s a quiet day ahead for the U.S Dollar. There are no material stats to provide the Greenback with direction.
A lack of stats will leave the Dollar in the hands of geopolitics and any chatter on the COVID-19 stimulus package.
At the time of writing, the Dollar Spot Index was down by 0.11% to 93.149.
For the Loonie
It’s also a quiet day on the economic data front. There are no material stats to provide the Loonie with direction.
We would expect geopolitics and COVID-19 news to drive market risk appetite and crude oil prices and ultimately the Loonie on the day.
At the time of writing, the Loonie was up by 0.03% to C$1.3173 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Away from theeconomic calendar risk appetite picked up on news that the U.S FDA approved the use of blood plasma from recovered patients to treat COVID-19. We would expect geopolitics and COVID-19 news to drive market risk appetite and crude oil prices and ultimately the Loonie on the day. This article was originally posted on FX Empire More From FXEMPIRE: S&P 500 Price Forecast – Stock Markets Continue to Grind Near Big Figure General Electric Under Pressure After Morgan Downgrade USD/CAD Daily Forecast – Attempt To Settle Below Support At 1.3050 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the quarter, core retail sales slid by 13.7%. A lack of stats will leave the Pound in the hands of Brexit, the latest COVID-19 numbers, and geopolitical risk. We would expect geopolitics and COVID-19 news to drive market risk appetite and crude oil prices and ultimately the Loonie on the day. | For the Kiwi Dollar Retail sales tumbled by 14.6% in the 2nd quarter, following a 1.20% decline in the 1st quarter. Elsewhere At the time of writing, the Japanese Yen was up by 0.08% ¥105.72 against the U.S Dollar, with the Aussie Dollar up by 0.18% to $0.7174. The Day Ahead: For the EUR It’s a particularly quiet day ahead on the economic calendar. | For the Kiwi Dollar Retail sales tumbled by 14.6% in the 2nd quarter, following a 1.20% decline in the 1st quarter. For the quarter, core retail sales slid by 13.7%. We would expect geopolitics and COVID-19 news to drive market risk appetite and crude oil prices and ultimately the Loonie on the day. | c4abb195-9c61-461c-b823-11acf42fce1f |
709054.0 | 2020-08-19 00:00:00 UTC | TSX edges down as inflation rate falls | DBO | https://www.nasdaq.com/articles/tsx-edges-down-as-inflation-rate-falls-2020-08-19 | nan | nan | Aug 19 (Reuters) - Canada's main stock index slipped on Wednesday, weighed by energy stocks, as data showed inflation rate came in below expectations in July after price growth slowed broadly across the goods and services sectors.
* Canada's annual inflation rate fell to 0.1% in July from 0.7% in June, below analyst expectations of 0.5%. * The energy sector .SPTTEN dropped 0.6% as oil prices fell on concerns that U.S. fuel demand will face a slow recovery amid stalled talks on an economic stimulus package and despite support from a bigger-than-expected drawdown in U.S. crude stocks.
* The materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies, lost 0.9%. GOL/ * At 9:46 a.m. ET (1346 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 10.67 points, or 0.06%, at 16,615.39.
* Canadian Prime Minister Justin Trudeau is weighing sweeping changes to the country's social welfare system and a series of economic measures that will align Canada with ambitious climate goals.
* On the TSX, 103 issues were higher, while 107 issues declined for a 1.04-to-1 ratio to the downside, with 15.45 million shares traded.
* The largest percentage gainer on the TSX was Canfor Corp , which jumped 8.2%, after RBC raised its target price on stock.
** Wood-based panel maker Norbord Inc , which rose 5.9%, was the second biggest percentage gainer.
* B2Gold Corp fell 4%, the most on the TSX, followed by Torex Gold Resources Inc , down 3.4%.
* The most heavily traded shares by volume were D-Box Techno , B2Gold Corp and Mega Uranium Ltd .
* The TSX posted seven new 52-week highs and no new low.
* Across all Canadian issues there were 21 new 52-week highs and four new lows, with total volume of 41.66 million shares.
(Reporting by Shivani Kumaresan in Bengaluru; Editing by Amy Caren Daniel)
((Shivani.Kumaresan@thomsonreuters.com ; +1 646 223 8780))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | * The energy sector .SPTTEN dropped 0.6% as oil prices fell on concerns that U.S. fuel demand will face a slow recovery amid stalled talks on an economic stimulus package and despite support from a bigger-than-expected drawdown in U.S. crude stocks. * Canadian Prime Minister Justin Trudeau is weighing sweeping changes to the country's social welfare system and a series of economic measures that will align Canada with ambitious climate goals. * The largest percentage gainer on the TSX was Canfor Corp , which jumped 8.2%, after RBC raised its target price on stock. | Aug 19 (Reuters) - Canada's main stock index slipped on Wednesday, weighed by energy stocks, as data showed inflation rate came in below expectations in July after price growth slowed broadly across the goods and services sectors. * Canada's annual inflation rate fell to 0.1% in July from 0.7% in June, below analyst expectations of 0.5%. * Across all Canadian issues there were 21 new 52-week highs and four new lows, with total volume of 41.66 million shares. | Aug 19 (Reuters) - Canada's main stock index slipped on Wednesday, weighed by energy stocks, as data showed inflation rate came in below expectations in July after price growth slowed broadly across the goods and services sectors. * The energy sector .SPTTEN dropped 0.6% as oil prices fell on concerns that U.S. fuel demand will face a slow recovery amid stalled talks on an economic stimulus package and despite support from a bigger-than-expected drawdown in U.S. crude stocks. * The largest percentage gainer on the TSX was Canfor Corp , which jumped 8.2%, after RBC raised its target price on stock. | Aug 19 (Reuters) - Canada's main stock index slipped on Wednesday, weighed by energy stocks, as data showed inflation rate came in below expectations in July after price growth slowed broadly across the goods and services sectors. * The largest percentage gainer on the TSX was Canfor Corp , which jumped 8.2%, after RBC raised its target price on stock. * Across all Canadian issues there were 21 new 52-week highs and four new lows, with total volume of 41.66 million shares. | 6d046500-1970-477c-82df-044c1ee0f505 |
709055.0 | 2020-08-19 00:00:00 UTC | FOMC Meeting Minutes and Inflation Put the EUR, GBP, Loonie, and the Dollar in Focus | DBO | https://www.nasdaq.com/articles/fomc-meeting-minutes-and-inflation-put-the-eur-gbp-loonie-and-the-dollar-in-focus-2020-08 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a busier start to the day on the economic calendar this morning. The Kiwi Dollar and the Japanese Yen were in action in the early part of the day.
Away from theeconomic calendar there was no change, with the markets needing to continue monitoring COVID-19 numbers and chatter on the COVID-19 stimulus package.
For the Kiwi Dollar
2nd quarter wholesale inflation figures were in focus early on. Quarter-on-quarter, the Producer Input Price Index fell by 1% in the 2nd quarter, following a 0.3% decline in the 1st quarter.
According to NZ Stats,
A slump in demand and prices for fuel weighed, as fewer people traveled by air and by road due to COVID-19 lockdown measures.
Dairy product manufacturers paid less for raw milk, while output prices received by dairy product manufacturers for many goods increased.
Meat processing companies also paid farmers less, while prices received by the forestry and logging sector increased.
The Kiwi Dollar moved from $0.66023 to $0.66042 upon release of the data. At the time of writing, the Kiwi Dollar was up by 0.06% to $0.6605.
For the Japanese Yen
In July, Japan’s trade balance increased from a ¥269.3bn deficit to an ¥11.6bn surplus. Economists had forecast a ¥77.6bn deficit.
According to figures released by the Ministry of Finance,
Exports fell by 19.2%, following a 26.2% decline in June.
While exports to Asia fell by 8.2%, exports to China increased by 8.2%.
Exports to Australia and New Zealand slid by 27.1% and by 48.8% respectively.
Exports to the U.S tumbled by 19.5%.
To Europe, exports slid by 32.5%, with exports to Germany falling by 27.5%.
Imports declined by 22.3%, following a 14.4% fall in June.
From the U.S, imports fell by 22.5%, and by 30.2% from Australia.
Imports from China declined by 9.8%.
In June, core machinery orders slid by 7.6%, month-on-month, following on from a 1.7% rise in May. Year-on-year, orders were down by 22.5%. In May, orders had been down by 16.3%. Economists had forecast a monthly rise of 2% and a year-on-year decline of 17.6%.
The Japanese Yen moved from ¥105.265 to ¥105.138 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.14% ¥105.56 against the U.S Dollar.
Elsewhere
At the time of writing, the Aussie Dollar was down by 0.07% to $0.7238.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. Key stats include July’s finalized inflation figures for the Eurozone.
There’s unlikely to be too much influence from the numbers, however. The market focus will remain on the U.S and China, COVID-19, and the U.S stimulus package.
At the time of writing, the EUR was up by 0.02% to $1.1933.
For the Pound
It’s a relatively quiet day ahead on the economic calendar. July inflation figures are due out later today. We don’t expect a long-lasting impact on the Pound, however.
On the day, the focus will be on any Brexit chatter and updates on COVID-19.
At the time of writing, the Pound was up by 0.01% to $1.3240.
Across the Pond
It’s a particularly quiet day ahead for the U.S Dollar. There are no material stats due out to provide the Greenback with direction.
A lack of stats will leave the Dollar in the hands of the FOMC meeting minutes due out late in the day.
Away from theeconomic calendar expect COVID-19 news and the stimulus package to continue to garner interest.
At the time of writing, the Dollar Spot Index was up by 0.08% to 92.345.
For the Loonie
It’s a relatively busy day on the economic data front, with July inflation figures due out later today.
We will expect the numbers to influence ahead of the FOMC meeting minutes.
Crude oil inventory numbers will also draw interest on the day. Further drawdowns will be needed to offset any negative sentiment towards consumption.
At the time of writing, the Loonie was up by 0.04% to C$1.3163 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
More From FXEMPIRE:
S&P 500 Made Its Case for Higher Stock Prices
S&P 500 Price Forecast – Stock Markets Break Out Again
Gold Price Forecast – Gold Markets Continue Grind
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Away from theeconomic calendar there was no change, with the markets needing to continue monitoring COVID-19 numbers and chatter on the COVID-19 stimulus package. According to NZ Stats, A slump in demand and prices for fuel weighed, as fewer people traveled by air and by road due to COVID-19 lockdown measures. For the Loonie It’s a relatively busy day on the economic data front, with July inflation figures due out later today. | For the Kiwi Dollar 2nd quarter wholesale inflation figures were in focus early on. For the Loonie It’s a relatively busy day on the economic data front, with July inflation figures due out later today. This article was originally posted on FX Empire More From FXEMPIRE: S&P 500 Made Its Case for Higher Stock Prices S&P 500 Price Forecast – Stock Markets Break Out Again Gold Price Forecast – Gold Markets Continue Grind The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. For the Loonie It’s a relatively busy day on the economic data front, with July inflation figures due out later today. This article was originally posted on FX Empire More From FXEMPIRE: S&P 500 Made Its Case for Higher Stock Prices S&P 500 Price Forecast – Stock Markets Break Out Again Gold Price Forecast – Gold Markets Continue Grind The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Away from theeconomic calendar there was no change, with the markets needing to continue monitoring COVID-19 numbers and chatter on the COVID-19 stimulus package. According to figures released by the Ministry of Finance, Exports fell by 19.2%, following a 26.2% decline in June. We will expect the numbers to influence ahead of the FOMC meeting minutes. | a204c423-271e-48a0-aa56-021d995db2c4 |
709056.0 | 2020-08-18 00:00:00 UTC | TSX edges higher as gold climbs back above $2,000 | DBO | https://www.nasdaq.com/articles/tsx-edges-higher-as-gold-climbs-back-above-%242000-2020-08-18 | nan | nan | Aug 18 (Reuters) - Canada's main stock index edged higher on Tuesday, boosted by gold miners after prices of the yellow metal climbed as a weakening dollar drove investors holding other currencies to the safe-haven asset. * Gold rose more than 1% on Tuesday to climb back above the $2,000 level breached earlier this month. * The materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies, added 0.9% as gold futures GCc1 rose 0.9% to $2,002.3 an ounce. GOL/
* The Canadian dollar strengthened to its highest level in nearly seven months against its U.S. counterpart on Tuesday as the greenback broadly declined and investors weighed reports of who will replace Bill Morneau as Canada's finance minister.
* Canadian warehouse robotics company Attabotics on Tuesday said it raised $50 million in a funding round led by the Ontario Teachers' Pension Plan Board.
* The energy sector .SPTTEN climbed 0.5% as U.S. crude CLc1 prices were down 1.5% a barrel, while Brent crude LCOc1 lost 1.0%. O/R
* At 9:43 a.m. ET (1343 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 34.37 points, or 0.21%, at 16,690.49.
* On the TSX, 126 issues were higher, while 83 issues declined for a 1.52-to-1 ratio favouring gainers, with 14.84 million shares traded.
* The largest percentage gainers on the TSX were Seven Generations Energy Ltd and First Quantum Minerals Ltd , rising 4.7% and 3.8%, respectively.
* Corus Entertainment Inc fell 2.4%, the most on the TSX. The second-biggest decliner was engineering and construction company SNC-Lavalin Group Inc , down 1.8%.
* The most heavily traded shares by volume were StageZero Life Sciences Ltd , D-Box Technologies Inc and B2Gold Corp .
* The TSX posted six new 52-week highs and no new lows.
* Across all Canadian issues, there were 31 new 52-week highs and four new lows, with total volume of 42.38 million shares.
(Reporting by Shivani Kumaresan in Bengaluru; Editing by Maju Samuel)
((Shivani.Kumaresan@thomsonreuters.com ; +1 646 223 8780))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Aug 18 (Reuters) - Canada's main stock index edged higher on Tuesday, boosted by gold miners after prices of the yellow metal climbed as a weakening dollar drove investors holding other currencies to the safe-haven asset. GOL/ * The Canadian dollar strengthened to its highest level in nearly seven months against its U.S. counterpart on Tuesday as the greenback broadly declined and investors weighed reports of who will replace Bill Morneau as Canada's finance minister. * Canadian warehouse robotics company Attabotics on Tuesday said it raised $50 million in a funding round led by the Ontario Teachers' Pension Plan Board. | Aug 18 (Reuters) - Canada's main stock index edged higher on Tuesday, boosted by gold miners after prices of the yellow metal climbed as a weakening dollar drove investors holding other currencies to the safe-haven asset. * The energy sector .SPTTEN climbed 0.5% as U.S. crude CLc1 prices were down 1.5% a barrel, while Brent crude LCOc1 lost 1.0%. * On the TSX, 126 issues were higher, while 83 issues declined for a 1.52-to-1 ratio favouring gainers, with 14.84 million shares traded. | Aug 18 (Reuters) - Canada's main stock index edged higher on Tuesday, boosted by gold miners after prices of the yellow metal climbed as a weakening dollar drove investors holding other currencies to the safe-haven asset. GOL/ * The Canadian dollar strengthened to its highest level in nearly seven months against its U.S. counterpart on Tuesday as the greenback broadly declined and investors weighed reports of who will replace Bill Morneau as Canada's finance minister. * On the TSX, 126 issues were higher, while 83 issues declined for a 1.52-to-1 ratio favouring gainers, with 14.84 million shares traded. | Aug 18 (Reuters) - Canada's main stock index edged higher on Tuesday, boosted by gold miners after prices of the yellow metal climbed as a weakening dollar drove investors holding other currencies to the safe-haven asset. * On the TSX, 126 issues were higher, while 83 issues declined for a 1.52-to-1 ratio favouring gainers, with 14.84 million shares traded. * Across all Canadian issues, there were 31 new 52-week highs and four new lows, with total volume of 42.38 million shares. | f6de83d1-6841-4e7f-8892-0f9b401723bb |
709057.0 | 2020-08-17 00:00:00 UTC | TSX gains on China stimulus, materials boost | DBO | https://www.nasdaq.com/articles/tsx-gains-on-china-stimulus-materials-boost-2020-08-17 | nan | nan | Aug 17 (Reuters) - Canada's main stock index rose on Monday, boosted by shares of precious metal miners, as China rolled out more stimulus to support the world's second-largest economy during the COVID-19 pandemic. * China's central bank on Monday rolled over maturing medium-term loans while keeping borrowing costs unchanged for the fourth straight month. * The materials sector .GSPTTMT, which includes precious and base metals miners, surged 4% on higher gold prices.GOL/
* Gold consolidated near the $1,950 mark after plunging 4.5% last week, supported by a weaker dollar as investors await the fine print on the U.S. Federal Reserve's strategy to stem the economic toll of the coronavirus.
* The largest percentage gainer on the TSX was Barrick Gold ABX.TO, which jumped 10.1%, as Berkshire Hathaway Inc BRKa.N disclosed investment worth $563.6 mln in the miner.
* At 9:48 a.m. ET (1348 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 121.96 points, or 0.74%, at 16,636.57.
* The energy sector .SPTTEN was flat. U.S. crude CLc1 prices were up 0.4% a barrel, while Brent crude LCOc1 added 0.1%. O/R
* On the TSX, 141 issues were higher, while 74 issues declined for a 1.91-to-1 ratio favouring gainers, with 20.19 million shares traded.
* Cineplex Inc CGX.TO fell 2.4%, the most on the TSX, after CIBC cut its target price on the entertainment and media company. The second biggest decliner was oil and gas producer Enerplus Corp ERF.TO, down 1.8%.
* The most heavily traded shares by volume were StageZero Life Sciences Ltd SZLS.TO, D-Box Technologies Inc DBO.TO and Zenabis Global Inc ZENA.TO.
* The TSX posted eight new 52-week highs and no new low.
* Across all Canadian issues there were 19 new 52-week highs and four new lows, with total volume of 54.37 million shares.
(Reporting by Shivani Kumaresan in Bengaluru; Editing by Amy Caren Daniel)
((Shivani.Kumaresan@thomsonreuters.com ; +1 646 223 8780))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | * The most heavily traded shares by volume were StageZero Life Sciences Ltd SZLS.TO, D-Box Technologies Inc DBO.TO and Zenabis Global Inc ZENA.TO. Aug 17 (Reuters) - Canada's main stock index rose on Monday, boosted by shares of precious metal miners, as China rolled out more stimulus to support the world's second-largest economy during the COVID-19 pandemic. * China's central bank on Monday rolled over maturing medium-term loans while keeping borrowing costs unchanged for the fourth straight month. | * The most heavily traded shares by volume were StageZero Life Sciences Ltd SZLS.TO, D-Box Technologies Inc DBO.TO and Zenabis Global Inc ZENA.TO. Aug 17 (Reuters) - Canada's main stock index rose on Monday, boosted by shares of precious metal miners, as China rolled out more stimulus to support the world's second-largest economy during the COVID-19 pandemic. * The materials sector .GSPTTMT, which includes precious and base metals miners, surged 4% on higher gold prices.GOL/ * Gold consolidated near the $1,950 mark after plunging 4.5% last week, supported by a weaker dollar as investors await the fine print on the U.S. Federal Reserve's strategy to stem the economic toll of the coronavirus. | * The most heavily traded shares by volume were StageZero Life Sciences Ltd SZLS.TO, D-Box Technologies Inc DBO.TO and Zenabis Global Inc ZENA.TO. Aug 17 (Reuters) - Canada's main stock index rose on Monday, boosted by shares of precious metal miners, as China rolled out more stimulus to support the world's second-largest economy during the COVID-19 pandemic. * The materials sector .GSPTTMT, which includes precious and base metals miners, surged 4% on higher gold prices.GOL/ * Gold consolidated near the $1,950 mark after plunging 4.5% last week, supported by a weaker dollar as investors await the fine print on the U.S. Federal Reserve's strategy to stem the economic toll of the coronavirus. | * The most heavily traded shares by volume were StageZero Life Sciences Ltd SZLS.TO, D-Box Technologies Inc DBO.TO and Zenabis Global Inc ZENA.TO. Aug 17 (Reuters) - Canada's main stock index rose on Monday, boosted by shares of precious metal miners, as China rolled out more stimulus to support the world's second-largest economy during the COVID-19 pandemic. * The largest percentage gainer on the TSX was Barrick Gold ABX.TO, which jumped 10.1%, as Berkshire Hathaway Inc BRKa.N disclosed investment worth $563.6 mln in the miner. | 311ae594-a959-4ea1-8239-b86d93056e57 |
709058.0 | 2020-08-12 00:00:00 UTC | The Greenback Hits Reverse Ahead of Jobless Claims as Riskier Assets Climb | DBO | https://www.nasdaq.com/articles/the-greenback-hits-reverse-ahead-of-jobless-claims-as-riskier-assets-climb-2020-08-13 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively busy start to the day on the economic calendar this morning. The Aussie Dollar and the Pound were in action in the early part of the day.
For the Aussie Dollar
Total employment surged by 114.7k in July, following on from a 210.8k jump in June. Economists had forecast a 40.0k increase. Full employment increased by 43.5k, reversing a 38.1k fall from June. In July, the unemployment rate rose from 7.4% to 7.5%. Economists had forecast a jump to 7.8%. In June, the unemployment rate had risen from 7.1% to 7.4%.
According to the ABS,
The number of unemployed people increased by 15,700 people.
Compared to July 2019, full-time employment had fallen by 282,800, with part-time employment falling by 131,700.
The employment to population ratio increased by 0.5 points to 59.8%.
Monthly hours worked in all jobs increased by 1.3%.
The Aussie Dollar moved from $0.71747 to $0.71877 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.21% to $0.7183.
For the Pound
The RICS House Price Balance for July rose from -13% to +12%, coming in ahead of a forecasted rise to -5%.
The Pound moved from $1.30372 to $1.30371 upon release of the figures.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.26% ¥106.63 against the U.S Dollar, with the Kiwi Dollar down by 0.14% to $0.6587.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. Key stats include finalized July inflation figures for Germany and Spain.
The numbers are likely to have a muted impact on the EUR, however. Risk sentiment will be the key driver on the day.
At the time of writing, the EUR was up by 0.24% to $1.1812.
For the Pound
It’s a particularly quiet day ahead on the economic calendar after Wednesday’s data deluge. There are no material stats to provide the Pound with direction.
A lack of stats will leave the Pound in the hands of Brexit chatter and sentiment towards monetary policy after yesterday’s numbers.
At the time of writing, the Pound was up by 0.25% to $1.3067. Demand for riskier assets weighed on the dollar early on.
Across the Pond
It’s a relatively quiet day ahead for the U.S Dollar. Key stats include July’s import and export price figures and the all-important weekly jobless claims.
Following the relief last week from the better than expected numbers, more of the same is going to be needed. Sub-1m levels would deliver riskier assets a boost on the day. We would expect the import and export price index numbers to have a muted impact on the Dollar.
Away from theeconomic calendar any progress towards an agreement on the COVID-19 stimulus package would also be market positive.
At the time of writing, the Dollar Spot Index was down by 0.20% to 93.253.
For the Loonie
After a quiet day ahead, with no economic data due out to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of the IEA’s monthly report and geopolitics on the day.
At the time of writing, the Loonie was up by 0.06% to C$1.3239 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | A lack of stats will leave the Pound in the hands of Brexit chatter and sentiment towards monetary policy after yesterday’s numbers. Key stats include July’s import and export price figures and the all-important weekly jobless claims. This article was originally posted on FX Empire More From FXEMPIRE: Daily Gold News: Tuesday, August 18 – Gold Back Above $2,000 Silver Price Daily Forecast – Silver Rebounds Above $28.00 E-mini S&P 500 Index (ES) Futures Technical Analysis – Needs to Close Over 3379.75 to Sustain Rally The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Key stats include July’s import and export price figures and the all-important weekly jobless claims. We would expect the import and export price index numbers to have a muted impact on the Dollar. This article was originally posted on FX Empire More From FXEMPIRE: Daily Gold News: Tuesday, August 18 – Gold Back Above $2,000 Silver Price Daily Forecast – Silver Rebounds Above $28.00 E-mini S&P 500 Index (ES) Futures Technical Analysis – Needs to Close Over 3379.75 to Sustain Rally The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Elsewhere At the time of writing, the Japanese Yen was up by 0.26% ¥106.63 against the U.S Dollar, with the Kiwi Dollar down by 0.14% to $0.6587. The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. For the Pound It’s a particularly quiet day ahead on the economic calendar after Wednesday’s data deluge. | For the Aussie Dollar Total employment surged by 114.7k in July, following on from a 210.8k jump in June. Economists had forecast a 40.0k increase. The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. | f9504341-01ad-4261-a78c-f6a78bd7e6de |
709059.0 | 2020-08-10 00:00:00 UTC | Economic Data Puts the EUR and the U.S Dollar in Focus as U.S – China Tension Lingers | DBO | https://www.nasdaq.com/articles/economic-data-puts-the-eur-and-the-u.s-dollar-in-focus-as-u.s-china-tension-lingers-2020 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively busy start to the day on the economic calendar this morning. The Kiwi Dollar and the Aussie Dollar were in action, with economic data from the UK also in focus in the early part of the day.
Away from theeconomic calendar riskier assets continued to find support from Trump’s executive orders from the weekend.
On the geopolitical risk front, rising tension between the U.S and China was of little influence early on. With trade talks set to resume at the end of the week, hopes are for an easing in tensions.
For the Kiwi Dollar
Electronic card retail sales increased by 1.1% in July, following a 16.3% surge in June. Compared with July 2019, spending increased by 11%.
According to NZ Stats,
For the 3rd month in a row, spending on durables continued to recover from the COVID-19 driven slump in April.
Spending on durable goods jumped by 20% compared with July 2019.
Card spending increased for all but one of the 6-retail sectors.
The 2nd highest spending was in supermarkets, specialized foods, and liquor stores, which rose by 12%.
While accommodation spending remained low, increased spending on eating out delivered a boost for the hospitality sector, which increased by 5.9%.
The Kiwi Dollar moved from $0.65916 to $0.65896 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.36% to $0.6615.
For the Aussie Dollar
In June, NAB Business Confidence fell from 0 to -14, ending a run of 3 consecutive sizeable increases in confidence. Economists had forecast a fall to -1.
Concerns over the spike in new COVID-19 cases and reintroduction of lockdown measures in Victoria contributed.
The Aussie Dollar moved from $0.71536 to $0.71619 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.34% to $0.7174.
Out of UK
The BRC Retail Sales Monitor increased by 4.30% in July, year-on-year, following a 10.9% jump in June, according to the July report.
The Pound moved from $1.30734 to $1.30728 against the Dollar upon release of the figures.
Elsewhere
At the time of writing, the Japanese Yen was down by 0.06% to ¥106.02 against the U.S Dollar.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on theeconomic calendar ZEW Economic Sentiment figures for August are due out for Germany and the Eurozone.
Following the lack of stats on Monday, we can expect some EUR sensitivity to Germany and the Eurozone sentiment figures.
The markets will likely brush aside Germany’s Current Conditions Index, however.
Away from theeconomic calendar expect geopolitics to also be a factor on the day.
At the time of writing, the EUR was up by 0.09% to $1.1749.
For the Pound
It’s a busy day ahead on the economic calendar. June’s unemployment rate and July’s claimant count are due out later this morning, along with employment change figures for June.
We would expect July’s claimant count figures to have the greatest impact on the day.
Away from theeconomic calendar any chatter on Brexit and trade negotiations will also need monitoring.
At the time of writing, the Pound was up by 0.16% to $1.3094.
Across the Pond
It’s a relatively quiet day ahead for the U.S Dollar. Key stats include July’s wholesale inflation figures.
Following the pickup in private sector activity in June and July, the markets will be looking for a pickup in wholesale inflationary pressures.
On the geopolitical front, chatter from the Oval Office and Beijing will also influence on the day.
At the time of writing, the Dollar Spot Index was down by 0.02% to 93.563.
For the Loonie
After a quiet day ahead, with economic data limited to June housing starts and building permits.
The numbers are unlikely to have too much influence on the Loonie, however, as the markets focus on U.S – China tensions. Reports from Beijing of plans to adhere to the phase 1 agreement ahead of trade talks was Loonie positive.
At the time of writing, the Loonie was up by 0.16% to C$1.3329 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Away from theeconomic calendar riskier assets continued to find support from Trump’s executive orders from the weekend. For the Loonie After a quiet day ahead, with economic data limited to June housing starts and building permits. This article was originally posted on FX Empire More From FXEMPIRE: Royal Caribbean Cruises Rallies To 2-Month High Jump in US Yields Boosts Dollar/Yen; RBA Calls for Fiscal Stimulus; RBNZ Boosts QE The Week Ahead – Geopolitics, Capitol Hill, COVID-19, and Economic Data in Focus The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Kiwi Dollar Electronic card retail sales increased by 1.1% in July, following a 16.3% surge in June. The Day Ahead: For the EUR It’s a relatively quiet day ahead on theeconomic calendar ZEW Economic Sentiment figures for August are due out for Germany and the Eurozone. This article was originally posted on FX Empire More From FXEMPIRE: Royal Caribbean Cruises Rallies To 2-Month High Jump in US Yields Boosts Dollar/Yen; RBA Calls for Fiscal Stimulus; RBNZ Boosts QE The Week Ahead – Geopolitics, Capitol Hill, COVID-19, and Economic Data in Focus The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Kiwi Dollar and the Aussie Dollar were in action, with economic data from the UK also in focus in the early part of the day. For the Kiwi Dollar Electronic card retail sales increased by 1.1% in July, following a 16.3% surge in June. The Day Ahead: For the EUR It’s a relatively quiet day ahead on theeconomic calendar ZEW Economic Sentiment figures for August are due out for Germany and the Eurozone. | The Kiwi Dollar and the Aussie Dollar were in action, with economic data from the UK also in focus in the early part of the day. The Day Ahead: For the EUR It’s a relatively quiet day ahead on theeconomic calendar ZEW Economic Sentiment figures for August are due out for Germany and the Eurozone. Away from theeconomic calendar expect geopolitics to also be a factor on the day. | 02cb64d8-220c-46dc-a5cd-1e89205cf7ca |
709060.0 | 2020-08-07 00:00:00 UTC | Oil Declines Amid Concerns About Oil Demand Recovery | DBO | https://www.nasdaq.com/articles/oil-declines-amid-concerns-about-oil-demand-recovery-2020-08-07 | nan | nan | FXEmpire.com -
Oil Video 07.08.20.
Surge In The Number Of New COVID-19 Cases In India And Stronger U.S. Dollar Put Pressure On Oil
WTI oil has declined towards $41.50 amid worries that continued surge in the number of new coronavirus cases will put pressure on oil demand in absence of an effective vaccine.
India has become the world leader in the number of new cases, recording more than 62,000 cases on Thursday.
With a population of almost 1.4 billion, India is the world’s second most populated country and the world’s third biggest oil consumer.
As many Indians live in poverty and have restricted access to healthcare, the pandemic has the potential to reach truly scary numbers in the country.
For the oil market, this situation brings fears of new virus containment measures in India which will pressure economic activity and lead to lower demand for oil.
Another reason for today’s oil price downside is the rebound of the U.S. dollar. After testing lows at 92.50 on Thursday, the U.S. Dollar Index gained upside momentum and is trying to settle above 93.50.
Stronger U.S. dollar typically puts pressure on commodities as it makes them more expensive for buyers who have other currencies.
The U.S. dollar has lost a lot of ground in July and has the potential to rebound further so oil traders should watch the U.S. Dollar Index closely.
U.S. Increases Pressure On China
U.S. has decided to ban U.S. transactions with operators of China’s TikTok and WeChat, marking another low in U.S. – China relations.
In addition, the U.S. has just imposed sanctions on Hong Kong Chief Executive Carrie Lam and some other officials.
It is obvious that the next phase of the trade deal between U.S. and China is completely impossible in current circumstances. More, the markets may start to evaluate risks of a collapse of the current trade deal.
With so many near-term factors playing against oil, it needs continued decline in crude inventories for additional upside.
The market is still bullish since every oil’s dip was quickly bought in the last few months, but the mood may change quickly in case the situation on the coronavirus front deteriorates further or U.S. and China engage in a damaging trade and sanctions war.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | As many Indians live in poverty and have restricted access to healthcare, the pandemic has the potential to reach truly scary numbers in the country. With so many near-term factors playing against oil, it needs continued decline in crude inventories for additional upside. This article was originally posted on FX Empire More From FXEMPIRE: Natural Gas Price Prediction – Prices Rise Despite Larger Than Expected Inventory Build Crude Oil Bulls Raging Upward on Impressive Economic Data Disappointing Forecast from Cisco Systems Drags Dow Lower The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Surge In The Number Of New COVID-19 Cases In India And Stronger U.S. Dollar Put Pressure On Oil WTI oil has declined towards $41.50 amid worries that continued surge in the number of new coronavirus cases will put pressure on oil demand in absence of an effective vaccine. Stronger U.S. dollar typically puts pressure on commodities as it makes them more expensive for buyers who have other currencies. With so many near-term factors playing against oil, it needs continued decline in crude inventories for additional upside. | Surge In The Number Of New COVID-19 Cases In India And Stronger U.S. Dollar Put Pressure On Oil WTI oil has declined towards $41.50 amid worries that continued surge in the number of new coronavirus cases will put pressure on oil demand in absence of an effective vaccine. For the oil market, this situation brings fears of new virus containment measures in India which will pressure economic activity and lead to lower demand for oil. The market is still bullish since every oil’s dip was quickly bought in the last few months, but the mood may change quickly in case the situation on the coronavirus front deteriorates further or U.S. and China engage in a damaging trade and sanctions war. | Surge In The Number Of New COVID-19 Cases In India And Stronger U.S. Dollar Put Pressure On Oil WTI oil has declined towards $41.50 amid worries that continued surge in the number of new coronavirus cases will put pressure on oil demand in absence of an effective vaccine. Another reason for today’s oil price downside is the rebound of the U.S. dollar. It is obvious that the next phase of the trade deal between U.S. and China is completely impossible in current circumstances. | 14d4259d-7b50-4bbf-b911-3044a9b698f1 |
709061.0 | 2020-08-07 00:00:00 UTC | Crude Oil Traders Await U.S Job Report Amid a Fragile Global Economy | DBO | https://www.nasdaq.com/articles/crude-oil-traders-await-u.s-job-report-amid-a-fragile-global-economy-2020-08-07 | nan | nan | FXEmpire.com -
There was a bit of surprise among energy traders yesterday when Brent crude broke its critical resistance price level trading above $45, for the first time since the end of Q1, 2020. The surge in Brent crude came from the drawdown in U.S crude oil stockpiles.
However, the sudden upward move in crude oil prices was capped over growing concerns that Covid-19 caseloads globally is on track to hit 19 million, and looks set to close in on 20 million caseloads if nothing is done soon, in curbing the deadly virus onslaught.
Crude oil traders are aware of the demand risks, on rising crude oil global supply amid this fragile global economy. There seems to be some content major among energy players on the ongoing crude oil market rebalancing.
Although Crude oil traders are still keeping some of their bullish bets on hopes that a new round of stimulus packages, by global central banks, and the continual weakening of the greenback would keep the price of crude oil above key support levels. Commodities prices usually outperform when the greenback value continually weakens.
All eyes are now on U.S job report; Crude oil traders will use this important economic metric to gauge the health of the world’s biggest economy. A flat print from July payrolls data could make a case for the crude bears thus negatively disrupt the short-term bullish run in the oil market.
In addition an impressive July payroll result, would remove the urgency For U.S fiscal officials in rushing towards more stimulus packages .Crude oil traders will still be wary on making long bets in the midterm on strengthening geopolitical risks, amid a blurred economic outlook caused by the ravaging COVID-19 virus.
Looking at the flipside a July payroll plunge will strengthen the case for more bearish bets in play, showing that energy demand in a matter of time will also hit the brick wall, as weakening consumer consumption would raise questions on underlying energy demand in the world’s largest economy.
The resurgence of the COVID-19 pandemic coupled with resumption of some virus control measures around major economic hubs are expected to slow down the global economic recovery in the short term, but could bounce back next month, if the control measures put in place yield desired results.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | A flat print from July payrolls data could make a case for the crude bears thus negatively disrupt the short-term bullish run in the oil market. In addition an impressive July payroll result, would remove the urgency For U.S fiscal officials in rushing towards more stimulus packages .Crude oil traders will still be wary on making long bets in the midterm on strengthening geopolitical risks, amid a blurred economic outlook caused by the ravaging COVID-19 virus. This article was originally posted on FX Empire More From FXEMPIRE: AUD/USD Price Forecast – Australian Dollar Continues to Chop Wood Has the Stock Bulls’ Strength Returned? | Crude oil traders are aware of the demand risks, on rising crude oil global supply amid this fragile global economy. In addition an impressive July payroll result, would remove the urgency For U.S fiscal officials in rushing towards more stimulus packages .Crude oil traders will still be wary on making long bets in the midterm on strengthening geopolitical risks, amid a blurred economic outlook caused by the ravaging COVID-19 virus. The resurgence of the COVID-19 pandemic coupled with resumption of some virus control measures around major economic hubs are expected to slow down the global economic recovery in the short term, but could bounce back next month, if the control measures put in place yield desired results. | Crude oil traders are aware of the demand risks, on rising crude oil global supply amid this fragile global economy. Although Crude oil traders are still keeping some of their bullish bets on hopes that a new round of stimulus packages, by global central banks, and the continual weakening of the greenback would keep the price of crude oil above key support levels. In addition an impressive July payroll result, would remove the urgency For U.S fiscal officials in rushing towards more stimulus packages .Crude oil traders will still be wary on making long bets in the midterm on strengthening geopolitical risks, amid a blurred economic outlook caused by the ravaging COVID-19 virus. | FXEmpire.com - There was a bit of surprise among energy traders yesterday when Brent crude broke its critical resistance price level trading above $45, for the first time since the end of Q1, 2020. Crude oil traders are aware of the demand risks, on rising crude oil global supply amid this fragile global economy. Although Crude oil traders are still keeping some of their bullish bets on hopes that a new round of stimulus packages, by global central banks, and the continual weakening of the greenback would keep the price of crude oil above key support levels. | 4025dde2-c37c-49e9-b13d-2f0e8b40d808 |
709062.0 | 2020-08-05 00:00:00 UTC | Oil Breaks To New Highs As Crude Inventories Decline | DBO | https://www.nasdaq.com/articles/oil-breaks-to-new-highs-as-crude-inventories-decline-2020-08-05 | nan | nan | FXEmpire.com -
Oil Video 05.08.20.
U.S. Domestic Oil Production Declines To 11 Million Barrels Per Day
WTI oil managed to get above the resistance at $42.50 after API Crude Oil Stock Change report indicated that crude inventories have declined by 8.59 million barrels.
EIA has just released its Weekly Petroleum Status Report which confirmed API numbers.
According to EIA, crude inventories decreased by 7.4 million barrels. This decrease is especially encouraging since crude oil imports have increased by 0.9 million barrels per day (bpd).
A significant decrease in crude inventories at a time when imports increased shows that demand is rebounding.
Meanwhile, gasoline inventories increased by 419,000 barrels while distillate fuel inventories increased by 1.6 million barrels.
Importantly, the U.S. domestic oil production decreased from 11.1 million bpd to 11 million bpd. Now, the market got a confirmation that $40 oil is not sufficient enough to boost U.S. oil production.
This is an important supportive factor since many traders feared that stable oil prices above $40 will cause a jump in U.S. domestic oil production which will lead to increased inventory levels.
The EIA report is certainly bullish as crude oil inventories continue to decrease while U.S. oil production did not manage to get above 11.1 million bpd.
Weak U.S. Dollar Provides Additional Support To Oil
In addition to the bullish inventory report, oil is supported by U.S. dollar weakness. The U.S. dollar continues to decline against a broad basket of currencies, and this downside move supports dollar-denominated commodities as it makes them cheaper for buyers who have other currencies.
The role of U.S. dollar weakness in current oil price upside should not be underestimated. Since the beginning of July, the U.S. Dollar Index has lost roughly 5% which is a major move for the world’s main currency.
The U.S. Dollar Index is currently testing recent lows at 92.5. In case it manages to get below this level, the U.S. dollar will likely gain additional downside momentum, providing more support to oil.
The current downside move of the U.S. dollar has a major impact on commodity markets so traders should watch it closely. In case some catalyst (like an agreement on U.S. coronavirus aid package bill) causes a rebound of the U.S. dollar, oil may find itself under pressure.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In case it manages to get below this level, the U.S. dollar will likely gain additional downside momentum, providing more support to oil. The current downside move of the U.S. dollar has a major impact on commodity markets so traders should watch it closely. In case some catalyst (like an agreement on U.S. coronavirus aid package bill) causes a rebound of the U.S. dollar, oil may find itself under pressure. | Domestic Oil Production Declines To 11 Million Barrels Per Day WTI oil managed to get above the resistance at $42.50 after API Crude Oil Stock Change report indicated that crude inventories have declined by 8.59 million barrels. The EIA report is certainly bullish as crude oil inventories continue to decrease while U.S. oil production did not manage to get above 11.1 million bpd. Weak U.S. Dollar Provides Additional Support To Oil In addition to the bullish inventory report, oil is supported by U.S. dollar weakness. | Domestic Oil Production Declines To 11 Million Barrels Per Day WTI oil managed to get above the resistance at $42.50 after API Crude Oil Stock Change report indicated that crude inventories have declined by 8.59 million barrels. The EIA report is certainly bullish as crude oil inventories continue to decrease while U.S. oil production did not manage to get above 11.1 million bpd. Weak U.S. Dollar Provides Additional Support To Oil In addition to the bullish inventory report, oil is supported by U.S. dollar weakness. | Domestic Oil Production Declines To 11 Million Barrels Per Day WTI oil managed to get above the resistance at $42.50 after API Crude Oil Stock Change report indicated that crude inventories have declined by 8.59 million barrels. The EIA report is certainly bullish as crude oil inventories continue to decrease while U.S. oil production did not manage to get above 11.1 million bpd. In case it manages to get below this level, the U.S. dollar will likely gain additional downside momentum, providing more support to oil. | 0b24a9fc-5e7f-4a6e-a2ca-23f2d29efa38 |
709063.0 | 2020-08-04 00:00:00 UTC | Service Sector PMIs and the U.S Stimulus Package Put the EUR and the Dollar in Focus | DBO | https://www.nasdaq.com/articles/service-sector-pmis-and-the-u.s-stimulus-package-put-the-eur-and-the-dollar-in-focus-2020 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a busy start to the day on the economic calendar this morning. The Kiwi Dollar and the Japanese Yen were in action, with stats from China also in focus.
Away from theeconomic calendar updates on the U.S stimulus package and COVID-19 continued to be an area of focus.
For the Kiwi Dollar
In the 2nd quarter, employment fell by 0.40%, quarter-on-quarter, partially reversing a 0.7% rise from the 1st quarter. Economists had forecast a 2.0% fall. The unemployment rate fell from 4.2% to 4.0% in the quarter. Economists had forecast an unemployment rate of 5.8%.
According to NZ Stats,
The underutilization rate rose from 10.4 to 12.0%, the largest on record, with hours worked falling by a record 10.3%.
As a result of the COVID-19 lockdown, fewer people who did not have a job were actively seeking work. People who were not actively seeking work were not counted as unemployed, leading to a decline in the unemployment rate.
The Kiwi Dollar moved from $0.66226 to $0.66378 upon release of the figures. At the time of writing, the Kiwi Dollar was up by 0.33% to $0.6644.
For the Japanese Yen
July’s finalized services PMI was revised up from 45.2 to 45.4. In June, the PMI had stood at 45.0.
According to the July survey,
26% of respondents reported a drop in business activity, while 21% signaled an expansion.
Those reporting growth attributed the growth to a pickup in domestic demand.
In July, there was a modest fall in new work, with the rate of decline the slowest in the last 6-months. New orders from abroad saw a steep decline in the month, however.
While backlogs declined further, employment numbers saw a modest decline, stemming from the non-replacement of retired employees.
Business optimism turned positive in July, with confidence at its highest since February.
The Japanese Yen moved from ¥105.693 to ¥105.746 upon release of the figures. At the time of writing, the Japanese Yen was up by 0.10% to ¥105.61 against the U.S Dollar.
Out of China
In July, the services PMI came in at 54.1, which was down from June’s 58.4. Economists had forecast a PMI of 56.0.
According to the July Survey,
While down from June’s decade high, levels of incoming new work saw another marked increase. This was largely domestic demand, however, as COVID-19 weighed on foreign demand.
Backlogs increased for the 2nd consecutive month, while staffing levels fell in July, marking a 6th consecutive monthly decline.
Optimism improved, in spite of the pullback in the PMI. Sentiment towards the next 12-months was the highest in over 5-years.
The Aussie Dollar moved from $0.71804 to $0.71766 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.36% to $0.7186.
The Day Ahead:
For the EUR
It’s a busy day ahead on the economic calendar. Key stats include July’s service sector PMIs for Italy and Spain and Eurozone retail sales figures for June.
Finalized service sector PMIs are also due out of France, Germany, and the Eurozone.
We would expect Italy, Spain, and the Eurozone’s PMIs to have the greatest impact on the day.
With the ECB seeing consumption as key to economic recovery, the numbers will need to impress.
At the time of writing, the EUR was up by 0.09% to $1.1814.
For the Pound
It’s a relatively quiet day ahead on the economic calendar. July’s finalized services and composite PMIs are due out later this morning.
Look out for any revisions to the services PMI, with the parts of the UK having struggled with the COVID-19 pandemic late in the month.
Away from theeconomic calendar any updates on Brexit will also need monitoring.
At the time of writing, the Pound was up by 0.12% to $1.3087.
Across the Pond
It’s a busy day ahead for the U.S Dollar. July’s ADP nonfarm employment change and ISM Non-Manufacturing PMI will have the greatest impact on the day.
We saw the Dollar get a boost from a pickup in manufacturing sector activity. Service sector activity accounts for around 70% of the U.S economy, so expect a more significant impact.
With the markets sensitive to labor market conditions, the ADP figures will also influence.
The Markit survey’s finalized services PMI and trade data will likely have a muted impact on the day.
Away from theeconomic calendar the U.S COVID-19 stimulus package and any chatter from the U.S administration will also provide direction.
At the time of writing, the Dollar Spot Index was down by 0.28% to 93.120.
For the Loonie
It’s another quiet day ahead on the economic calendar, with no material stats due out to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands the crude oil inventory numbers and market risk sentiment.
At the time of writing, the Loonie was up by 0.20% to C$1.3292 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Key stats include July’s service sector PMIs for Italy and Spain and Eurozone retail sales figures for June. The lack of stats will leave the Loonie in the hands the crude oil inventory numbers and market risk sentiment. This article was originally posted on FX Empire More From FXEMPIRE: Crude Oil Price Forecast – Crude Oil Markets Show Signs of Life Activision Blizzard Trading Lower Despite Blowout Quarter GBP/JPY Price Forecast – British Pound Slams Into Resistance Against Yen Again The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Backlogs increased for the 2nd consecutive month, while staffing levels fell in July, marking a 6th consecutive monthly decline. Key stats include July’s service sector PMIs for Italy and Spain and Eurozone retail sales figures for June. This article was originally posted on FX Empire More From FXEMPIRE: Crude Oil Price Forecast – Crude Oil Markets Show Signs of Life Activision Blizzard Trading Lower Despite Blowout Quarter GBP/JPY Price Forecast – British Pound Slams Into Resistance Against Yen Again The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Day Ahead: For the EUR It’s a busy day ahead on the economic calendar. For the Loonie It’s another quiet day ahead on the economic calendar, with no material stats due out to provide the Loonie with direction. This article was originally posted on FX Empire More From FXEMPIRE: Crude Oil Price Forecast – Crude Oil Markets Show Signs of Life Activision Blizzard Trading Lower Despite Blowout Quarter GBP/JPY Price Forecast – British Pound Slams Into Resistance Against Yen Again The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Japanese Yen July’s finalized services PMI was revised up from 45.2 to 45.4. In July, there was a modest fall in new work, with the rate of decline the slowest in the last 6-months. Out of China In July, the services PMI came in at 54.1, which was down from June’s 58.4. | 0602cfc8-b283-47f1-9017-72bf22f1c468 |
709064.0 | 2020-07-29 00:00:00 UTC | Oil Flat Despite Significant Decline In Crude Inventories | DBO | https://www.nasdaq.com/articles/oil-flat-despite-significant-decline-in-crude-inventories-2020-07-29 | nan | nan | FXEmpire.com -
Oil Video 29.07.20.
Crude Inventories Decrease By 10.6 Million Barrels
EIA has just released its Weekly Petroleum Status Report which showed that crude inventories decreased by as much as 10.6 million barrels.
Yesterday’s API Crude Oil Stock Change report indicated a decrease of 6.83 million barrels so EIA data was even more encouraging.
The significant decrease in crude oil inventories was driven by a major decrease in crude oil imports which averaged 5.1 million barrels per day (bpd), down from 5.9 million bpd in the previous week.
Gasoline inventories increased by 0.7 million barrels while distillate fuel inventories increased by 0.5 million barrels.
U.S. domestic oil production remained flat at 11.1 million bpd. While current oil price levels have encouraged some production to return, it’s good to see that U.S. oil producers stay cautious about pushing more barrels into the market.
In general, this is a bullish report as crude inventories have decreased while U.S. domestic oil production stayed flat.
However, it remains to be seen whether this report will help oil gain more upside momentum since traders are worried that continued problems on the coronavirus front and potential changes in human behavior will hurt demand for oil.
The Fed May Provide Additional Support To Oil – Or Hurt Its Near-Term Perspectives
Today, global markets are focused on the upcoming Fed Interest Rate Decision and the subsequent commentary from Fed Chair Jerome Powell.
His comments may have a significant impact on the direction of the U.S. dollar, which has been under material pressure in July.
The U.S. dollar weakness is bullish for commodities because they are denominated in dollars. A decline in the value of the American currency makes them cheaper for buyers who have other currencies.
Currently, the U.S. Dollar Index is trying to settle below the important support level at 93.5. Dovish commentary from the Fed may push it to new lows which will be bullish for oil and other commodities.
However, there is a risk that the Fed will take a cautious approach, waiting for more economic data before presenting additional stimulus measures.
In this scenario, oil may find itself under significant pressure since it has already lacked momentum for the last two months, and a stronger U.S. dollar might serve as a catalyst that pushes WTI oil below the $40 level.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Yesterday’s API Crude Oil Stock Change report indicated a decrease of 6.83 million barrels so EIA data was even more encouraging. However, there is a risk that the Fed will take a cautious approach, waiting for more economic data before presenting additional stimulus measures. This article was originally posted on FX Empire More From FXEMPIRE: Oil Price Fundamental Daily Forecast – Traders Betting Bullish EIA Numbers Offset COVID-19 Demand Worries GBP/USD Boosted by Positive UK Data and Dollar Weakness AUD/USD and NZD/USD Fundamental Daily Forecast – Kiwi Supported by Surprise Unemployment Rate Dip The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | U.S. domestic oil production remained flat at 11.1 million bpd. In general, this is a bullish report as crude inventories have decreased while U.S. domestic oil production stayed flat. This article was originally posted on FX Empire More From FXEMPIRE: Oil Price Fundamental Daily Forecast – Traders Betting Bullish EIA Numbers Offset COVID-19 Demand Worries GBP/USD Boosted by Positive UK Data and Dollar Weakness AUD/USD and NZD/USD Fundamental Daily Forecast – Kiwi Supported by Surprise Unemployment Rate Dip The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Crude Inventories Decrease By 10.6 Million Barrels EIA has just released its Weekly Petroleum Status Report which showed that crude inventories decreased by as much as 10.6 million barrels. The significant decrease in crude oil inventories was driven by a major decrease in crude oil imports which averaged 5.1 million barrels per day (bpd), down from 5.9 million bpd in the previous week. This article was originally posted on FX Empire More From FXEMPIRE: Oil Price Fundamental Daily Forecast – Traders Betting Bullish EIA Numbers Offset COVID-19 Demand Worries GBP/USD Boosted by Positive UK Data and Dollar Weakness AUD/USD and NZD/USD Fundamental Daily Forecast – Kiwi Supported by Surprise Unemployment Rate Dip The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Yesterday’s API Crude Oil Stock Change report indicated a decrease of 6.83 million barrels so EIA data was even more encouraging. The significant decrease in crude oil inventories was driven by a major decrease in crude oil imports which averaged 5.1 million barrels per day (bpd), down from 5.9 million bpd in the previous week. The U.S. dollar weakness is bullish for commodities because they are denominated in dollars. | 6540289c-8ead-4f15-80ef-99c295fad749 |
709065.0 | 2020-07-28 00:00:00 UTC | The Stimulus Package, COVID-19, and the FED Keep the Dollar in Focus | DBO | https://www.nasdaq.com/articles/the-stimulus-package-covid-19-and-the-fed-keep-the-dollar-in-focus-2020-07-29 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a relatively quiet start to the day on the economic calendar. The Aussie Dollar was in action in the early part of the day.
Away from theeconomic calendar COVID-19 and the U.S stimulus package remained in focus ahead of the FED.
Looking at the latest coronavirus numbers
According to figures at the time of writing, the number of new coronavirus cases rose by 241,391 to 16,883,654 on Tuesday. On Monday, the number of new cases had risen by 229,469. The daily increase was higher than Monday’s rise and up from 240,565 new cases from the previous Tuesday.
Germany, Italy, and Spain reported 2,602 new cases on Tuesday, which was down from 7,167 new cases on Monday. On the previous Tuesday, 1,889 new cases had been reported.
From the U.S, the total number of cases rose by 64,799 to 4,498,209 on Tuesday. On Monday, the total number of cases had increased by 61,571. On Monday, 21st July, a total of 67,140 new cases had been reported.
For the Aussie Dollar
2nd quarter inflation figures were in focus in the early part of the day.
The annual rate of inflation came in at -0.3%, which was marginally better than a forecasted -0.4%. In the 1st quarter, the annual rate of inflation had stood at 2.20%. In the 1st quarter, the annual rate of inflation had accelerated from 1.8% to 2.20%. Quarter-on-quarter, consumer prices fell by 1.90%, following a 0.3% rise in the 1st quarter. Economists had forecast a 2.00% slide.
According to the ABS,
The June quarter slide was attributed to free child care (-95%), sliding automotive fuel prices (-19.3%), and a fall in pre-school and primary education prices (-16.2%). Excluding these, consumer prices would have risen by 0.1%.
Cleansing and maintenance price rose by 6.2%, with non-durable household products up by 4.5%.
There were also increases in prices for furniture (+3.8%), major household appliances (+3.0%), and audio, visual, and computing equipment (+1.8%).
In the June quarter, the quarter-on-quarter decline was the largest in the 72-year history of the CPI.
It was only the 3rd time since 1949 that the annual rate of inflation had turned negative.
The Aussie Dollar moved from $0.71645 to $0.71575 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.04% to $0.71575.
Elsewhere
At the time of writing, the Japanese Yen was down by 0.03% to ¥105.14 against the U.S Dollar, with the Kiwi Dollar down by 0.11% to $0.6654.
The Day Ahead:
For the EUR
It’s another particularly quiet day ahead on the economic calendar. There are no material stats from the Eurozone to provide the EUR with direction.
The lack of stats will leave the EUR in the hands of COVID-19 updates and geopolitics. Late in the day, the FED is also in action later in the day.
From the U.S, the continued spike in new COVID-19 cases has weighed heavily on the Dollar. Any 2nd wave hitting EU member states beyond Spain would be a test the EUR.
At the time of writing, the EUR was up by 0.03% to $1.1720.
For the Pound
It’s yet another particularly quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction.
A lack of stats will continue to leave the Pound in the hands of Brexit and market risk sentiment.
At the time of writing, the Pound was down by 0.11% to $1.2918.
Across the Pond
It’s another relatively busy day ahead for the U.S Dollar. June pending home sales and goods trade figures are due out later today.
The stats will likely have a muted impact on the Dollar and risk sentiment, however. For the Dollar and the broader market, the FOMC monetary policy decision and press conference is the main event.
Away from the calendar, the U.S stimulus package, tensions between the U.S and China, and COVID-19 will remain in focus.
At the time of writing, the Dollar Spot Index was up by 0.10% to 93.788.
For the Loonie
It’s another particularly quiet day ahead on theeconomic calendar There are no material stats due out of Canada to provide the Loonie with direction.
A lack of stats will leave the Loonie in the hands of the weekly EIA crude oil inventory numbers and market risk sentiment.
The key to the U.S economy and its trading partners is the passing of the latest COVID-19 stimulus package. Any further delays would further limit the upside in the Loonie.
At the time of writing, the Loonie was down by 0.01% to C$1.3381 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Dollar and the broader market, the FOMC monetary policy decision and press conference is the main event. A lack of stats will leave the Loonie in the hands of the weekly EIA crude oil inventory numbers and market risk sentiment. This article was originally posted on FX Empire More From FXEMPIRE: Gold Price Forecast – Gold Markets Continue to Look Bullish The Slow S&P 500 Grind Higher Is Still On GBP/JPY Price Forecast – British Pound Continues to Look Heavy Against Yen The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Looking at the latest coronavirus numbers According to figures at the time of writing, the number of new coronavirus cases rose by 241,391 to 16,883,654 on Tuesday. For the Aussie Dollar 2nd quarter inflation figures were in focus in the early part of the day. This article was originally posted on FX Empire More From FXEMPIRE: Gold Price Forecast – Gold Markets Continue to Look Bullish The Slow S&P 500 Grind Higher Is Still On GBP/JPY Price Forecast – British Pound Continues to Look Heavy Against Yen The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Looking at the latest coronavirus numbers According to figures at the time of writing, the number of new coronavirus cases rose by 241,391 to 16,883,654 on Tuesday. The Day Ahead: For the EUR It’s another particularly quiet day ahead on the economic calendar. For the Loonie It’s another particularly quiet day ahead on theeconomic calendar There are no material stats due out of Canada to provide the Loonie with direction. | For the Aussie Dollar 2nd quarter inflation figures were in focus in the early part of the day. At the time of writing, the EUR was up by 0.03% to $1.1720. A lack of stats will continue to leave the Pound in the hands of Brexit and market risk sentiment. | 61d7528c-8b81-4936-aef6-cf36524bf853 |
709066.0 | 2020-07-26 00:00:00 UTC | COVID-19, Economic Data, Geopolitics, and Fiscal Stimulus in Focus | DBO | https://www.nasdaq.com/articles/covid-19-economic-data-geopolitics-and-fiscal-stimulus-in-focus-2020-07-27 | nan | nan | FXEmpire.com -
Earlier in the Day:
It’s was a quiet start to the week on the economic calendar. There were no material stats through the Asian session to provide the majors with direction.
A lack of stats left the markets in the hands of geopolitics and COVID-19.
Negative sentiment towards the U.S – China spat and a continued rise in new COVID-19 cases weighed on risk appetite.
News of the Republicans agreeing on the next Stimulus package in the U.S supported riskier assets in the early part of the day, however.
Economic data from the U.S was skewed to the negative late last week, making fresh stimulus vital to economic recovery.
Looking at the latest coronavirus numbers
According to figures at the time of writing, the number of new coronavirus cases rose by 213,347 to 16,412,794 on Sunday. On Saturday, the number of new cases had risen by 268,668. The daily increase was lower than Saturday’s rise and 246,207 new cases from the previous Sunday.
Germany, Italy, and Spain reported 663 new cases on Sunday, which was up from 646 new cases on Saturday. On the previous Sunday, 491 new cases had been reported.
From the U.S, the total number of cases rose by 56,130 to 4,371,839 on Sunday. On Saturday, the total number of cases had increased by 67,398. On Sunday, 26th July, a total of 65,368 new cases had been reported.
The Majors
At the time of writing, the Japanese Yen was up by 0.40% to ¥105.72 against the U.S Dollar. The Aussie Dollar was up by 0.28% to $0.7125, with the Kiwi Dollar up by 0.41% to $0.6668.
The Day Ahead:
For the EUR
It’s a relatively busy day ahead on the economic calendar. Key stats include July’s IFO Business Climate Index figures for Germany.
Expect the EUR to respond to the figures, with forecasts pointing to a slight pullback amidst the spike in new COVID-19 cases.
Away from theeconomic calendar chatter from Beijing and Washington and COVID-19 figures will also influence.
From Brussels, the progress of the EU Recovery Fund will also be in focus.
At the time of writing, the EUR was up by 0.33% to $1.1695.
For the Pound
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction.
A lack of stats will leave the Pound in the hands of Brexit and market risk sentiment.
At the time of writing, the Pound was up by 0.29% to $1.2831.
Across the Pond
It’s a relatively busy day ahead for the U.S Dollar. June’s durable goods and core durable goods orders are due out later in the day.
While we can expect market reaction to the numbers, the U.S stimulus package, COVID-19, China, and Trump will remain the key drivers.
At the time of writing, the Dollar Spot Index was down by 0.38% to 94.079.
For the Loonie
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of Canada to provide the Loonie with direction.
A lack of stats will continue to leave the Loonie in the hands of market risk appetite.
At the time of writing, the Loonie was up by 0.19% to C$1.3390 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | News of the Republicans agreeing on the next Stimulus package in the U.S supported riskier assets in the early part of the day, however. Expect the EUR to respond to the figures, with forecasts pointing to a slight pullback amidst the spike in new COVID-19 cases. While we can expect market reaction to the numbers, the U.S stimulus package, COVID-19, China, and Trump will remain the key drivers. | Looking at the latest coronavirus numbers According to figures at the time of writing, the number of new coronavirus cases rose by 213,347 to 16,412,794 on Sunday. A lack of stats will continue to leave the Loonie in the hands of market risk appetite. This article was originally posted on FX Empire More From FXEMPIRE: GBP/USD Price Forecast – British Pound Continues to Defy Gravity USD/JPY Price Forecast – US Dollar Rallies Hard Against Japanese Yen GBP/USD Daily Forecast – British Pound Continues Its Major Upside Move The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Looking at the latest coronavirus numbers According to figures at the time of writing, the number of new coronavirus cases rose by 213,347 to 16,412,794 on Sunday. The Day Ahead: For the EUR It’s a relatively busy day ahead on the economic calendar. This article was originally posted on FX Empire More From FXEMPIRE: GBP/USD Price Forecast – British Pound Continues to Defy Gravity USD/JPY Price Forecast – US Dollar Rallies Hard Against Japanese Yen GBP/USD Daily Forecast – British Pound Continues Its Major Upside Move The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Looking at the latest coronavirus numbers According to figures at the time of writing, the number of new coronavirus cases rose by 213,347 to 16,412,794 on Sunday. The Majors At the time of writing, the Japanese Yen was up by 0.40% to ¥105.72 against the U.S Dollar. For the Pound It’s a particularly quiet day ahead on the economic calendar. | 050c5ec8-e81e-44e1-a9e0-acc468ea85df |
709067.0 | 2020-07-20 00:00:00 UTC | Geopolitics and COVID-19 Put the EUR, Pound and the Greenback in Focus | DBO | https://www.nasdaq.com/articles/geopolitics-and-covid-19-put-the-eur-pound-and-the-greenback-in-focus-2020-07-20 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was a relatively busy start to the day on the economic calendar. The Japanese Yen and the PBoC were in action in the early part of the day.
Away from theeconomic calendar riskier assets continued to struggle as COVID-19 and geopolitical risks weighed.
Looking at the latest coronavirus numbers
On Sunday, the number of new coronavirus cases rose by 219,728 to 14,641,819, according to figures at the time of writing. On Saturday, the number of new cases had risen by 232,868. The daily increase was lower than Saturday’s rise while up from 194,475 new cases from the previous Sunday.
Germany, Italy, and Spain reported 491 new cases on Sunday, which was up from 476 new cases on Saturday. On the previous Sunday, just 372 new cases had been reported.
From the U.S, the total number of cases rose by 65,279 to 3,898,550 on Sunday. On Saturday, the total number of cases had increased by 63,259. On Sunday, 19th July, a total of 58,349 new cases had been reported.
For the Japanese Yen
Japan’s trade deficit narrowed from ¥838.2bn to ¥268.8bn in June. Economists had forecast a narrowing to ¥35.8bn.
According to figures released by the Ministry of Finance,
Exports tumbled by a further 26.2% in June, following on from a 28.3% slump in May. Economists had forecast a 24.9% fall.
Exports to Asia fell by 15.3%, to Western Europe by 30.0%, and by 46.6% to the U.S.
Japan’s exports to China fell by a modest 0.2% when compared with June 2019.
Imports slid by 14.4% in June, following a 26.2% slump in May. Economists had forecast a 16.8% slide.
Imports from HK tumbled by 77.5%, by 12.6% from the U.S, by 22% from Australia, and by 10.9% from Western Europe.
The Japanese Yen moved from ¥107.067 to ¥107.092 upon release of the minutes and stats. At the time of writing, the Japanese Yen was down by 0.33% to ¥107.37 against the U.S Dollar.
Out of China
The PBoC left the 5-year loan prime rate unchanged at 4.65%, with the 3-year left unchanged at 3.85%. The hold was in line with market expectations and the PBoC’s recent forward guidance.
Some may have hoped for further support following the disappointing June retail sales figures for last week. Ultimately, the economic rebound in the 2nd quarter was good enough to allow the PBoC to leave rates unchanged.
The Aussie Dollar moved from $0.69824 to $0.69776 upon the announcement. At the time of writing, the Aussie Dollar was down by 0.20% to $0.6982.
Elsewhere
At the time of writing, the Kiwi Dollar was down by 0.17% to $0.6546.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. Key stats include June wholesale inflation figures for Germany.
The stats are unlikely to have an impact on the EUR, however, as the markets look for updates from Brussels. EU Recovery Fund talks extended into the weekend but failed to result in an agreement. The EUR will likely come under pressure if progress is not made today.
At the time of writing, the EUR was down by 0.08% to $1.1419.
For the Pound
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction.
A lack of stats will leave the Pound in the hands of Brexit and market risk sentiment on the day. There was nothing positive from the weekend, on the Brexit front, to provide the Pound with support.
At the time of writing, the Pound was down by 0.34% to $1.2525.
Across the Pond
It’s also a particularly quiet day ahead for the U.S Dollar. There are no material stats due out to provide the Greenback with direction.
A lack of stats will leave the Dollar in the hands of updates on COVID-19 and chatter from Washington.
At the time of writing, the Dollar Spot Index was up by 0.22% to 96.152.
For the Loonie
It’s a quiet day ahead on the economic calendar. There are no material stats due out, which will leave the Loonie in the hands of market risk sentiment on the day.
COVID-19 and U.S-China tensions will be the key areas of focus.
At the time of writing, the Loonie was down by 0.04% to C$1.3586 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | A lack of stats will leave the Pound in the hands of Brexit and market risk sentiment on the day. There are no material stats due out, which will leave the Loonie in the hands of market risk sentiment on the day. This article was originally posted on FX Empire More From FXEMPIRE: COVID-19, Economic Data, Geopolitics, and Fiscal Stimulus in Focus European Equities: Economic Data, Geopolitics, and COVID-19 News in Focus E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Main Trend Changed to Down on Friday The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Looking at the latest coronavirus numbers On Sunday, the number of new coronavirus cases rose by 219,728 to 14,641,819, according to figures at the time of writing. A lack of stats will leave the Pound in the hands of Brexit and market risk sentiment on the day. There are no material stats due out, which will leave the Loonie in the hands of market risk sentiment on the day. | Looking at the latest coronavirus numbers On Sunday, the number of new coronavirus cases rose by 219,728 to 14,641,819, according to figures at the time of writing. The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. This article was originally posted on FX Empire More From FXEMPIRE: COVID-19, Economic Data, Geopolitics, and Fiscal Stimulus in Focus European Equities: Economic Data, Geopolitics, and COVID-19 News in Focus E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Main Trend Changed to Down on Friday The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | According to figures released by the Ministry of Finance, Exports tumbled by a further 26.2% in June, following on from a 28.3% slump in May. The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. There was nothing positive from the weekend, on the Brexit front, to provide the Pound with support. | 30bcd0cf-aa48-46ea-bfe8-df21eb3c3d38 |
709068.0 | 2020-07-13 00:00:00 UTC | Economic Data Puts the GBP and EUR in Focus as COVID-19 Cases Continue to Spike | DBO | https://www.nasdaq.com/articles/economic-data-puts-the-gbp-and-eur-in-focus-as-covid-19-cases-continue-to-spike-2020-07-14 | nan | nan | FXEmpire.com -
Earlier in the Day:
After a quiet start to the week, it was a busier start to the day on the economic calendar. The Aussie Dollar was in action, with June trade data from China also in focus. Later in the Asian session, finalized industrial production figures are due out of Japan that should have a muted impact on the Yen.
Another record-high number of new COVID-19 cases reported by the WHO on Monday weighed on riskier assets early on.
Looking at the latest coronavirus numbers
On Monday, the number of new coronavirus cases rose by 199,164 to 13,235,751. On Sunday, the number of new cases had risen by 194,475. The daily increase was higher than Sunday’s rise and 177,554 new cases from the previous Monday.
Germany, Italy, and Spain reported 2,700 new cases on Monday, which was up from 372 new cases on Sunday. On the previous Monday, 1,876 new cases had been reported.
From the U.S, the total number of cases rose by 65,488 to 3,479,483 on Monday. On Sunday, the total number of cases had increased by 58,349. On Monday, 6th July, a total of 45,706 new cases had been reported.
For the Aussie Dollar
In June, NAB Business Confidence rose from -20.0 to 1.0, marking a 3rd consecutive sizeable increase in confidence.
According to the June Survey,
All three sub-components saw significant improvements, with the employment index jumping by 20 points to lead the way.
While employment conditions have improved, conditions remain negative, with layoffs continuing, albeit at a slower pace.
Business conditions also improved, with the index rising from -24 to -7, while remaining weak by historical standards.
The Aussie Dollar moved from $0.69307 to $0.69408 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.01% to $0.69394.
Out of China
Trade figures for June were in focus this morning. The US Dollar trade surplus narrowed from $62.93bn to $46.42bn. Economists had forecast a narrowing to $58.6bn.
Exports rose by 0.5%, following a 3.3% decline in May. Economists had forecast a 1.5% decline.
Imports increased by 2.7%, following a 16.7% tumble in May. Economists had forecast a 10% slide.
The Aussie Dollar moved from $0.69376 to $0.69419 upon release of the figures.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.09% to ¥107.18 against the U.S Dollar, with the Kiwi Dollar down by 0.12% to $0.6532.
The Day Ahead:
For the EUR
It’s a relatively busy day ahead on the economic calendar. Key stats include industrial production figures for the Eurozone and the ZEW economic sentiment numbers for Germany and the Eurozone.
We would expect the ZEW economic sentiment figures to have a greater influence today. Following impressive industrial production figures out of France and Italy, the markets are expecting a solid set of numbers for May.
Outside of the numbers, sentiment towards talks on the EU Recovery Fund, COVID10, and Brexit will remain key drivers.
At the time of writing, the EUR was down by 0.04% to $1.1340.
For the Pound
It’s a busy day ahead on the economic calendar. Key stats include May manufacturing and industrial production, trade data, and rolling 3-monthly GDP numbers.
Expect manufacturing production and GDP figures to have the greatest impact on the Pound. Away from theeconomic calendar Brexit chatter will remain in focus on the day.
At the time of writing, the Pound was down by 0.06% to $1.2548.
Across the Pond
It’s a quiet day ahead for the U.S Dollar, with key stats limited to June inflation figures. We’re not expecting inflation figures to move the dial, however.
Away from theeconomic calendar updates on COVID-19, and progress towards vaccines and treatment will remain key.
If that’s not enough to keep the markets busy, earnings could drive demand for the Dollar should today’s earnings disappoint.
At the time of writing, the Dollar Spot Index was up by 0.12% to 96.582.
For the Loonie
It’s another quiet day ahead on the economic calendar. There are no material stats due out to provide the Loonie with direction.
A lack of stats leaves the Loonie in the hands of OPEC’s monthly report and market risk appetite on the day.
At the time of writing, the Loonie was down by 0.07% to C$1.3618 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Across the Pond It’s a quiet day ahead for the U.S Dollar, with key stats limited to June inflation figures. A lack of stats leaves the Loonie in the hands of OPEC’s monthly report and market risk appetite on the day. This article was originally posted on FX Empire More From FXEMPIRE: Translating the Gold Index Signal into Gold Target EUR/USD Price Forecast – Euro Is Still Sluggish but Positive Oil Price Fundamental Daily Forecast – Next Major Move Hinges Upon Gasoline Demand The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Key stats include industrial production figures for the Eurozone and the ZEW economic sentiment numbers for Germany and the Eurozone. Key stats include May manufacturing and industrial production, trade data, and rolling 3-monthly GDP numbers. Across the Pond It’s a quiet day ahead for the U.S Dollar, with key stats limited to June inflation figures. | The Day Ahead: For the EUR It’s a relatively busy day ahead on the economic calendar. Key stats include industrial production figures for the Eurozone and the ZEW economic sentiment numbers for Germany and the Eurozone. Across the Pond It’s a quiet day ahead for the U.S Dollar, with key stats limited to June inflation figures. | Away from theeconomic calendar Brexit chatter will remain in focus on the day. Across the Pond It’s a quiet day ahead for the U.S Dollar, with key stats limited to June inflation figures. At the time of writing, the Loonie was down by 0.07% to C$1.3618 against the U.S Dollar. | 7b679541-9e69-4946-b44f-8db5ea3b0509 |
709069.0 | 2020-07-13 00:00:00 UTC | DBO, EFZ: Big ETF Outflows | DBO | https://www.nasdaq.com/articles/dbo-efz%3A-big-etf-outflows-2020-07-13 | nan | nan | Looking at units outstanding versus one week prior within the universe of ETFs covered at ETF Channel, the biggest outflow was seen in the Invesco DB Oil Fund, where 2,600,000 units were destroyed, or a 3.8% decrease week over week. Among the largest underlying components of DBO, in morning trading today Invesco Treasury Collateral ETF is trading flat.
And on a percentage change basis, the ETF with the biggest outflow was the ProShares Short MSCI EAFE, which lost 600,000 of its units, representing a 29.6% decline in outstanding units compared to the week prior.
VIDEO: DBO, EFZ: Big ETF Outflows
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | VIDEO: DBO, EFZ: Big ETF Outflows The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Among the largest underlying components of DBO, in morning trading today Invesco Treasury Collateral ETF is trading flat. Looking at units outstanding versus one week prior within the universe of ETFs covered at ETF Channel, the biggest outflow was seen in the Invesco DB Oil Fund, where 2,600,000 units were destroyed, or a 3.8% decrease week over week. | VIDEO: DBO, EFZ: Big ETF Outflows The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Among the largest underlying components of DBO, in morning trading today Invesco Treasury Collateral ETF is trading flat. Looking at units outstanding versus one week prior within the universe of ETFs covered at ETF Channel, the biggest outflow was seen in the Invesco DB Oil Fund, where 2,600,000 units were destroyed, or a 3.8% decrease week over week. | VIDEO: DBO, EFZ: Big ETF Outflows The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Among the largest underlying components of DBO, in morning trading today Invesco Treasury Collateral ETF is trading flat. Looking at units outstanding versus one week prior within the universe of ETFs covered at ETF Channel, the biggest outflow was seen in the Invesco DB Oil Fund, where 2,600,000 units were destroyed, or a 3.8% decrease week over week. | Among the largest underlying components of DBO, in morning trading today Invesco Treasury Collateral ETF is trading flat. VIDEO: DBO, EFZ: Big ETF Outflows The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Looking at units outstanding versus one week prior within the universe of ETFs covered at ETF Channel, the biggest outflow was seen in the Invesco DB Oil Fund, where 2,600,000 units were destroyed, or a 3.8% decrease week over week. | 59d5dfa5-388d-4bdf-adb6-39e018838fa1 |
709070.0 | 2020-07-12 00:00:00 UTC | Geopolitics, COVID-19 News, FED Chair Powell, and BoE Governor Bailey in Focus | DBO | https://www.nasdaq.com/articles/geopolitics-covid-19-news-fed-chair-powell-and-boe-governor-bailey-in-focus-2020-07-12 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was a particularly quiet start to the day on the economic calendar. There were no material stats to provide the majors with direction in the early part of the day.
Later in the Asian session, Japan’s tertiary industry activity index figures are due out though will likely have a muted impact on the Yen.
Away from theeconomic calendarCOVID-19 continued to be a major source of angst for the markets, as new cases surged in the U.S. Over the weekend, however, Trump was talking of a vaccine announcement coming soon. The comments followed on from news on Friday of progress towards successful treatment of the coronavirus. A combination of the two would certainly be a game-changer.
With economic data on the heavier side in the week ahead and earnings season kicking in, there may be some caution, however.
Looking at the latest coronavirus numbers
On Sunday, the number of new coronavirus cases rose by 180,207 to 13,022,319. On Saturday, the number of new cases had risen by 237,217. The daily increase was lower than Saturday’s rise while higher than 156,610 new cases from the previous Sunday.
Germany, Italy, and Spain reported 372 new cases on Sunday, which was down from 412 new cases on Saturday. On the previous Sunday, 407 new cases had been reported.
From the U.S, the total number of cases rose by 55,683 to 3,411,329 on Sunday. On Saturday, the total number of cases had increased by 70,096. On Saturday, 4th July, a total of 107.457 new cases had been reported.
The Majors
At the time of writing, the Japanese Yen was up by 0.05% to ¥106.88 against the U.S Dollar. The Aussie Dollar was up by 0.01% to $0.6951, while the Kiwi Dollar was flat at $0.6574.
The Day Ahead:
For the EUR
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the Eurozone to provide the EUR with direction.
A lack of stats leaves the EUR in the hands of market risk appetite on the day. With the ECB in action this week, last week’s industrial production figures will give the ECB a reason to stand pat on policy.
While an expected hold by the ECB is EUR positive, COVID-19 updates and any chatter from the U.S administration will also need monitoring.
At the time of writing, the EUR was up by 0.11% to $1.1312.
For the Pound
It’s also a particularly quiet day ahead on the economic calendar. There are no material stats due to provide the Pound with direction.
A lack of stats leaves the Pound in the hands of Brexit and market risk sentiment.
Late in the day, BoE Governor Bailey is due to speak and could give some insight into what lies ahead on the monetary policy front.
At the time of writing, the Pound was up by 0.04% to $1.2627.
Across the Pond
It’s a quiet day ahead for the U.S Dollar, with no material stats due out of the U.S to provide the markest with direction.
A lack of stats leaves the Dollar and risk sentiment in the hands of COVID-19 news and geopolitics.
In the early part of the U.S session, FED Chair Powell is scheduled to speak. Expect any comments on COVID-19, the economic outlook, and monetary policy to influence.
At the time of writing, the Dollar Spot Index was down by 0.07% to 96.585.
For the Loonie
It’s a quiet start to the week on the economic calendar. There are no material stats due out to provide the Loonie with direction.
A lack of stats leaves the Loonie in the hands of OPEC’s monthly report and market risk appetite on the day. The continued rise in new COVID-19 cases across the U.S and other parts of the world may well weigh on demand for crude. How the Bank of Canada views downside risks will be key on Wednesday…
At the time of writing, the Loonie was down by 0.03% to C$1.3596 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Away from theeconomic calendarCOVID-19 continued to be a major source of angst for the markets, as new cases surged in the U.S. Over the weekend, however, Trump was talking of a vaccine announcement coming soon. Late in the day, BoE Governor Bailey is due to speak and could give some insight into what lies ahead on the monetary policy front. This article was originally posted on FX Empire More From FXEMPIRE: European Equities: Futures Point to the Red as EU Recovery Fund Talks Stall ‘No Company is Entirely Immune From a COVID-19 Led Economic Slowdown’ Says Fidelity’s Simnegar Asia Pacific Shares Mixed as Investors Await Await Release of China’s Benchmark Lending Rate The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Looking at the latest coronavirus numbers On Sunday, the number of new coronavirus cases rose by 180,207 to 13,022,319. A lack of stats leaves the EUR in the hands of market risk appetite on the day. A lack of stats leaves the Dollar and risk sentiment in the hands of COVID-19 news and geopolitics. | The Day Ahead: For the EUR It’s a particularly quiet day ahead on the economic calendar. Across the Pond It’s a quiet day ahead for the U.S Dollar, with no material stats due out of the U.S to provide the markest with direction. A lack of stats leaves the Loonie in the hands of OPEC’s monthly report and market risk appetite on the day. | There were no material stats to provide the majors with direction in the early part of the day. The Day Ahead: For the EUR It’s a particularly quiet day ahead on the economic calendar. Across the Pond It’s a quiet day ahead for the U.S Dollar, with no material stats due out of the U.S to provide the markest with direction. | 38965838-3fb0-4424-9034-596c4f5177c9 |
709071.0 | 2020-07-07 00:00:00 UTC | A Quiet Economic Calendar Leaves COVID-19 to Test the Risk Appetite | DBO | https://www.nasdaq.com/articles/a-quiet-economic-calendar-leaves-covid-19-to-test-the-risk-appetite-2020-07-08 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was a particularly quiet start to the day on the economic calendar. Japan’s current account figures for May were all that the markets had to consider from the calendar.
Away from theeconomic calendarrisk-off sentiment through the European and U.S session tested the majors early on.
COVID-19 remains a key risk as the number of new cases continues to rise amidst efforts to reopen economies.
Looking at the latest coronavirus numbers
On Tuesday, the number of new coronavirus cases rose by 227,176 to 11,940,258. On Monday, the number of new cases had risen by 177,554. The daily increase was higher than Monday’s rise and 201,507 new cases from the previous Tuesday.
Germany, Italy, and Spain reported 776 new cases on Tuesday, which was down from 1,876 new cases on Monday. On the previous Tuesday, 934 new cases had been reported.
From the U.S, the total number of cases rose by 67,655 to 3,096,516 on Tuesday. On Monday, the total number of cases had increased by 45,706. On Tuesday, 30th June, a total of 53,471 new cases had been reported.
For the Japanese Yen
Japan’s current account surplus rose from ¥0.263tn to ¥1.177tn in May. Economists had forecast surplus of ¥1.088tn.
The Japanese Yen moved from ¥107.561 to ¥107.643 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.14% to ¥107.67 against the U.S Dollar.
Elsewhere
At the time of writing, the Aussie Dollar was down by 0.16% to $0.6936, with the Kiwi Dollar down by 0.06% to $0.6542.
The Day Ahead:
For the EUR
It’s a quiet day ahead on the economic calendar, with no material stats due out of the Eurozone to provide direction.
Geopolitics and market sentiment towards the recent spike in new COVID-19 cases will leave the EUR exposed to any risk aversion.
At the time of writing, the EUR was up by 0.01% to $1.1275.
For the Pound
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due to provide the Pound with direction.
With Brexit negotiations in focus this week, expect plenty of updates that could rock the Pound. Risk sentiment may have a greater influence, however, as the Pound builds resilience against the Brexit chatter…
At the time of writing, the Pound was up by 0.06% to $1.2550.
Across the Pond
It’s also a particularly quiet day ahead for the U.S Dollar. There are no material stats to provide the Dollar and the broader market with direction.
That leaves COVID—19 and geopolitics in focus on the day, which tends to be a bad thing for riskier assets…
At the time of writing, the Dollar Spot Index was up by 0.09% to 96.966.
For the Loonie
It’s also a quiet day ahead on the calendar. With no material stats due out, the Loonie will be in the hands of the weekly crude oil inventory numbers and risk sentiment.
At the time of writing, the Loonie was down by 0.01% to C$1.3605 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Geopolitics and market sentiment towards the recent spike in new COVID-19 cases will leave the EUR exposed to any risk aversion. That leaves COVID—19 and geopolitics in focus on the day, which tends to be a bad thing for riskier assets… At the time of writing, the Dollar Spot Index was up by 0.09% to 96.966. With no material stats due out, the Loonie will be in the hands of the weekly crude oil inventory numbers and risk sentiment. | For the Japanese Yen Japan’s current account surplus rose from ¥0.263tn to ¥1.177tn in May. The Day Ahead: For the EUR It’s a quiet day ahead on the economic calendar, with no material stats due out of the Eurozone to provide direction. This article was originally posted on FX Empire More From FXEMPIRE: Crude Oil Price Forecast – Crude Oil Markets Continue to Face Same Problems Silver Price Daily Forecast – Silver Tests Yearly Highs S&P 500 Price Forecast – S&P 500 Testing Recent Highs Again The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Looking at the latest coronavirus numbers On Tuesday, the number of new coronavirus cases rose by 227,176 to 11,940,258. The Day Ahead: For the EUR It’s a quiet day ahead on the economic calendar, with no material stats due out of the Eurozone to provide direction. This article was originally posted on FX Empire More From FXEMPIRE: Crude Oil Price Forecast – Crude Oil Markets Continue to Face Same Problems Silver Price Daily Forecast – Silver Tests Yearly Highs S&P 500 Price Forecast – S&P 500 Testing Recent Highs Again The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | From the U.S, the total number of cases rose by 67,655 to 3,096,516 on Tuesday. For the Pound It’s a particularly quiet day ahead on the economic calendar. Risk sentiment may have a greater influence, however, as the Pound builds resilience against the Brexit chatter… At the time of writing, the Pound was up by 0.06% to $1.2550. | c5bad4a3-5915-4cd8-9f0b-12f807f5b197 |
709072.0 | 2020-07-07 00:00:00 UTC | European Markets Slip Back, While Halfords gets a Puncture | DBO | https://www.nasdaq.com/articles/european-markets-slip-back-while-halfords-gets-a-puncture-2020-07-07 | nan | nan | FXEmpire.com -
Markets elsewhere in Asia were slightly less exuberant, with the Nikkei225 slipping back from three-week highs.
To that end markets here in Europe have opened lower with profit-taking kicking in ahead of the peaks that we saw in June. While optimism of a v-shaped recovery still remains quite high it is being tempered by concerns about rising coronavirus cases globally, translating into a similar percentage rise in mortality rates. This doesn’t appear to be happening at the moment, however with the markets back close to their June peaks it would appear that the overriding sentiment is one of ahead of those June peaks.
These types of moves are becoming emblematic of how markets have been moving over the last month. We’ve seen sentiment ebb and flow from being quite bearish, to fairly bullish without ever breaking out of the range we’ve been in since we posted those June peaks.
The rebound in the FTSE100 on the other hand has been much more modest, as the index continues its underperformance, with the index way off its June peaks, unlike the rest of Europe where the recent rally has seen us move back close to those highs.
One retailer that has managed to ride out the worst of the coronavirus storm has been automotive parts and cycle retailer Halfords who reported their full year numbers this morning, though you wouldn’t know it given the share price reaction this morning, with the shares dropping sharply.
Classed as an essential business it largely remained open throughout the lockdown, though some stores were closed. The business benefited from a boost from higher bicycle sales as people sought to avoid public transport, and make use of the good weather to move around in a healthy way as part of their daily exercise regimen.
At the beginning of May Halfords said that full year results would be boosted by increased sales during the lockdown which would push profits up to £50m to £55m.
Today’s numbers saw revenues rise to £1.155bn, with auto centres providing an 18.8% boost. The retail part of the business saw a 2.7% decline, not surprising given lower footfall towards the end of its financial year. Underlying profit before tax came in above expectations at £55.9m, with cycling sales showing a rise of 2.3%, while gross margins improved by 27bps.
In terms of current trading 77 stores still remain closed, while group sales for the 13 weeks to 3 July were lower by -2.8%, year on year, which, while disappointing was still better than expected back in March. Cycling has been the outperformer, with sales up by 57.1% on a like for like basis, while motoring has seen revenue decline 45.4% on a like for like basis, as people use their cars less.
Management also offered some guidance, based on three separate scenarios, and it is this it would appear that is responsible for this morning’s share price weakness, as all three scenarios paint a picture of much lower profit numbers. The worst scenario saw profits falling to zero or lower, with net debt rising to £60m, while scenario three saw profits fall to between £10m and £20m and net debt coming in at mid £40m.
The reason for the lower profit estimates, was purely down to a sales mix more geared towards cycling, which is a much lower margin business and away from its auto centres business.
Another sector hit hard by the shutdowns has been the retail sector, which has already been struggling in the lead up to the crisis. The recent collapse of retail landlord Intu last month points to the vicious circle of falling sales, putting pressure on rents.
Unlike a lot of its peers JD Sports Fashion was one of the few retailers that had managed to set aside the weak retail outlook with a solid performance in 2019, sending its shares to record highs of 884p in December last year. In the space of four weeks in February and March this all changed as the shares plunged to a low of 275p before finding a base, and rebounding. We have managed to recover most of that lost ground, trading just shy of 700p, however management do face some challenges.
This year’s full year numbers for the year ended 1st February don’t cover the period of the shutdown of the UK economy, reflecting the success of last year, with revenues rising 30% to £6.11bn, helped by an increase in stores across Europe, and the Asia Pacific region, with 52 of those in Europe. Profit before tax saw a rise of 3% to £348.5m, however all of this is rear view mirror stuff, and bears no relation to the outlook now.
In March management took the decision to close all of its stores in the UK, Europe and the US, though online sales still remained open. The suspension of business rates will help cushion some of the effects of this government enforced lockdown, with management suspending future guidance until further notice. Stores have now begun to reopen, with the majority of stores now trading again, however footfall has been weak, particularly in shopping centre locations, as consumers avoid high density areas.
The company also had to take note of the recent decision by the Competition and Markets Authority to block its £86m acquisition of Footasylum, despite the brand only accounting for 5% of the retail market. Management have confirmed their intention to appeal the decision while also working with the CMA, in conducting the divestment process.
For now, the Footasylum business will continue to be run separately, however given the weak retail environment it is highly unlikely that JD Sports will be able to find a buyer for the business without taking a sizeable loss on any forced sale, assuming of course they can find a buyer for an asset, that to all intents and purposes is now worth a lot less than what was paid for it.
The hotel and leisure sector has also been hit hard by the coronavirus shutdown, and Premier Inn owner Whitbread has been at the forefront of that.
Having reported some decent full year numbers in May, the coronavirus shutdown blew a huge hole in its expectations for this year, with all but 39 of its hotels in the UK remaining closed, with the assumption that they would have fairly low occupancy until September. This looks set to change in the coming weeks as the UK gets set for a big reopen, with the company saying that 270 UK hotels and 24 restaurants have now reopened with the rest of the property real estate to set to re-open by the end of the month.
In Germany, there was also positive news with all 19 hotels there now re-opened, with most of these open since 11th May.
While the hotel chain now has the luxury of an extra £1bn from its recent rights issue, management remained cautious about the outlook for the rest of the year.
Unsurprisingly its Q1 numbers don’t paint a pretty picture, with a 79.8% decline in like for like sales, but today’s update was never about that, it was more about management expectations of demand for the months ahead at a time when Whitbread is uniquely placed to benefit for higher bookings for the summer season, even if business bookings in more metropolitan areas struggle to recover.
The tone of the statement suggests some optimism that areas that benefit from tourism should be able to cope, however with sports events still closed to the wider public, and business bookings also subdued, it is likely to be a long road back for the Premier Inn owner, and this morning’s early fall in the share price appears to reflect that early pessimism.
Fresh from yesterday’s news that Commerzbank CEO Martin Zielke was stepping down the bank, this morning the bank announced it would be shutting half of its branches in Germany, as it attempts to draw a line under a restructuring process that has endured numerous fits and starts over the past two to three years.
For the second day in a row, German economic data undershot expectation in May, even as the economy continued its reopening process. After two months of large declines industrial production rebounded by 7.8%, well below expectations of 11%, though it was still much better than the 17.9% decline seen in April. Yesterday factory orders also undershot expectations, suggesting that while the German economy was getting back on its feet, the process of doing so was proving slightly more difficult than expected.
The US dollar is outperforming today, largely as a result of the weakness in equity markets as it benefits from some haven buying.
US markets look set to take their cues from today’s weaker European session, with a lower open, as profit taking kicks in after yesterday’s exuberant move higher.
Crude oil prices are also slightly softer on the back of the weaker sentiment prevailing in early trading this morning.
On the companies front Levi Strauss will be releasing its latest Q2 numbers later today. Since the company IPO’s last year, the share price has drifted lower. The underperformance, has been particularly disappointing given that the company is actually profitable, unlike most of last year’s tech stock flotations. This quarter is likely to see the company fall into a loss due to the pandemic hit and the fact that most if its retail outlets were closed.
In Q1 the company posted revenues of $1.51bn, above expectations, which meant the company was able to pay a dividend of $0.08c a share. This week’s Q2 result is unlikely to come anywhere close to Q1’s, however managements withdrawal of guidance in Q1, means that expectations are low. On the plus side its international reach means that they will still be able to shift product, even if some markets are closed. It also has $1.8bn in liquidity which means it should be able to ride out the current uncertainty. The company is expected to post a Q2 loss of -$0.41c a share
Dow Jones is expected to open 220 points lower at 26,067
S&P500 is expected to open 20 points lower at 3,159
For a look at all of today’s economic events, check out our economic calendar.
By Michael Hewson (Chief Market Analyst at CMC Markets UK)
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The business benefited from a boost from higher bicycle sales as people sought to avoid public transport, and make use of the good weather to move around in a healthy way as part of their daily exercise regimen. The recent collapse of retail landlord Intu last month points to the vicious circle of falling sales, putting pressure on rents. By Michael Hewson (Chief Market Analyst at CMC Markets UK) This article was originally posted on FX Empire More From FXEMPIRE: EUR/USD Forex Technical Analysis – Bullish Traders Eyeing 1.1496 Main Top GBP/USD Daily Forecast – Vaccine Hopes Put Pressure On U.S. Dollar The BoC puts Loonie in Focus as Vaccine Talk Pins Back the Greenback The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | One retailer that has managed to ride out the worst of the coronavirus storm has been automotive parts and cycle retailer Halfords who reported their full year numbers this morning, though you wouldn’t know it given the share price reaction this morning, with the shares dropping sharply. US markets look set to take their cues from today’s weaker European session, with a lower open, as profit taking kicks in after yesterday’s exuberant move higher. The company is expected to post a Q2 loss of -$0.41c a share Dow Jones is expected to open 220 points lower at 26,067 S&P500 is expected to open 20 points lower at 3,159 For a look at all of today’s economic events, check out our economic calendar. | In terms of current trading 77 stores still remain closed, while group sales for the 13 weeks to 3 July were lower by -2.8%, year on year, which, while disappointing was still better than expected back in March. This year’s full year numbers for the year ended 1st February don’t cover the period of the shutdown of the UK economy, reflecting the success of last year, with revenues rising 30% to £6.11bn, helped by an increase in stores across Europe, and the Asia Pacific region, with 52 of those in Europe. The company is expected to post a Q2 loss of -$0.41c a share Dow Jones is expected to open 220 points lower at 26,067 S&P500 is expected to open 20 points lower at 3,159 For a look at all of today’s economic events, check out our economic calendar. | In terms of current trading 77 stores still remain closed, while group sales for the 13 weeks to 3 July were lower by -2.8%, year on year, which, while disappointing was still better than expected back in March. This week’s Q2 result is unlikely to come anywhere close to Q1’s, however managements withdrawal of guidance in Q1, means that expectations are low. The company is expected to post a Q2 loss of -$0.41c a share Dow Jones is expected to open 220 points lower at 26,067 S&P500 is expected to open 20 points lower at 3,159 For a look at all of today’s economic events, check out our economic calendar. | ea309483-9c28-4f77-9e9e-a7c9cdf8fedb |
709073.0 | 2020-07-02 00:00:00 UTC | With the U.S Markets Closed, Service PMIs Put the EUR in the Spotlight | DBO | https://www.nasdaq.com/articles/with-the-u.s-markets-closed-service-pmis-put-the-eur-in-the-spotlight-2020-07-03 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was a busier start to the day on the economic calendar on Friday. The Aussie Dollar and Japanese Yen were in action early in the day. There were also stats from China for the markets to consider.
Away from the morning stats, the markets responded to economic data from the U.S on Thursday and COVID-19 news.
Looking at the latest coronavirus numbers
On Thursday, the number of new coronavirus cases rose by 190,716 to 10,985,093. On Wednesday, the number of new cases had risen by 210,499. The daily increase was lower than Wednesday’s rise and down from 235,258 new cases from the previous Thursday.
Germany, Italy, and Spain reported 1,027 new cases on Thursday, which was down from 1,062 new cases on Wednesday. On the previous Thursday, 1,286 new cases had been reported.
From the U.S, the total number of cases rose by 48,853 to 2,828,313 on Thursday. On Wednesday, the total number of cases had risen by 51,607. On Thursday, 25th June, a total of 45,503 new cases had been reported.
For the Japanese Yen
The June Services PMI came in at 45.0 according to finalized figures, which was up from a prelim 42.3. In May, the PMI had stood at 26.5.
According to the finalized Survey,
An end to the state of emergency delivered much-needed support as the PMI hit a 4-month high.
Levels of activity and new orders saw a faster pace of decline, however, attributed to the impact of COVID-19 on the economy.
Employment levels declined only marginally, with 88% of firms reporting no change to employment levels.
Confidence improved to a 4-month high in spite of firms seeing challenges ahead.
The Japanese Yen moved from ¥107.472 to ¥107.541 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.04% to ¥107.54 against the U.S Dollar
For the Aussie Dollar
May’s retail sales figures were in focus early on. According to the ABS, retail sales jumped by 16.9%, reversing most of a 17.7% slide from April. Economists had forecast a 16.3% rise.
Clothing, footwear, and personal accessory retailing jumped by 129.2%.
Cafes, restaurants, and takeaway food services reported a jump of 30.3%
Food retailing increased by 7.2%, with household goods retailing up by 16.6%.
Department store retailing rose by 44.4%.
The Aussie Dollar moved from $0.69262 to $0.69206 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.01% to $0.6925.
Out of China
China’s Caixin Services PMI rose from 55.0 to 58.4 in June. The composite increased from 53.4 to XX, supported by an uptick in activity across both manufacturing and services.
According to the June Services Survey,
Business activity and new orders rose at a sharper pace in June, with the rate of expansion the quickest since 2010.
New business also rose at the sharpest pace since 2010, while workforce numbers continued to decline.
The modest decline in the workforce was attributed to voluntary leavers.
Optimism across services sector firms hit a 3-year high, attributed to strong demand.
The Aussie Dollar moved from $0.69229 to $0.69237 upon release of the figures
Elsewhere
At the time of writing, the Kiwi Dollar was up by 0.09% at $0.6517.
The Day Ahead:
For the EUR
It’s a busy day ahead on the economic calendar. June Service PMI numbers are due out of Italy and Spain, with finalized PMIs due out of France, Germany, and the Eurozone.
Expect the Eurozone’s Services and Composite PMIs to have the greatest influence on the day.
With the U.S markets closed in recognition of Independence Day, expect volumes to be on the lighter side.
Any chatter on the EU’s Recovery Fund and Brexit will also be an influence on the day.
At the time of writing, the EUR was up by 0.05% to $1.1245.
For the Pound
It’s a quiet day ahead on the economic calendar. June’s finalized services and composite PMIs are due out later this morning.
Barring any deviation from prelims, the stats are unlikely to have a material impact on the Pound.
Brexit and COVID-19 will remain the key drivers on the day.
At the time of writing, the Pound was down by 0.01% to $1.2467.
Across the Pond
The U.S markets are closed in recognition of Independence Day. That leaves the Greenback in the hands of market risk appetite on the day.
At the time of writing, the Dollar Spot Index was down by 0.12% to 97.199.
For the Loonie
It’s a quiet day ahead on the calendar. There are no material stats due out of Canada to provide the Loonie with direction.
With the U.S markets closed, expect volumes to be on the lighter side. Market risk sentiment will influence on the day, however.
At the time of writing, the Loonie was flat at C$1.3564 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | According to the finalized Survey, An end to the state of emergency delivered much-needed support as the PMI hit a 4-month high. With the U.S markets closed in recognition of Independence Day, expect volumes to be on the lighter side. This article was originally posted on FX Empire More From FXEMPIRE: Gold Price Forecast – Gold Markets Struggle to Follow Through Crude Oil Weekly Price Forecast – Crude Oil Markets Stabilize E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Blue Chips Jump on Bank Stocks Surge The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Cafes, restaurants, and takeaway food services reported a jump of 30.3% Food retailing increased by 7.2%, with household goods retailing up by 16.6%. June Service PMI numbers are due out of Italy and Spain, with finalized PMIs due out of France, Germany, and the Eurozone. This article was originally posted on FX Empire More From FXEMPIRE: Gold Price Forecast – Gold Markets Struggle to Follow Through Crude Oil Weekly Price Forecast – Crude Oil Markets Stabilize E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Blue Chips Jump on Bank Stocks Surge The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | At the time of writing, the Japanese Yen was down by 0.04% to ¥107.54 against the U.S Dollar For the Aussie Dollar May’s retail sales figures were in focus early on. The Day Ahead: For the EUR It’s a busy day ahead on the economic calendar. This article was originally posted on FX Empire More From FXEMPIRE: Gold Price Forecast – Gold Markets Struggle to Follow Through Crude Oil Weekly Price Forecast – Crude Oil Markets Stabilize E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Blue Chips Jump on Bank Stocks Surge The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | There were also stats from China for the markets to consider. For the Japanese Yen The June Services PMI came in at 45.0 according to finalized figures, which was up from a prelim 42.3. At the time of writing, the Japanese Yen was down by 0.04% to ¥107.54 against the U.S Dollar For the Aussie Dollar May’s retail sales figures were in focus early on. | ffcee6fe-5567-4151-9013-5ab0ac8a41d7 |
709074.0 | 2020-06-25 00:00:00 UTC | Economic Data, COVID-19, and Trump to Put the Greenback in the Spotlight | DBO | https://www.nasdaq.com/articles/economic-data-covid-19-and-trump-to-put-the-greenback-in-the-spotlight-2020-06-26 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was another relatively quiet start to the day on the economic calendar on Friday. The Japanese Yen was in action in the early part of the day.
Away from the stats, Thursday’s rise in new COVID-19 cases globally and in the U.S was of concern.
With little else for the markets to consider through the remainder of the Asian session, geopolitics will also be a concern. Following Thursday’s spike in new cases in the U.S, the U.S administration may look to deliver a distraction for voters.
Looking at the latest coronavirus numbers
On Thursday, the number of new coronavirus cases rose by 193,646 to 9,697,910. On Wednesday, the number of new cases had risen by 174,860. The daily increase was higher than Wednesday’s rise and 169,995 new cases from the previous Wednesday.
Germany, Italy, and Spain reported 1,264 new cases on Thursday, which was down from 1,463 new cases on Wednesday. On the previous Thursday, just 787 new cases had been reported.
From the U.S, the total number of cases rose by 42,480 to 2,501,653 on Thursday. On Wednesday, the total number of cases had risen by 38,253. On Thursday, 18th June, a total of 25,576 new cases had been reported.
For the Japanese Yen
In June, the Ku-area of Tokyo saw inflationary pressures remain, with the annual core rate of inflation holding steady at 0.20%. In May, core consumer prices had also risen by 0.20%, year-on-year.
According to the Ministry of Internal Affairs and Communication.
Rising prices for clothes and footwear (+2.2%), furniture and household utensils (+1.5%), and medical care (+1.1%) provided support.
There were also increases in prices for transportation & communication (+0.9%), culture & recreation (+0.8%), and housing (+0.6%).
A 10.2% slide in prices for education and a 1.4% fall in prices for fuel, light, & water charges partially offset rises from elsewhere.
The Japanese Yen moved from ¥107.183 to ¥107.174 upon release of the figures. At the time of writing, the Japanese Yen was flat at ¥107.19 against the U.S Dollar.
Elsewhere
At the time of writing, the Aussie Dollar down by 0.09% to $0.6881, with the Kiwi Dollar down by 0.08% to $0.6424.
The Day Ahead:
For the EUR
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the Eurozone to provide the EUR with direction.
A lack of stats will leave the EUR in the hands of chatter from Washington and COVID-19 news and updates.
Expect any further spike in new cases or any further talk of tariffs on the EU to weigh on the EUR.
At the time of writing, the EUR was down by 0.01% to $1.1217.
For the Pound
It’s also a particularly quiet day ahead on the economic calendar. There are no material stats due out to provide the Pound with direction.
Brexit, the threat of tariffs, and the risk of a 2nd wave COVID-19 pandemic are the key risks to the Pound.
Any negative chatter would bring $1.23 levels back into play.
At the time of writing, the Pound was up by 0.02% to $1.2421.
Across the Pond
It’s another busy day ahead on the U.S economic calendar. Key stats include May’s personal spending and FED’s preferred inflation figures. Finalized consumer sentiment figures for June are also due out late in the day.
Barring a downward revision to prelims, we would expect today’s stats to have a muted impact on risk sentiment and the Dollar, however.
It’s Friday and Trump’s Twitter account has a tendency to get active at the end of the week. There’s a possible further breakdown of U.S – China relations and tariffs on French, German, Spanish, and UK goods to spook the markets.
We can also expect plenty of influence from the day’s COVID-19 numbers on the day and commentary from U.S states.
At the time of writing, the Dollar Spot Index was down by 0.02% to 97.410.
For the Loonie
It’s another quiet day ahead on the calendar. There are no material stats due out of Canada to provide the Loonie with direction.
A lack of stats will continue to leave the Loonie in the hands of COVID-19 updates and market risk appetite in general.
The latest spike in new COVID-19 cases has made the threat of a 2nd wave all the more real. Expect more negative reports to weigh on both crude and the Loonie.
At the time of writing, the Loonie was flat at C$1.3638 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Japanese Yen In June, the Ku-area of Tokyo saw inflationary pressures remain, with the annual core rate of inflation holding steady at 0.20%. Barring a downward revision to prelims, we would expect today’s stats to have a muted impact on risk sentiment and the Dollar, however. There’s a possible further breakdown of U.S – China relations and tariffs on French, German, Spanish, and UK goods to spook the markets. | Looking at the latest coronavirus numbers On Thursday, the number of new coronavirus cases rose by 193,646 to 9,697,910. A lack of stats will continue to leave the Loonie in the hands of COVID-19 updates and market risk appetite in general. This article was originally posted on FX Empire More From FXEMPIRE: S&P 500 Price Forecast – Stock Markets Rally on Strong ISM Numbers GBP/JPY Price Forecast – British Pound Continues to See Volatility Against Yen GBP/USD Price Forecast – British Pound Rallies Into the Same Area on Monday The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Germany, Italy, and Spain reported 1,264 new cases on Thursday, which was down from 1,463 new cases on Wednesday. The Day Ahead: For the EUR It’s a particularly quiet day ahead on the economic calendar. This article was originally posted on FX Empire More From FXEMPIRE: S&P 500 Price Forecast – Stock Markets Rally on Strong ISM Numbers GBP/JPY Price Forecast – British Pound Continues to See Volatility Against Yen GBP/USD Price Forecast – British Pound Rallies Into the Same Area on Monday The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | FXEmpire.com - Earlier in the Day: It was another relatively quiet start to the day on the economic calendar on Friday. A 10.2% slide in prices for education and a 1.4% fall in prices for fuel, light, & water charges partially offset rises from elsewhere. At the time of writing, the Pound was up by 0.02% to $1.2421. | c9fb5b84-687c-41d7-8895-df669b85cb57 |
709075.0 | 2020-06-25 00:00:00 UTC | DBO, ZSL: Big ETF Outflows | DBO | https://www.nasdaq.com/articles/dbo-zsl%3A-big-etf-outflows-2020-06-25 | nan | nan | Looking at units outstanding versus one week prior within the universe of ETFs covered at ETF Channel, the biggest outflow was seen in the Invesco DB Oil Fund, where 3,800,000 units were destroyed, or a 5.1% decrease week over week. Among the largest underlying components of DBO, in morning trading today Invesco Treasury Collateral ETF is trading flat.
And on a percentage change basis, the ETF with the biggest outflow was the ProShares ProShares UltraShort Silver, which lost 250,000 of its units, representing a 32.6% decline in outstanding units compared to the week prior.
VIDEO: DBO, ZSL: Big ETF Outflows
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | VIDEO: DBO, ZSL: Big ETF Outflows The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Among the largest underlying components of DBO, in morning trading today Invesco Treasury Collateral ETF is trading flat. Looking at units outstanding versus one week prior within the universe of ETFs covered at ETF Channel, the biggest outflow was seen in the Invesco DB Oil Fund, where 3,800,000 units were destroyed, or a 5.1% decrease week over week. | VIDEO: DBO, ZSL: Big ETF Outflows The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Among the largest underlying components of DBO, in morning trading today Invesco Treasury Collateral ETF is trading flat. Looking at units outstanding versus one week prior within the universe of ETFs covered at ETF Channel, the biggest outflow was seen in the Invesco DB Oil Fund, where 3,800,000 units were destroyed, or a 5.1% decrease week over week. | VIDEO: DBO, ZSL: Big ETF Outflows The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Among the largest underlying components of DBO, in morning trading today Invesco Treasury Collateral ETF is trading flat. Looking at units outstanding versus one week prior within the universe of ETFs covered at ETF Channel, the biggest outflow was seen in the Invesco DB Oil Fund, where 3,800,000 units were destroyed, or a 5.1% decrease week over week. | Among the largest underlying components of DBO, in morning trading today Invesco Treasury Collateral ETF is trading flat. VIDEO: DBO, ZSL: Big ETF Outflows The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Looking at units outstanding versus one week prior within the universe of ETFs covered at ETF Channel, the biggest outflow was seen in the Invesco DB Oil Fund, where 3,800,000 units were destroyed, or a 5.1% decrease week over week. | 716de266-cf4e-4a61-8498-4f56ef3a128e |
709076.0 | 2020-06-24 00:00:00 UTC | U.S Jobless Claims, Geopolitics, and COVID-19 To Drive Risk Sentiment and the Dollar | DBO | https://www.nasdaq.com/articles/u.s-jobless-claims-geopolitics-and-covid-19-to-drive-risk-sentiment-and-the-dollar-2020-06 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was a relatively quiet start to the day on the economic calendar on Thursday. The Kiwi Dollar was back in action in the early part of the day.
Away from the stats, it will be a testy start to the day. Risk aversion spilled into the Asian session. Reports of rising COVID-19 numbers tested risk sentiment early in the day. The number of new coronavirus cases for Wednesday, released early today, reflected the spikes.
Looking at the latest coronavirus numbers
On Wednesday, the number of new coronavirus cases rose by 174,860 to 9,504,264. On Tuesday, the number of new cases had risen by 158,646. The daily increase was higher than Tuesday’s rise and 125,202 new cases from the previous Wednesday.
Germany, Italy, and Spain reported 1,463 new cases on Wednesday, which was up from 952 new cases on Tuesday. On the previous Wednesday, just 2,480 new cases had been reported.
From the U.S, the total number of cases rose by 38,253 to 2,459,173 on Wednesday. On Tuesday, the total number of cases had risen by 34,399. On Wednesday, 17th June, a total of 23,628 new cases had been reported.
For the Kiwi Dollar
New Zealand’s annual trade deficit narrowed from NZ$2,410m to NZ$1,330m in May, which was a narrowing of NZ$1.1bn.
According to NZ Stats,
Imports stood at NZ$4.1bn in May 2020, down from NZ$5.6bn (-25.6%) in May 2019.
Motor vehicle imports slid by NZ$451m (-60.9%).
The import of petroleum and products fell NZ$422m (-56.2%) from May 2019.
Total exports fell by NZ$350m (6.1%) to NZ$5.4bn from May 2019.
Logs were a main contributor to the fall, down NZ$41m (-12.3%) from May 2019.
The Kiwi Dollar moved from $0.64098 to $0.64059 upon release of the numbers. At the time of writing, the Kiwi Dollar was down by 0.06% to $0.6406.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.01% to ¥107.03 against the U.S Dollar, while the Aussie Dollar down by 0.10% to $0.6862.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. Germany’s GfK Consumer Climate figures for July are due out ahead of the European session.
While we will expect some influence from the numbers, there is talk of U.S tariffs on Germany, France, and Spain. The last thing that the EU needs is a trade war, as Trump looks to divert attention away from domestic woes.
For Germany, a recent cluster and Wednesday’s rise in new COVID-19 cases across Germany, Italy, and Spain will also be a concern. A wide reintroduction of lockdown measures would send the EUR into a dive.
At the time of writing, the EUR was flat at $1.1251.
For the Pound
It’s another particularly quiet day ahead on the economic calendar. There are no material stats due out to provide the Pound with direction.
A lack of stats will continue to leave the Pound in the hands of market risk sentiment and any updates from Brexit negotiations.
At the time of writing, the Pound was down by 0.03% to $1.2415.
Across the Pond
It’s a busy day ahead on the U.S economic calendar. Key stats include the weekly jobless claims and core durable goods orders for May.
While a pickup in core durable goods orders is needed, the weekly jobless claims will need to come in well below 1.5m levels to provide any support to riskier assets…
Finalized 1st quarter GDP and May trade figures will likely take a backseat on the day.
Away from the numbers, however, the Dollar could find more support should states continue to report rising new COVID-19 cases. There could also be more trade war chatter from the Oval Office to test risk appetite further…
On Wednesday, the Dollar Spot Index rallied by 0.52% to end the day at 97.148.
For the Loonie
It’s a quiet day ahead on the calendar. There are no material stats due out of Canada to provide the Loonie with direction.
A lack of stats will leave the Loonie in the hands of COVID-19 updates and market risk appetite in general.
At the time of writing, the Loonie was down by 0.04% to C$1.3643 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | A lack of stats will continue to leave the Pound in the hands of market risk sentiment and any updates from Brexit negotiations. There could also be more trade war chatter from the Oval Office to test risk appetite further… On Wednesday, the Dollar Spot Index rallied by 0.52% to end the day at 97.148. This article was originally posted on FX Empire More From FXEMPIRE: The Bearish Combination of Soaring Silver and Lagging Miners USD/JPY Price Forecast – US Dollar at Familiar Level New Record Number of Covid Cases Doesn’t Curtail Appetite for Risk The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Reports of rising COVID-19 numbers tested risk sentiment early in the day. The number of new coronavirus cases for Wednesday, released early today, reflected the spikes. Key stats include the weekly jobless claims and core durable goods orders for May. | For the Kiwi Dollar New Zealand’s annual trade deficit narrowed from NZ$2,410m to NZ$1,330m in May, which was a narrowing of NZ$1.1bn. According to NZ Stats, Imports stood at NZ$4.1bn in May 2020, down from NZ$5.6bn (-25.6%) in May 2019. The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. | Germany, Italy, and Spain reported 1,463 new cases on Wednesday, which was up from 952 new cases on Tuesday. For the Kiwi Dollar New Zealand’s annual trade deficit narrowed from NZ$2,410m to NZ$1,330m in May, which was a narrowing of NZ$1.1bn. The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. | 2ced5535-d03e-45fc-b23d-6c708a2f9e88 |
709077.0 | 2020-06-23 00:00:00 UTC | The RBNZ Stands Pat, as Markets Continue to Find Relief from the June PMIs | DBO | https://www.nasdaq.com/articles/the-rbnz-stands-pat-as-markets-continue-to-find-relief-from-the-june-pmis-2020-06-24 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was a relatively quiet start to the day on the economic calendar on Wednesday. The RBNZ and the Kiwi Dollar were in action in the early part of the day.
With no material stats to consider, concerns over another thee spike in new COVID-19 cases returned, though overshadowed by optimism over the economic outlook.
Looking at the latest coronavirus numbers
On Tuesday, the number of new coronavirus cases rose by 158,646 to 9,329,404. On Monday, the number of new cases had risen by 126,214. The daily increase was higher than Monday’s rise and up from 156,317 new cases from the previous Tuesday.
Germany, Italy, and Spain reported 952 new cases on Tuesday, which was equal to 952 new cases on Monday. On the previous Tuesday, just 767 new cases had been reported.
From the U.S, the total number of cases rose by 34,399 to 2,420,920 on Tuesday. On Monday, the total number of cases had risen by 29,864. On Tuesday, 16th June, a total of 26,844 new cases had been reported.
For the Kiwi Dollar
The RBNZ held interest rates steady at 0.25% this morning, which was in line with market expectations.
Salient points from the Rate Statement that preceded the RBNZ Press Conference later this morning included:
The Committee agreed to continue with the LSAP program set at NZ$60bn and fore the cash rate to remain at 0.25%.
Global restrictions rolled out to mitigate the spread of COVID-19 provoked a severe downturn in the NZ economy.
Committee members have yet to see a full set of evidence to determine how the pandemic is affecting the economy. Members did agree, however, that the June quarter would show a substantial decline in economic activity.
Economic risks remain to the downside despite some high-frequency data suggesting the demand has increased since the end of Alert Level 2 Restrictions.
Uncertainty also remained over the extent of the continued job losses and reduced activity.
Much will depend on how willing households and businesses are to spend or invest in the current environment.
Member noted that the move to Alert Level 1 arrived sooner than previously assumed supporting an earlier than expected rise in spending.
It was also noted, however, that these positives could be short-lived.
The Committee agreed that it is not yet clear whether the monetary policy stimulus delivered to date is sufficient to meet its mandate.
Reserve Bank staff will provide a more detailed briefing on financial stability for the August monetary policy decision.
Staff is also working towards ensuring a broader range of monetary policy tools that could be deployable in the coming months. These would include a term lending facility, reductions in the OCR, and foreign asset purchases, and the appropriate quantum of the LSAP.
The Kiwi Dollar moved from $0.64951 to $0.64763 upon release of the rate statement. At the time of writing, the Kiwi Dollar was down by 0.06% to $0.6487, with the RBNZ press conference up next.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.02% to ¥106.50 against the U.S Dollar, with the Aussie Dollar up by 0.33% to $0.6953.
The Day Ahead:
For the EUR
It’s a relatively busy day ahead on the economic calendar. Germany’s IFO Business Climate Index figures are due out early in the European session.
The figures have a tendency to influence the EUR and there will likely be plenty of interest in the headline figure. Expect the Business Expectations Index to also influence, however. This will give the markets some idea of what kind of business investment and hiring to expect near-term.
At the time of writing, the EUR was up by 0.15% to $1.1325.
For the Pound
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out to provide the Pound with direction.
A lack of stats will leave the Pound in the hands of market risk sentiment and any updates from Brexit negotiations.
At the time of writing, the Pound was up by 0.07% to $1.2529.
Across the Pond
It’s also a particularly quiet day ahead on the U.S economic calendar. There were no material stats due out of the U.S, leaving the Dollar in the hands of the news wires on the day.
Trump and updates on new COVID-19 cases will remain a key focal point for the markets near-term.
At the time of writing, the Dollar Spot Index was down by 0.06% to 96.585.
For the Loonie
It’s yet another quiet day ahead on the economic calendar. There are no material stats due out of Canada to provide the Loonie with direction.
A lack of stats will leave the Loonie in the hands of the weekly API and EIA crude oil inventory numbers and daily COVID-19 figures.
While risk appetite improved following the latest PMI numbers, any talk of lockdown measures in the U.S or the EU would weigh heavily.
At the time of writing, the Loonie was up by 0.04% to C$1.3544 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Member noted that the move to Alert Level 1 arrived sooner than previously assumed supporting an earlier than expected rise in spending. A lack of stats will leave the Loonie in the hands of the weekly API and EIA crude oil inventory numbers and daily COVID-19 figures. This article was originally posted on FX Empire More From FXEMPIRE: Natural Gas Weekly Price Forecast – Natural Gas Markets Form Strong Candle U.S Mortgage Rates Hit a New Record Low as new COVID-19 Cases Spike The Crypto Daily – Movers and Shakers – July 5th, 2020 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Looking at the latest coronavirus numbers On Tuesday, the number of new coronavirus cases rose by 158,646 to 9,329,404. Salient points from the Rate Statement that preceded the RBNZ Press Conference later this morning included: The Committee agreed to continue with the LSAP program set at NZ$60bn and fore the cash rate to remain at 0.25%. Member noted that the move to Alert Level 1 arrived sooner than previously assumed supporting an earlier than expected rise in spending. | Salient points from the Rate Statement that preceded the RBNZ Press Conference later this morning included: The Committee agreed to continue with the LSAP program set at NZ$60bn and fore the cash rate to remain at 0.25%. The Day Ahead: For the EUR It’s a relatively busy day ahead on the economic calendar. This article was originally posted on FX Empire More From FXEMPIRE: Natural Gas Weekly Price Forecast – Natural Gas Markets Form Strong Candle U.S Mortgage Rates Hit a New Record Low as new COVID-19 Cases Spike The Crypto Daily – Movers and Shakers – July 5th, 2020 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Looking at the latest coronavirus numbers On Tuesday, the number of new coronavirus cases rose by 158,646 to 9,329,404. Salient points from the Rate Statement that preceded the RBNZ Press Conference later this morning included: The Committee agreed to continue with the LSAP program set at NZ$60bn and fore the cash rate to remain at 0.25%. Member noted that the move to Alert Level 1 arrived sooner than previously assumed supporting an earlier than expected rise in spending. | 3cc06aa9-f546-422f-ae8f-0ec4c84d3b15 |
709078.0 | 2020-06-22 00:00:00 UTC | U.S – China Trade Deal “Over”! The News Hits the Wires as the Markets Prepare for June’s PMIs. | DBO | https://www.nasdaq.com/articles/u.s-china-trade-deal-over-the-news-hits-the-wires-as-the-markets-prepare-for-junes-pmis. | nan | nan | FXEmpire.com -
Earlier in the Day:
It was a busier start to the day on the economic calendar on Tuesday. The Aussie Dollar and Japanese Yen were in action early on, with prelim June private sector PMIs in focus.
Outside of the numbers, the latest COVID-19 news also drew attention early in the day, supporting riskier assets.
This time around, it was U.S anger over China’s apparent delay in sounding the alarm bells that weighed on risk sentiment. Reports hit the news wires this morning of U.S trade adviser Navarro stating that the trade deal with China is ‘Over”.
Looking at the latest coronavirus numbers
On Monday, the number of new coronavirus cases rose by 126,214 to 9,170,758. On Sunday, the number of new cases had risen by 131,020. The daily increase was lower than Sunday’s rise, while up from 115,910 new cases from the previous Monday.
Germany, Italy, and Spain reported 952 new cases on Monday, which was up from 917 new cases on Sunday. On the previous Monday, just 855 new cases had been reported.
From the U.S, the total number of cases rose by 29,864 to 2,386,521 on Monday. On Sunday, the total number of cases had risen by 26,079. On Monday, 15th June, a total of 19,412 new cases had been reported.
From Australia
The Commbank Manufacturing PMI rose from 44 to 49.8 in June, according to prelim figures. Economists had forecast a rise to 49.3. Service sector activity impressed with a return to expansion, however. The Services PMI jumped from 26.9 to 53.2 Economists had forecast a rise to 27.7.
The Aussie Dollar moved from $0.69232 to $0.69209 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.52% to $0.6872. A reversal kicked in from the news from the U.S on the U.S – China trade agreement…
For the Japanese Yen
The Manufacturing PMI fell from 38.4 to 37.8, while the Services PMI increased from 26.5 to 42.3. Economists had forecast PMIs of 47.5 and 40.6 respectively.
According to the prelim June Survey,
Manufacturing production fell at an accelerated rate and the most severe since March 2009. Employment across the sector also fell at a faster pace in June.
For the services sector, new business declined at a materially slower pace in June, with employment stabilizing.
Service sector support came from the lifting of the state of emergency.
The Japanese Yen moved from ¥106.931 to ¥106.928 against the Dollar upon release of the figures. At the time of writing, the Japanese Yen was up by 0.13% to ¥106.77 against the U.S Dollar.
Elsewhere
At the time of writing, the Kiwi Dollar was down by 0.48% to $0.6449, with chatter from the U.S weighing.
The Day Ahead:
For the EUR
It’s a busy day ahead on the economic calendar. Prelim June private sector PMIs are due out of France, Germany, and the Eurozone.
We can expect plenty of influence from the numbers, though the services PMI should garner greater interest.
The ECB had been looking towards a service sector-driven recovery before the COVID-19 pandemic. This reliance may be even greater now as unemployment bites across the Euro bloc.
At the time of writing, the EUR was down by 0.20% to $1.1239. Negative chatter from the U.S administration drove the EUR into the red early on.
For the Pound
It’s a relatively busy day ahead on the economic calendar. June’s prelim private sector PMIs are due out later today.
Expect the market focus to be on the Services PMI that will need to see a marked improvement. It could get a little dicey for the Pound if any weak numbers are accompanied by negative Brexit updates…
At the time of writing, the Pound was down by 0.18% to $1.2446, with risk aversion weighing.
Across the Pond
It’s a busy day ahead on the U.S economic calendar. Key stats include new home sales figures for May. And prelim June private sector PMIs.
Again, we would expect the Services PMI to have the greatest impact on the day. Don’t expect too much from the new home sales and manufacturing PMI, barring particularly dire numbers.
For the markets, an upward trend from April’s historic lows would need to continue across the private sector. Any weak numbers and expect risk aversion to sweep across the global financial markets.
Away from the numbers, geopolitics and COVID-19 news from the U.S will remain a key driver.
Monday’s announcement by Navarro drove Dollar demand early.
At the time of writing, the Dollar Spot Index was up by 0.14% to 97.178.
For the Loonie
It’s another particularly quiet day ahead on the economic calendar. There are no material stats due out of Canada to provide the Loonie with direction.
A lack of stats will leave the Loonie in the hands of market risk sentiment and COVID-19 news and updates and PMI numbers.
Any disappointing PMI numbers from the Eurozone or the U.S would likely test sentiment towards the economic outlook… The markets are hopeful of a V-shaped economic recovery. Today’s PMIs could give some idea of what lies ahead.
An end to a trade agreement between the U.S and China would overshadow any positive PMIs, however.
At the time of writing, the Loonie was down by 0.24% to C$1.3554 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Aussie Dollar and Japanese Yen were in action early on, with prelim June private sector PMIs in focus. This time around, it was U.S anger over China’s apparent delay in sounding the alarm bells that weighed on risk sentiment. A lack of stats will leave the Loonie in the hands of market risk sentiment and COVID-19 news and updates and PMI numbers. | The Aussie Dollar and Japanese Yen were in action early on, with prelim June private sector PMIs in focus. Looking at the latest coronavirus numbers On Monday, the number of new coronavirus cases rose by 126,214 to 9,170,758. This article was originally posted on FX Empire More From FXEMPIRE: EUR/USD Weekly Price Forecast – Euro Gives Up Early Gains Gold Price Forecast – Gold Markets Show Quiet Resiliency GBP/JPY Weekly Price Forecast – British Pound Rallies for the Week The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Aussie Dollar and Japanese Yen were in action early on, with prelim June private sector PMIs in focus. A reversal kicked in from the news from the U.S on the U.S – China trade agreement… For the Japanese Yen The Manufacturing PMI fell from 38.4 to 37.8, while the Services PMI increased from 26.5 to 42.3. This article was originally posted on FX Empire More From FXEMPIRE: EUR/USD Weekly Price Forecast – Euro Gives Up Early Gains Gold Price Forecast – Gold Markets Show Quiet Resiliency GBP/JPY Weekly Price Forecast – British Pound Rallies for the Week The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | A reversal kicked in from the news from the U.S on the U.S – China trade agreement… For the Japanese Yen The Manufacturing PMI fell from 38.4 to 37.8, while the Services PMI increased from 26.5 to 42.3. June’s prelim private sector PMIs are due out later today. And prelim June private sector PMIs. | c659b1d0-78b7-42b0-8765-119fde677d66 |
709079.0 | 2020-06-21 00:00:00 UTC | A Quiet Economic Calendar Leaves Geopolitics and COVID-19 to Drive the Markets | DBO | https://www.nasdaq.com/articles/a-quiet-economic-calendar-leaves-geopolitics-and-covid-19-to-drive-the-markets-2020-06-22 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was a quiet start to the day on the economic calendar on Monday. While there were no material stats to provide direction, the PBoC was in action early on.
From elsewhere, an easing of new COVID-19 cases over the weekend was positive. The numbers remain higher than the previous weekend, however, so need monitoring.
Looking at the latest coronavirus numbers
On Sunday, the number of new coronavirus cases rose by 131,020 to 9,044,544. On Saturday, the number of new cases had risen by 155,790. The daily increase was lower than Saturday’s rise while up from 124,839 new cases from the previous Sunday.
Germany, Italy, and Spain reported 917 new cases on Sunday, which was down from 1,183 new cases on Saturday. On the previous Sunday, just 909 new cases had been reported.
From the U.S, the total number of cases rose by 26,079 to 2,356,657 on Sunday. On Saturday, the total number of cases had risen by 33,388. On Sunday, 14th June, a total of 19,920 new cases had been reported.
From China
The PBoC held the 5-year Loan Prime Rate (“LPR”) at 4.65% and the 1-year LPR at 3.85%. Economists had forecast cuts to 4.50% and 3.70% respectively.
The Aussie Dollar moved from $0.68407 to $0.68453 in response to the PBoC’s hold on rates. At the time of writing, the Aussie Dollar was up by 0.10% to $0.6842.
Elsewhere
At the time of writing, the Japanese Yen was down by 0.02% to ¥106.89 against the U.S Dollar, while the Kiwi Dollar was up by 0.12% to $0.6415.
The Day Ahead:
For the EUR
It’s a quiet day ahead on the economic calendar. There are no material stats due out of the Eurozone to provide the EUR with direction.
A lack of stats will leave the EUR in the hands of market risk sentiment on the day. News of easing tensions between the U.S and China and a fall in the daily number of new cases over the weekend are positives early on.
At the time of writing, the EUR was up by 0.09% to $1.1188.
For the Pound
It’s a relatively quiet day ahead on the economic calendar. June’s CBI Industrial Trend Orders are due out later today.
With a quieteconomic calendaron the day, we can expect some influence from the numbers. While the numbers will draw attention, we would expect chatter on Brexit to have the greatest impact on the day, however.
At the time of writing, the Pound was up by 0.13% to $1.2366.
Across the Pond
It’s also a quiet day ahead on the U.Seconomic calendar Key stats include existing home sales figures for May.
We don’t expect any influence from the numbers. The housing sector has been on a rebound with mortgage rates sitting at record lows. Inventories are expected to begin to limit upward momentum, however.
Away from the numbers, geopolitics and COVID-19 news from the U.S will remain the key driver.
At the time of writing, the Dollar Spot Index was down by 0.01% to 97.618.
For the Loonie
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of Canada to provide the Loonie with direction.
A lack of stats will leave the Loonie in the hands of market risk sentiment and COVID-19 news and updates.
China’s agreement to ramp up the imports of soybeans, corn, and ethanol should ease some of the pain. The markets will want to see the number of new COVID-19 cases continue to drop back from last week’s highs, however.
At the time of writing, the Loonie was up by 0.08% to C$1.3596 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | News of easing tensions between the U.S and China and a fall in the daily number of new cases over the weekend are positives early on. Across the Pond It’s also a quiet day ahead on the U.Seconomic calendar Key stats include existing home sales figures for May. A lack of stats will leave the Loonie in the hands of market risk sentiment and COVID-19 news and updates. | A lack of stats will leave the EUR in the hands of market risk sentiment on the day. Across the Pond It’s also a quiet day ahead on the U.Seconomic calendar Key stats include existing home sales figures for May. A lack of stats will leave the Loonie in the hands of market risk sentiment and COVID-19 news and updates. | Looking at the latest coronavirus numbers On Sunday, the number of new coronavirus cases rose by 131,020 to 9,044,544. The Day Ahead: For the EUR It’s a quiet day ahead on the economic calendar. News of easing tensions between the U.S and China and a fall in the daily number of new cases over the weekend are positives early on. | The Aussie Dollar moved from $0.68407 to $0.68453 in response to the PBoC’s hold on rates. The Day Ahead: For the EUR It’s a quiet day ahead on the economic calendar. News of easing tensions between the U.S and China and a fall in the daily number of new cases over the weekend are positives early on. | b12ec6b4-8e6b-402a-8dd0-a7793a0e0c9b |
709080.0 | 2020-06-18 00:00:00 UTC | Retail Sales Put the Loonie and Pound in Focus COVID-19 Concerns Linger | DBO | https://www.nasdaq.com/articles/retail-sales-put-the-loonie-and-pound-in-focus-covid-19-concerns-linger-2020-06-19 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was a quiet start to the day on the economic calendar on Friday. The Japanese Yen was in action early on.
Inflation figures from Japan had little influence on the broader markets, however, with COVID-19 and U.S stats providing direction early on.
Looking at the latest coronavirus numbers
On Thursday, the number of new coronavirus cases rose by 169,995 to 8,551,856. On Wednesday, the number of new cases had risen by 125,202. The daily increase was higher than Wednesday’s rise and 136,875 new cases from the previous Thursday.
Germany, Italy, and Spain reported 787 new cases on Thursday, which was down from 2,480 new cases on Wednesday. On the previous Thursday, just 1,091 new cases had been reported.
From the U.S, the total number of cases rose by 25,576 to 2,257,604 on Thursday. On Wednesday, the total number of cases had risen by 23,628. On Thursday, 11th June, a total of 23,403 new cases had been reported.
For the Japanese Yen
Deflationary pressures persisted in May, with core consumer prices falling by 0.2% year-on-year, which was at the same pace as in April. Economists had forecast a 0.1% decline.
According to figures released by the Ministry of Internal Affairs and Communication., the annual rate of inflation held steady at 0.1%.
The Japanese Yen moved from ¥107.003 to ¥107.030 upon release of the figures. At the time of writing, the Japanese Yen was up by 0.04% to ¥106.93 against the U.S Dollar.
Elsewhere
At the time of writing, the Aussie Dollar was down by 0.09% to $0.6846, with the Kiwi Dollar down by 0.28% to $0.6411.
The Day Ahead:
For the EUR
It’s another quiet day ahead on the economic calendar. Economic data is limited to Germany’s wholesale inflation figures for May, which are unlikely to have an impact on the EUR.
Following the recent uptick in new COVID-19 cases, weak economic data from the U.S added to the market angst. With Germany also seeing a recent spike in new cases, governments may become cautious in fully reopening.
Such an outcome would be EUR negative.
At the time of writing, the EUR was down by 0.04% to $1.1201.
For the Pound
It’s a busy day ahead on the economic calendar. May retail sales figures are due out of the UK later this morning.
Economists have forecasted a partial recovery from the tumble in April. Anything in line or worse than forecasts would likely weigh on the Pound.
While the numbers will influence, expect Brexit chatter to also provide direction.
At the time of writing, the Pound was down by 0.10% to $1.2412.
Across the Pond
It’s also a quiet day ahead on the U.S economic calendar. Key stats are limited to 1st quarter current account figures.
We don’t expect any influence from the numbers. That leaves the Dollar in the hands of market risk sentiment and COVID-19 on the day.
Late in the day, FED Chair Powell is speaking once more that could be a test for the bulls. Is there anything left for the FED Chair to add after Monday’s move and mid-week testimony?
At the time of writing, the Dollar Spot Index was up by 0.05% to 97.473.
For the Loonie
It’s a busy day ahead on the economic calendar. April retail sales figures are due out later this afternoon.
While these are April figures, we can expect some influence on the Loonie.
Ultimately, however, market risk sentiment will be the key driver. As the week comes to a close, the U.S administration may look to change the narrative with another fiscal stimulus package.
It would need to be impressive to offset market angst over COVID-19 numbers, however…
At the time of writing, the Loonie was down by 0.10% to C$1.3613 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Inflation figures from Japan had little influence on the broader markets, however, with COVID-19 and U.S stats providing direction early on. For the Japanese Yen Deflationary pressures persisted in May, with core consumer prices falling by 0.2% year-on-year, which was at the same pace as in April. This article was originally posted on FX Empire More From FXEMPIRE: EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 2nd, 2020 USD/JPY Forex Technical Analysis – Closing Price Reversal Top Shifted Momentum to the Downside McDonald’s Halts Reopening U.S. | Looking at the latest coronavirus numbers On Thursday, the number of new coronavirus cases rose by 169,995 to 8,551,856. The Day Ahead: For the EUR It’s another quiet day ahead on the economic calendar. April retail sales figures are due out later this afternoon. | Looking at the latest coronavirus numbers On Thursday, the number of new coronavirus cases rose by 169,995 to 8,551,856. The Day Ahead: For the EUR It’s another quiet day ahead on the economic calendar. It would need to be impressive to offset market angst over COVID-19 numbers, however… At the time of writing, the Loonie was down by 0.10% to C$1.3613 against the U.S Dollar. | The Japanese Yen moved from ¥107.003 to ¥107.030 upon release of the figures. At the time of writing, the Japanese Yen was up by 0.04% to ¥106.93 against the U.S Dollar. Economic data is limited to Germany’s wholesale inflation figures for May, which are unlikely to have an impact on the EUR. | 6c4b9333-18b0-454e-99de-d4ffb0f9f11d |
709081.0 | 2020-06-16 00:00:00 UTC | It’s a Quiet Economic Calendar. Riskier Assets Will Need another Catalyst… | DBO | https://www.nasdaq.com/articles/its-a-quiet-economic-calendar.-riskier-assets-will-need-another-catalyst...-2020-06-17 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was another busy start to the day on the economic calendar on Wednesday. The Aussie Dollar, Kiwi Dollar, and the Japanese Yen were in action early on.
Following Tuesday’s rally, however, there was an uptick in new COVID-19 cases to consider.
Looking at the latest coronavirus numbers.
On Tuesday, the number of new coronavirus cases rose by 156,317 to 8,256,659. On Monday, the number of new cases had risen by 115,910. The daily increase was higher than Monday’s rise and up from 128,377 new cases from the previous Tuesday.
Germany, Italy, and Spain reported 767 new cases on Tuesday, which was down from 855 new cases on Monday. On the previous Tuesday, 843 new cases had been reported.
From the U.S, the total number of cases rose by 26,844 to 2,208,400 on Tuesday. On Monday, the total number of cases had risen by 19,412. On Tuesday, 9th June, a total of 19,894 new cases had been reported.
For the Kiwi Dollar
1st quarter current account figures were in focus that had a muted impact on the Kiwi.
Quarter-on-quarter, the current account balance rose from a NZ$2.66bn deficit to a NZ$1.56bn surplus. Economists had forecast a surplus of NZ$1.48bn.
Year-on-year, the current account deficit narrowed from NZ$9.23bn to NZ$8.51bn. Economists had forecast a narrowing to NZ$8.47bn.
The Kiwi Dollar moved from $0.64425 to $0.64490 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.09% to $0.6445.
For the Aussie Dollar
The housing sector was back in focus. According to the HIA, new home sales fell by 4.20% in May, following a 1.1% fall in April. Economists had forecast a 0.5% decline.
The Aussie Dollar moved from $0.68933 to $0.68793 upon release of the figures and minutes. At the time of writing, the Aussie Dollar was down by 0.28% to $0.6870.
For the Japanese Yen
Japan’s trade deficit narrowed from ¥931.9bn to ¥833.4bn in May. Economists had forecast a narrowing to ¥560.0bn.
According to figures released by the Ministry of Finance,
Exports tumbled by 28.3% in May, following a 21.9% slide in April. Economists had forecast a 22.7% slide.
Exports to China fell by 1.9%, with exports to South Korea and Thailand sliding by 18% and by 32.9% respectively.
To the U.S, exports slumped by 50.6%, with exports tumbling by 35.4% to Western Europe.
Exports to Germany fell by 35.5%, with exports to the UK tumbling by 38.2%.
Imports tumbled by 26.2% in May, following a 7.1% decline in April. Economists had forecast a 12.9% slide.
Imports from China fell by 2.0%, while imports from HK tumbled by 39%.
From the U.S imports slumped by 27.5%, with imports from the EU falling by 30.9%.
The Japanese Yen moved from ¥107.369 to ¥107.278 upon release of the figures. At the time of writing, the Japanese Yen was up by 0.08% to ¥107.23 against the U.S Dollar.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. May’s finalized inflation figures for the Eurozone are due out later today.
We would expect the figures to have a muted impact on the EUR, however. Market risk sentiment and continued reaction to FED Chair Powell’s testimony will be the key driver.
For the EUR, a lack of a material spike in new COVID-19 cases remains positive. While China and the U.S have seen a pickup in new cases, the most adversely affected EU states have yet to report a similar trend.
At the time of writing, the EUR was up by 0.06% to $1.1271.
For the Pound
It’s a relatively busy day ahead on the economic calendar. Key stats include May inflation figures that should have a muted impact on the Pound ahead of tomorrow’s BoE monetary policy decision.
The focus on the day will be on Brexit, as the EU and the British government look to avoid a hard Brexit event.
At the time of writing, the Pound was down by 0.09% to $1.2562.
Across the Pond
It’s also a relatively busy day ahead on the U.S economic calendar. Key stats include building permits and housing start figures for May.
We aren’t expecting too much influence from the stats, however. The housing sector has seen activity rebound as lockdown measures ease, supported by mortgage rates hovering at record lows.
With the stats of little influence, FED Chair Powell’s 2nd day of testimony to Congress may draw some interest. At the start of the week, we saw the FED prop up the U.S equity markets… Will there be any more probing questions into the FED’s decision to begin purchasing individual corporate bonds?
At the time of writing, the Dollar Spot Index was up by 0.05% to 97.008.
For the Loonie
It’s a busy day ahead on the economic calendar, with May inflation figures due out later today.
We can expect some influence from the numbers, though the weekly crude oil inventory numbers and market risk sentiment will remain key drivers.
There’s also OPEC’s monthly report to consider…
At the time of writing, the Loonie was down by 0.04% to C$1.3546 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Key stats include May inflation figures that should have a muted impact on the Pound ahead of tomorrow’s BoE monetary policy decision. The housing sector has seen activity rebound as lockdown measures ease, supported by mortgage rates hovering at record lows. This article was originally posted on FX Empire More From FXEMPIRE: USD/JPY Price Forecast – US Dollar Rallies Against Japanese Yen Yesterday’s S&P 500 Upswing – A Reversal You Can Trust? | Market risk sentiment and continued reaction to FED Chair Powell’s testimony will be the key driver. For the Loonie It’s a busy day ahead on the economic calendar, with May inflation figures due out later today. We can expect some influence from the numbers, though the weekly crude oil inventory numbers and market risk sentiment will remain key drivers. | Germany, Italy, and Spain reported 767 new cases on Tuesday, which was down from 855 new cases on Monday. The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. For the Loonie It’s a busy day ahead on the economic calendar, with May inflation figures due out later today. | The Aussie Dollar, Kiwi Dollar, and the Japanese Yen were in action early on. For the Aussie Dollar The housing sector was back in focus. According to figures released by the Ministry of Finance, Exports tumbled by 28.3% in May, following a 21.9% slide in April. | 3ae4c2d6-32df-468d-84c2-f34707ddd9fb |
709082.0 | 2020-06-16 00:00:00 UTC | Crude Oil Price Update – Buyers Unfazed by Powell’s ‘Significant Uncertainty’ Warning | DBO | https://www.nasdaq.com/articles/crude-oil-price-update-buyers-unfazed-by-powells-significant-uncertainty-warning-2020-06 | nan | nan | FXEmpire.com -
U.S. West Texas Intermediate crude oil futures are trading higher on Tuesday after the International Energy Agency (IEA) increased its oil demand forecast for 2020 and as record supply cuts provided support.
In its monthly report on Tuesday, the IEA forecast oil demand at 91.7 million barrels per day in 2020, 500,000 bpd higher than its estimate in May’s report, citing higher than expected consumption during the lockdowns.
But the agency said a fall in flying because of the novel coronavirus means the world will not return to pre-pandemic demand levels before 2022.
At 14:12 GMT, August WTI crude oil is trading $39.14, up $1.71 or +4.57%.
BREAKING NEWS: In his testimony before Congress, Federal Reserve Chairman Jerome Powell warned Tuesday about “significant uncertainty” regarding the pace of the U.S. economic recovery and said small businesses and lower income and minority Americans are particularly at risk. Powell’s warning was essentially a repeat of cautionary remarks he made last Wednesday following the FOMC meeting. Some traders blamed last week’s sell-off in crude on those comments.
Daily August WTI Crude Oil
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart. A trade through $40.69 will signal a resumption of the uptrend. A move through $34.66 will change the main trend to down.
The short-term range is $31.63 to $40.69. Its retracement zone at $36.16 to $35.09 is support.
The main range is $54.71 to $20.28. Its retracement zone at $37.50 to $41.56 is currently being tested. This zone is controlling the longer-term direction of the market.
Daily Swing Chart Technical Forecast
Based on the early price action and the current price at $39.14, the direction of the August WTI crude oil market the rest of the session on Tuesday is likely to be determined by trader reaction to the major 50% level at $37.50.
Bullish Scenario
A sustained move over $37.50 will indicate the presence of buyers. If this move can create enough upside momentum then look for a re-test of $40.69, followed by the main Fibonacci level at $41.56. This level is a potential trigger point for an acceleration to the upside.
Bearish Scenario
A sustained move under $37.50 will signal the return of sellers. This could lead to a labored break with potential downside targets coming in at $36.16, $35.09 and $34.66.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | BREAKING NEWS: In his testimony before Congress, Federal Reserve Chairman Jerome Powell warned Tuesday about “significant uncertainty” regarding the pace of the U.S. economic recovery and said small businesses and lower income and minority Americans are particularly at risk. Daily Swing Chart Technical Forecast Based on the early price action and the current price at $39.14, the direction of the August WTI crude oil market the rest of the session on Tuesday is likely to be determined by trader reaction to the major 50% level at $37.50. This article was originally posted on FX Empire More From FXEMPIRE: EUR/USD Price Forecast – Euro Continues to Drift Lower AUD/USD Price Forecast – Australian Dollar Continues Sideways U.S. Stocks Mixed As Traders Are Undecided About The Next Move The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In its monthly report on Tuesday, the IEA forecast oil demand at 91.7 million barrels per day in 2020, 500,000 bpd higher than its estimate in May’s report, citing higher than expected consumption during the lockdowns. Daily August WTI Crude Oil Daily Swing Chart Technical Analysis The main trend is up according to the daily swing chart. Daily Swing Chart Technical Forecast Based on the early price action and the current price at $39.14, the direction of the August WTI crude oil market the rest of the session on Tuesday is likely to be determined by trader reaction to the major 50% level at $37.50. | FXEmpire.com - U.S. West Texas Intermediate crude oil futures are trading higher on Tuesday after the International Energy Agency (IEA) increased its oil demand forecast for 2020 and as record supply cuts provided support. Daily August WTI Crude Oil Daily Swing Chart Technical Analysis The main trend is up according to the daily swing chart. Daily Swing Chart Technical Forecast Based on the early price action and the current price at $39.14, the direction of the August WTI crude oil market the rest of the session on Tuesday is likely to be determined by trader reaction to the major 50% level at $37.50. | FXEmpire.com - U.S. West Texas Intermediate crude oil futures are trading higher on Tuesday after the International Energy Agency (IEA) increased its oil demand forecast for 2020 and as record supply cuts provided support. Daily Swing Chart Technical Forecast Based on the early price action and the current price at $39.14, the direction of the August WTI crude oil market the rest of the session on Tuesday is likely to be determined by trader reaction to the major 50% level at $37.50. Bearish Scenario A sustained move under $37.50 will signal the return of sellers. | 97ed8281-cb90-446e-8b86-dac1ff90f480 |
709083.0 | 2020-06-14 00:00:00 UTC | Brexit and Fears of a 2nd Wave Pandemic Weigh on the Dollar and the Pound | DBO | https://www.nasdaq.com/articles/brexit-and-fears-of-a-2nd-wave-pandemic-weigh-on-the-dollar-and-the-pound-2020-06-15 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was a relatively busy start to the week on the economic calendar this morning. The Aussie Dollar was in play by proxy, with economic data from China in focus.
While the numbers from China were certainly of influence, COVID-19 news from Beijing and the U.S tested risk appetite.
Looking at the latest coronavirus numbers, an upward trend in new COVID-19 cases was evident on Saturday.
On Sunday, the number of new coronavirus cases rose by 124,839 to 7,984,332. On Saturday, the number of new cases had risen by 140,913. The daily increase was lower than Saturday’s rise while up from 123,802 new cases from the previous Sunday.
Germany, Italy, and Spain reported 909 new cases on Sunday, which was down from 914 new cases on Saturday. On the previous Sunday, 610 new cases had been reported.
From the U.S, the total number of cases rose by 19,920 to 2,162,144 on Sunday. On Saturday, the total number of cases had risen by 26,905. On Sunday, 7th June, a total of 20,274 new cases had been reported.
Out of China
In May, industrial production rose by 4.4% year-on-year, following on from a 3.9% increase in April. Economists had forecast a 5% increase.
Fixed asset investments continued to raise red flags, however, with investments falling by 6.3% when compared with May 2019. In April, fixed asset investment had tumbled by 10.3%. Economists had forecast a fall of 5.9% for May.
The Aussie Dollar moved from $0.68395 to $0.68266 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.42% to $0.6837.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.11% to ¥107.26 against the U.S Dollar, while the Kiwi Dollar was down by 0.33% to $0.6424.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. Finalized May inflation figures for France and Spain are due out along with the Eurozone’s industrial production figures for April.
Once more, we’re not expecting too much influence from the stats. That will leave the EUR in the hands of the COVID-19 news updates and market risk appetite on the day.
A spike in new COVID-19 cases across the U.S and steady numbers from the Eurozone should support the EUR.
At the time of writing, the EUR was up by 0.02% to $1.1258.
For the Pound
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction.
A lack of stats will likely leave the Pound on tenterhooks as Boris Johnson prepares to hold talks with EU Commission President Ursula von der Leyen.
There is also a small matter of the BoE’s June monetary policy decision to consider, with last week’s stats putting the spotlight on Bailey and the team…
At the time of writing, the Pound was down by 0.17% to $1.2519.
Across the Pond
It’s a relatively quiet day ahead on the U.S economic calendar. June’s NY Empire State Manufacturing Index figures are due out later today.
With FED Chair Powell delivering testimony to Congress tomorrow, June’s number will be particularly interesting.
We will get an idea of whether the eternal optimists have it right with that hope of a V-shaped economic recovery. If forecasts are anything to go by, it’s not going to be that bullish for the markets…
Away from the stats, we will need to monitor the latest COVID-19 news updates. If new cases continue to spike, more governors may call for a return of more stringent lockdown measures.
At the time of writing, the Dollar Spot Index was down by 0.20% to 97.123.
For the Loonie
It’s also a relatively quiet day ahead on the economic calendar. April manufacturing figures are due out later today. With the COVID-19 lockdown in full effect in April, the Loonie should be able to brush aside particularly dire numbers.
There is one thing to consider amidst all the negative economic projections. The worse hit economies will take longer to recover.
Expect market jitters over a 2nd wave pandemic to pin the Loonie back.
At the time of writing, the Loonie was down by 0.23% to C$1.3620 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | A lack of stats will likely leave the Pound on tenterhooks as Boris Johnson prepares to hold talks with EU Commission President Ursula von der Leyen. There is also a small matter of the BoE’s June monetary policy decision to consider, with last week’s stats putting the spotlight on Bailey and the team… At the time of writing, the Pound was down by 0.17% to $1.2519. This article was originally posted on FX Empire More From FXEMPIRE: S&P 500 Price Forecast -Stock Markets Continue to Test Major Level Crude Oil Price Update – Closed in Position to Challenge Major 50% Level Support at $37.50 Silver Price Forecast – Silver Markets Continue to Find Buyers on Dips The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Fixed asset investments continued to raise red flags, however, with investments falling by 6.3% when compared with May 2019. In April, fixed asset investment had tumbled by 10.3%. This article was originally posted on FX Empire More From FXEMPIRE: S&P 500 Price Forecast -Stock Markets Continue to Test Major Level Crude Oil Price Update – Closed in Position to Challenge Major 50% Level Support at $37.50 Silver Price Forecast – Silver Markets Continue to Find Buyers on Dips The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Germany, Italy, and Spain reported 909 new cases on Sunday, which was down from 914 new cases on Saturday. The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. This article was originally posted on FX Empire More From FXEMPIRE: S&P 500 Price Forecast -Stock Markets Continue to Test Major Level Crude Oil Price Update – Closed in Position to Challenge Major 50% Level Support at $37.50 Silver Price Forecast – Silver Markets Continue to Find Buyers on Dips The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Out of China In May, industrial production rose by 4.4% year-on-year, following on from a 3.9% increase in April. At the time of writing, the Loonie was down by 0.23% to C$1.3620 against the U.S Dollar. For a look at all of today’s economic events, check out our economic calendar. | 2f7179c7-5a65-492a-8ac9-d45dafe8050d |
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Earlier in the Day:
It was another relatively busy start to the day on the economic calendar this morning. The Kiwi Dollar was in action in the early part of the day. Later this morning, the Japanese Yen will also be in action.
While the markets considered this morning’s stats, however, risk aversion from the day prior continued to weigh on riskier assets early on.
For the Kiwi Dollar
In May, the Business PMI rose from 26.1 to 39.7, reversing April’s tumble by 11.9 points to a record low 26.1. In March, the PMI had stood at 38.0.
According to the May survey,
A move through to an alert level 2 enabled manufacturers to boost production off the back of a pickup in new orders.
In spite of the pickup in demand, however, employment took another hit in May. Wage subsidies are due to end soon, which could bring more pain before any recovery.
Looking at the sub-indexes:
The production sub-index rebounded from 19.1 to 38.4, with the new orders sub-index jumping from 16.9 to 40.0.
The employment sub-index fell from 41.1 to 39.4.
The Kiwi Dollar moved from $0.64075 to $0.64136 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.20% to $0.6418.
For the Japanese Yen
Finalized industrial production figures for April are due out later this morning. According to prelim figures released in late May, industrial production had slumped by 9.1% in April, following a 3.7% decline in March.
At the time of writing, the Japanese Yen was up by 0.06% to ¥106.81 against the U.S Dollar.
Elsewhere
At the time of writing, the Aussie Dollar was down by 0.23% to $0.6839.
The Day Ahead:
For the EUR
It’s a relatively busy day ahead on the economic calendar. Finalized May inflation figures for France and Spain are due out along with the Eurozone’s industrial production figures for April.
We’re not expecting too much influence from the stats, which will leave the EUR in the hands of market risk sentiment. FED Chair Powell’s gloomy sentiment towards the economic outlook should pin the EUR back from a run at $1.15 levels for now.
On the geopolitical risk front, EU Finance Ministers are due to hold a virtual meeting later today. We could hear more news on plans to disburse funds to support an economic recovery across the EU. The devil will be in the details.
At the time of writing, the EUR was down by 0.05% to $1.1293.
For the Pound
It’s a particularly busy day ahead on the economic calendar. Key stats from the UK include April GDP, industrial and manufacturing production, and trade figures.
While the markets are expecting dire numbers, a marked contraction would reignite speculation of negative rates…
When you throw in the lack of progress on Brexit and economic uncertainty, a Pound at $1.25 suggests more downside to come.
On the geopolitical risk front, Brexit will remain center stage, however. Any positive news would soften the blow from the economic calendar.
At the time of writing, the Pound was down by 0.19% to $1.2579.
Across the Pond
It’s a relatively busy day ahead on the U.S economic calendar. May import and export price index figures are due out along with June’s prelim consumer expectations and sentiment figures.
We would expect the import and export price index figures to have a muted impact on the day.
Both consumer sentiment and expectations will influence, however. The markets will be looking for a marked pickup in consumer confidence to support a bounce back in consumer spending.
For the markets, there may be yet another harsh reality, however. Unemployment remains uncomfortably high, by historical standards, and the spread of COVID-19 continues across the U.S.
Protests and riots over Floyd George’s unlawful murder will not have helped…
Late in the day, any chatter from Capitol Hill will also need to be monitored. It remains to be seen to where Trump will look to distract voters.
The Dollar Spot Index rose by 0.18% to end the day at 96.733 on Thursday.
For the Loonie
It’s yet another particularly quiet day ahead on the economic calendar. There are no material stats due out of Canada to provide the Loonie with direction.
That will leave the Loonie in the hands of market risk appetite.
The markets may have got carried away in the recent wave of optimism. That could mean a move back to C$1.40 levels against the Greenback.
At the time of writing, the Loonie was down by 0.01% to C$1.3631 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | While the markets considered this morning’s stats, however, risk aversion from the day prior continued to weigh on riskier assets early on. While the markets are expecting dire numbers, a marked contraction would reignite speculation of negative rates… When you throw in the lack of progress on Brexit and economic uncertainty, a Pound at $1.25 suggests more downside to come. This article was originally posted on FX Empire More From FXEMPIRE: Gold Price Prediction – Prices Edge Higher in Overbought Territory E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Trying to Build Support Base on Key Fib Level EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – June 26th, 2020 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Japanese Yen Finalized industrial production figures for April are due out later this morning. According to prelim figures released in late May, industrial production had slumped by 9.1% in April, following a 3.7% decline in March. May import and export price index figures are due out along with June’s prelim consumer expectations and sentiment figures. | FXEmpire.com - Earlier in the Day: It was another relatively busy start to the day on the economic calendar this morning. The Day Ahead: For the EUR It’s a relatively busy day ahead on the economic calendar. May import and export price index figures are due out along with June’s prelim consumer expectations and sentiment figures. | According to the May survey, A move through to an alert level 2 enabled manufacturers to boost production off the back of a pickup in new orders. The Kiwi Dollar moved from $0.64075 to $0.64136 upon release of the figures. May import and export price index figures are due out along with June’s prelim consumer expectations and sentiment figures. | 8a7cc2c7-cbd8-4b70-94f0-cc58184b1feb |
709085.0 | 2020-06-11 00:00:00 UTC | USD, RUB, and Oil: Trader’s Treasure | DBO | https://www.nasdaq.com/articles/usd-rub-and-oil%3A-traders-treasure-2020-06-11 | nan | nan | FXEmpire.com -
Oil’s contribution
Until 2015, while the oil price was above $20 per barrel and kept rising sometimes to cosmic highs like $140, the USD/RUB has been trading stable at 30. Eventually, the WTI oil price lost more than half its value dropping from $100 to $40. Simultaneously, the USD/RUB gained more than 100% flying from 30 to 70. Interestingly enough, both the oil price and the USD/RUB are now where they were in 2015 right before the “sudden” change. In any case, that was the end of Russia’s “gold era” of sky-high oil prices, and hence the RUB got substantially marked down.
The recent Russia-Saudi oil price war made the USD/RUB take yet a higher baseline level. The most recent spike in the USD/RUB is exactly where the WTI dropped to $20 (and even below 0 in some markets). In fact, it is visible that the shape of the chart after 2015 (marked by the green vertical line) is almost perfectly inverted between the oil price and the USD/RUB.
That’s why, specifically with the USD/RUB, one of the main fundamental factors defining this currency pair is the oil price. The higher it is – the better for the oil-exporting Russian economy, and hence, the stronger (or at least more stable) the RUB may be. This comes as a big facilitator to predict the USD/RUB: just keep your hand on the pulse of the oil price, and you will know where the USD/RUB goes. For a trader, what can be more convenient?
Source: tradingview.com
Fundamental
The strategic outlook for the USD/RUB is an uptrend in any case. That is dictated by the supremacy of the American economy against the Russian – the latter simply cannot stand the competition and is doomed to lose, just as any developing economy with the currencies such as the MXN, BRL, and TRY. As we can see on the chart above, even after a bullish rally, an uptrend was rarely challenged – rather, tested, at times. For example, the years 2000-2015 can be taken as a period of a relative stability of the USD/RUB at or below the resistance of 30, with 2003-2008 showing a slow decline. That was ended with the mentioned plunge in the oil price that pushed the USD/RUB far beyond 30.
The weekly chart of USD/RUB below presents a volatile picture with an underlying upward trajectory. While the price may keep going down for a while, it is unlikely it would break the larger uptrend. More probably, it will come to test the uptrend’s bottom at 62-63 and will get back up to 69-70.
In any case, fundamentally speaking, there is little ground to expect the RUB to gain value against the USD in the long term. At maximum, it will stay stable where it is now. That should serve as an ideal background for trading that may rely on this guaranteed fundamentality. Hence, unless the oil price makes a substantial drop once again
This post is written and submitted by FBS Markets for informational purposes only. In no way shall it be interpreted or construed to create any warranties of any kind, including an offer to buy or sell any currencies or other instruments.
The views and ideas shared in this article are deemed reliable and based on the most up-to-date and trustworthy sources. However, the company does not take any responsibility for accuracy and completeness of the information, and the views expressed in the article may be subject to change without prior notice.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In fact, it is visible that the shape of the chart after 2015 (marked by the green vertical line) is almost perfectly inverted between the oil price and the USD/RUB. Hence, unless the oil price makes a substantial drop once again This post is written and submitted by FBS Markets for informational purposes only. This article was originally posted on FX Empire More From FXEMPIRE: E-mini S&P 500 Index (ES) Futures Technical Analysis – Trader Reaction to 3072.25 Sets the Tone Silver Price Daily Forecast – Silver Rebounds From Support At The 20 EMA S&P 500 Price Forecast – Stock Markets Find Support at Major Moving Averages The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Eventually, the WTI oil price lost more than half its value dropping from $100 to $40. In any case, that was the end of Russia’s “gold era” of sky-high oil prices, and hence the RUB got substantially marked down. This article was originally posted on FX Empire More From FXEMPIRE: E-mini S&P 500 Index (ES) Futures Technical Analysis – Trader Reaction to 3072.25 Sets the Tone Silver Price Daily Forecast – Silver Rebounds From Support At The 20 EMA S&P 500 Price Forecast – Stock Markets Find Support at Major Moving Averages The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | FXEmpire.com - Oil’s contribution Until 2015, while the oil price was above $20 per barrel and kept rising sometimes to cosmic highs like $140, the USD/RUB has been trading stable at 30. In any case, that was the end of Russia’s “gold era” of sky-high oil prices, and hence the RUB got substantially marked down. This article was originally posted on FX Empire More From FXEMPIRE: E-mini S&P 500 Index (ES) Futures Technical Analysis – Trader Reaction to 3072.25 Sets the Tone Silver Price Daily Forecast – Silver Rebounds From Support At The 20 EMA S&P 500 Price Forecast – Stock Markets Find Support at Major Moving Averages The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In any case, that was the end of Russia’s “gold era” of sky-high oil prices, and hence the RUB got substantially marked down. The higher it is – the better for the oil-exporting Russian economy, and hence, the stronger (or at least more stable) the RUB may be. However, the company does not take any responsibility for accuracy and completeness of the information, and the views expressed in the article may be subject to change without prior notice. | 2ef63b57-f7be-4138-949b-bbb408482108 |
709086.0 | 2020-06-09 00:00:00 UTC | China Consumer Prices Slump on Weak Demand as the Focus Shifts to the FED | DBO | https://www.nasdaq.com/articles/china-consumer-prices-slump-on-weak-demand-as-the-focus-shifts-to-the-fed-2020-06-10 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was a relatively busy start to the day on the economic calendar this morning. The Aussie Dollar was in action in the early part of the day, with inflation figures from China also in focus.
While the markets considered the stats, the focus is on the FOMC meeting and the release of their economic projections later today. Hopes are that the FED assures support while avoiding to spook the markets with any, particularly dire forecasts.
Looking at the latest coronavirus numbers,
On Tuesday, the number of new coronavirus cases rose by 128,377 to 7,316,820. On Monday, the number of new cases had risen by 102,703. The daily increase was higher than Monday’s rise and 112,694 new cases from the previous Tuesday.
Germany, Italy, and Spain reported 843 new cases on Tuesday, which was up from 783 new cases on Monday. On the previous Tuesday, 938 new cases had been reported.
From the U.S, the total number of cases rose by 19,894 to 2,045,549 on Tuesday. On Monday, the total number of cases had risen by 18,206. On Tuesday, 2nd June, a total of 21,208 new cases had been reported.
For the Aussie Dollar
Consumer sentiment improved further in June, with the Westpac Consumer Sentiment Index rising by 6.3% to 93.7. Economists had forecast a 2.2% rise to 90.0. In May, the index had risen by 16.4% to 88.1. The upward momentum in May and June saw confidence return to around pre-COVID-19 levels.
According to the latest Westpac Report,
Looking at the sub-components:
The economy, next 12-months sub-index increased by 8.4% to 77.2, with the time to buy a major household item jumping by 10.1%.
Time to buy a dwelling slipped by 0.05% following May’s 31.8% jump, while the House Price Expectations Index increased by 10.5%.
Family finances vs a year ago rose by 3.6% to 77.0, with family finances next 12 months rising by 3.3% to 105.3.
The economy next 5-years increased by 6.4%, with the Unemployment Expectations Index falling by 7.0% to 127.2.
The Aussie Dollar moved from $0.69393 to $0.69440 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.06% to $0.6965.
Out of China
Inflationary pressures continued to ease in May. The annual rate of inflation softened from 3.30% to 2.40%, with consumer prices falling by 0.8%, month-on-month. Economists had forecast an annual rate of inflation of 2.7%.
Wholesale deflationary pressures persisted in May, with wholesale prices falling by 3.7% year-on-year. In April, wholesale prices had fallen by 3.1%.
The Aussie Dollar moved from $0.69610 to $0.69522 upon release of the figures.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.06% to ¥107.70 against the U.S Dollar, with the Kiwi Dollar was up by 0.08% to $0.6519.
The Day Ahead:
For the EUR
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the Eurozone to provide the EUR with direction.
A lack of stats will leave the EUR in the hands of market risk appetite in the early part of the day.
Late in the day, the focus will shift to the FOMC monetary policy decision and Economic and interest rate projections.
There are plenty of unknowns, including FOMC member views on the pace of the economic recovery and interest rate outlook. Expectations are that Committee members will refrain from talk of negative rates…
At the time of writing, the EUR was up by 0.03% to $1.1343.
For the Pound
It’s another particularly quiet day ahead on the economic calendar. There are no material stats due out to provide the Pound with direction.
The lack of stats will continue to leave the Pound in the hands of Brexit and market risk sentiment. That recent trend of finding support from a pickup in risk appetite could break, however. The chances of a hard Brexit rise each day as we approach the end of June… COVID-19 numbers are not too impressive either. The UK now has more COVID-19 cases and deaths than the likes of Italy and Spain.
At the time of writing, the Pound was up by 0.05% to $1.2735.
Across the Pond
It’s a busy day ahead on the U.S economic calendar. May inflation figures are due out in going into the U.S session.
We don’t expect May inflation figures to have too much influence, however, with the FOMC in action late in the day.
While the markets are expecting the FOMC to leave interest rates unchanged…. We can expect the following:
The FED will likely close the door on any hopes of negative rates that will likely rile U.S President Trump. Well, assuming that there are no more economic shocks near-term.
Last week’s labor market numbers may cause some of the more bullish members of the FOMC to even pencil in a rate hike within the next 18-24 months.
A large degree of economic uncertainty, however, should leave the FED a little flat-footed on any major commitments… Employment may have been better than expected last week but that doesn’t mean a sub-10% unemployment rate before the end of the summer.
Providing the markets with some optimism, without pulling the plug on an extremely accommodative market environment would make sense.
Some committee members, however, will have concerns over-inflated asset prices amidst the current economic environment.
Finally, on the QE front, some guidance on what lies ahead in terms of size and duration will also be likely
Whatever the FED announces, expect Trump to be busy on Twitter and it’s unlikely to be too complimentary of the FED Chair.
As we have seen in the past, the markets don’t appreciate such heavy-handedness… Any shocks from the FED could be exasperated by the U.S President.
The Dollar Spot Index was up by 0.06% to 96.385 at the time of writing.
For the Loonie
It’s another particularly quiet day ahead on the economic calendar. There are no material stats due out of Canada to provide the Loonie with direction.
That will leave the Loonie in the hands of the weekly EIA inventory numbers, market risk appetite, and ultimately the FED…
At the time of writing, the Loonie was up by 0.16% to C$1.3396 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | According to the latest Westpac Report, Looking at the sub-components: The economy, next 12-months sub-index increased by 8.4% to 77.2, with the time to buy a major household item jumping by 10.1%. A large degree of economic uncertainty, however, should leave the FED a little flat-footed on any major commitments… Employment may have been better than expected last week but that doesn’t mean a sub-10% unemployment rate before the end of the summer. This article was originally posted on FX Empire More From FXEMPIRE: GBP/JPY Price Forecast – British Pound Bounces from Major Support Level On This Market, Bearish Gap is Just a Bullish Opportunity Silver Price Daily Forecast – Silver Attempts To Settle Above $18.00 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Aussie Dollar Consumer sentiment improved further in June, with the Westpac Consumer Sentiment Index rising by 6.3% to 93.7. A lack of stats will leave the EUR in the hands of market risk appetite in the early part of the day. The lack of stats will continue to leave the Pound in the hands of Brexit and market risk sentiment. | The Day Ahead: For the EUR It’s a particularly quiet day ahead on the economic calendar. That will leave the Loonie in the hands of the weekly EIA inventory numbers, market risk appetite, and ultimately the FED… At the time of writing, the Loonie was up by 0.16% to C$1.3396 against the U.S Dollar. This article was originally posted on FX Empire More From FXEMPIRE: GBP/JPY Price Forecast – British Pound Bounces from Major Support Level On This Market, Bearish Gap is Just a Bullish Opportunity Silver Price Daily Forecast – Silver Attempts To Settle Above $18.00 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | On Tuesday, 2nd June, a total of 21,208 new cases had been reported. While the markets are expecting the FOMC to leave interest rates unchanged…. That will leave the Loonie in the hands of the weekly EIA inventory numbers, market risk appetite, and ultimately the FED… At the time of writing, the Loonie was up by 0.16% to C$1.3396 against the U.S Dollar. | 23cb7cfb-aef9-43de-827e-78740cbe2f15 |
709087.0 | 2020-06-08 00:00:00 UTC | The Greenback Finds Early Support as Economic Data Tempers Optimism | DBO | https://www.nasdaq.com/articles/the-greenback-finds-early-support-as-economic-data-tempers-optimism-2020-06-09 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was a busy start to the day on the economic calendar this morning. The Aussie Dollar, Kiwi Dollar, and British Pound were in action.
There were no major spikes from the daily COVID-19 numbers to affect risk sentiment. A lack of any major catalysts and depressed business confidence figures tested the Aussie Dollar and Kiwi Dollar early on.
Looking at the latest coronavirus numbers,
On Monday, the number of new coronavirus cases rose by 102,703 to 7,188,443 On Sunday, the number of new cases had risen by 123,802. The daily increase was lower than Sunday’s rise, while higher than 95,146 new cases from the previous Monday.
Germany, Italy, and Spain reported 783 new cases on Monday, which was up from 610 new cases on Sunday. On the previous Monday, 680 new cases had been reported.
From the U.S, the total number of cases rose by 18,206 to 2,025,655 on Monday. On Sunday, the total number of cases had risen by 20,274. On Monday, 1st June, a total of 21,287 new cases had been reported.
For the Kiwi Dollar
Business confidence provided the Kiwi Dollar with little support in the early hours.
The ANZ Business Confidence Index increased from -41.8 to -33 in June. In May, the Index had risen from -66.6 to -41.8.
According to the latest ANZ Report,
A net 29% of firms expect weaker economic activity in their own business, up by 10 points from May.
Employment intentions fell rose from 42.4% to a net 37.0% of firms intending to reduce employment.
Investment intentions improved from a negative 31.7% to a negative 21.6%.
Profit expectations rose from a net 55.6% expecting lower profitability to a net 51.2%.
Export intentions rose from a negative 32.2 to -17.1.
The Business Confidence Index increased from -41.8 to -33.
The Kiwi Dollar moved from $0.65627 to $0.65541 upon release of the numbers. At the time of writing, the Kiwi Dollar was down by 0.14% to $0.6551.
For the Aussie Dollar
It was business confidence that garnered attention this morning. The NAB Business Confidence Index rose from -46 to -20 in May. In April, the Index had risen from -66 to -46.
There was no major rebound in confidence as lockdown measures continued to hinder recovery in the services sector.
The Aussie Dollar moved from $0.69988 to $0.70040 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.33% to $0.6998.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.24% to ¥108.17 against the U.S Dollar.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on theeconomic calendar German Trade figures for April are due out along with the Eurozone’s 2nd estimate GDP numbers for the 1st quarter.
We do not expect the EUR to find too much direction from the numbers today, as focus now shifts to beyond May.
We will need to get a sense of how member states will agree to distribute funds from the COVID-19 Stimulus package and EU Budget. On the geopolitical risk front, any spike in tensions would be EUR negative.
At the time of writing, the EUR was down by 0.07% to $1.1286.
For the Pound
It’s another particularly quiet day ahead on the economic calendar. There are no material stats due out to provide the Pound with direction.
The lack of stats will continue to leave the Pound in the hands of Brexit and market risk sentiment.
Later in the day, BoE MPC Member Cunliffe is scheduled to speak, with any monetary policy chatter likely to influence.
Earlier in the day, retail sales figures for May provided little comfort. The BRC Retail Sales Monitor jumped by 7.9% following a 5.7% rise in April. While the headline number was Pound positive, the devil was in the details, however. Total sales slid by 5.9%. The headline figure provides like-for-like comparisons and doesn’t consider temporarily closed store figures while including online sales.
At the time of writing, the Pound was down by 0.09% to $1.2713.
Across the Pond
It’s also a quiet day ahead on the U.Seconomic calendar April’s JOLTs job openings are due out later today.
We don’t expect the stats to have any impact on market risk sentiment and the Dollar, however.
We’ve seen May’s unexpected rise in nonfarm payrolls that will bring the focus onto May’s job openings.
Away from theeconomic calendar tensions between the U.S and China continue to linger that could end up pouring cold water on hopes of a speedy global economic recovery. Expect any chatter from Beijing and Washington to garner plenty of attention.
The Dollar Spot Index was up by 0.10% to 96.719 at the time of writing.
For the Loonie
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of Canada to provide the Loonie with direction.
That will leave the Loonie in OPEC’s hands, with the OPEC meeting scheduled later today.
At the time of writing, the Loonie was down by 0.07% to C$1.3391 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Across the Pond It’s also a quiet day ahead on the U.Seconomic calendar April’s JOLTs job openings are due out later today. Away from theeconomic calendar tensions between the U.S and China continue to linger that could end up pouring cold water on hopes of a speedy global economic recovery. This article was originally posted on FX Empire More From FXEMPIRE: U.S. Dollar Index (DX) Futures Technical Analysis – Near-Upside Objective is 98.230 NZD/USD Forex Technical Analysis – Trend Changes to Down on Trade Through .6381 Oil Price Fundamental Daily Forecast – Traders Appear to be Shrugging Off Second -Wave COVID-19 Concerns The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Looking at the latest coronavirus numbers, On Monday, the number of new coronavirus cases rose by 102,703 to 7,188,443 On Sunday, the number of new cases had risen by 123,802. For the Kiwi Dollar Business confidence provided the Kiwi Dollar with little support in the early hours. The Day Ahead: For the EUR It’s a relatively quiet day ahead on theeconomic calendar German Trade figures for April are due out along with the Eurozone’s 2nd estimate GDP numbers for the 1st quarter. | A lack of any major catalysts and depressed business confidence figures tested the Aussie Dollar and Kiwi Dollar early on. Looking at the latest coronavirus numbers, On Monday, the number of new coronavirus cases rose by 102,703 to 7,188,443 On Sunday, the number of new cases had risen by 123,802. The Day Ahead: For the EUR It’s a relatively quiet day ahead on theeconomic calendar German Trade figures for April are due out along with the Eurozone’s 2nd estimate GDP numbers for the 1st quarter. | A lack of any major catalysts and depressed business confidence figures tested the Aussie Dollar and Kiwi Dollar early on. From the U.S, the total number of cases rose by 18,206 to 2,025,655 on Monday. For the Loonie It’s a particularly quiet day ahead on the economic calendar. | 11e96a08-4a26-46d8-a5c3-4a468ac6bac3 |
709088.0 | 2020-06-03 00:00:00 UTC | Dollar is Sold and ROW is Bought | DBO | https://www.nasdaq.com/articles/dollar-is-sold-and-row-is-bought-2020-06-03-0 | nan | nan | FXEmpire.com -
Europe’s Dow Jones Stoxx 600 is up more than 1% for the third consecutive session. US shares are trading higher and are poised to extend their recent run. Bond yields are backing up. Australia, New Zealand, and South Korea saw 5-6 bp increases, while European bonds are 2-3 bp higher. The US 10-year benchmark is straddling the 70 bp area.
The dollar is soft against most European currencies, led by the Scandi bloc, and the euro is trying to establish a foothold above $1.12. The greenback is consolidating its recent gains against the dollar-bloc currencies. The Swiss franc and yen remain on the defensive. Outside of China, Turkey, India, and most emerging market currencies also are firmer against the dollar. Gold was turned back after approaching $1750 yesterday, and July WTI is above $38, while August Brent poked above $40.
Asia Pacific
A pattern that is emerging with the service sector PMI reports is that the final reading is mostly above the preliminary or flash reports. This began in Japan and Australia. Japan’s service PMI rose to 26.5 from 25.3, and 21.5 in April. The composite rose to 27.8 from 27.4, and 25.8 in April. Australia’s service PMI rose to 26.9 from 25.5. It was below 20 in April. The composite PMI rose to 28.1 form 21.7 in April. The preliminary estimate was 26.4. Separately, Australia reported that Q1 GDP contracted by 0.3%, a little less than anticipated. The BOJ is considering doubling its assistance to small businesses as early as the policy meeting later this month.
China’s Caixin PMI surprised to the upside. The non-manufacturing component rose to 55. from 44.4 in April. The composite rose to 54.5 from 47.6. Nevertheless, China is expected to provide more monetary and fiscal stimulus. Meanwhile, Hong Kong forward points eased with the 3-month nearly back at pre-crisis levels, thought the 12-month points remain elevated.
The yen was sold off hard yesterday, finally capitulating to the unwind of “safe haven” strategies that had already pressured the US dollar, and was also becoming evident in the Swiss franc. The US dollar broke out of its narrow range yesterday, surging above the 200-day moving average (~JPY108.35), for the first time since mid-April to nearly JPY108.80. Follow-through buying today in Tokyo saw only a marginal new high before consolidating. As long as the JPY108.00-JPY108.20 area holds, the breakout will be confirmed.
The Australian dollar‘s gains accelerated to almost $0.7000 (~$0.6985) before profit-taking kicked in and sent the Aussie to about $0.6880 before buying returned. Still, a stronger recovery in North America is needed to avoid leaving a bearish shoot star candlestick in its wake. The PBOC set the dollar’s reference rate a bit stronger than the bank models suggested (CNY7.1074 vs. CNY7.1053). The dollar is ending its four-day downtrend against the yuan, and the CNY7.10, which was the upper end of the previous range, now could be the lower end of the new range.
The dollar has sold off hard against the Indonesian rupiah (-2.2%) after a 1.3% slide on Monday. Strong portfolio flows into its bond market, where the 10-year local currency bond yield has fallen near 35 bp over the past week.
Europe
The main macro development today is the final service and composite PMI readings. They were better than expected. Germany’s May service PMI was twice April at 32.6 (vs. 16.2) and a little higher than the preliminary reading. The composite, held back by the manufacturing PMI, rose to 32.3 form 31.4 (flash) and 17.4 in April. France’s story was the same but more. The service PMI rose to 31.1 from the initial estimate of 29.4 and 10.2 in April. The composite stands at 32.1 after 11.1 in April. Spain and Italy, which do not see preliminary estimates, rose more than expected. In Spain, the service PMI rose to 27.9 from 7.1, and the composite is at 29.2 after 9.2 reading in April. Italy service PMI jumped to 28.9 from 10.8, and the composite surged to 33.9 from 10.9.
The same general pattern was evident in the UK. Between the time of the preliminary estimate and the final reading, the situation, while remaining dire, improved. The service PMI rose to 29.0 from the 27.8 flash report and 13.4 in April. The composite rose to 30.0 from 28.9 initially and 13.8 in April. Separately, we note that Bank of England Governor Bailey encouraged banks to prepare for the UK and EU to fail to secure a trade agreement by the end of the year.
The euro is trading higher for the seventh consecutive session and pushed above $1.12 for the first time since mid-March. There are 1.4 bln euros in options struck between $1.1210 and $1.1220 that will expire today. The high in late Asia was just shy of $1.1230. Sterling’s advancing streak has extended into the fifth consecutive session today, and it traded above $1.26 for the first time since May 1. The 200-day moving average is near $1.2675, and it has not traded above it since March 12, and the April highs were set a little lower (~$1.2640-$1.2650). Turkey’s CPI was stronger than expected (almost 11.4% in May from just below 11% in April) and mostly reflected an increase in the core rate. This takes real rates in Turkey deeper into negative territory and weakened the lira after it rose to near two-month highs.
America
The Bank of Canada meets today amid little fanfare. The Bank of Canada has responded aggressively to the crisis. It slashed the overnight target rate to 25 bp from 150 bp, a record low. It launched its first quantitative easing (large-scale asset purchases) by buying federal, provincial, and corporate debt. The balance sheet has quadrupled to around C$465 bln or about 20% of GDP. Poloz was not an advocate of negative rates, and we suspect Macklem concurs. Current policies can be scaled if needed.
Thursday’s economic update (to be delivered by a deputy governor) and Friday’s jobs report lay ahead. The Canadian dollar often moves alongside the other Australian and New Zealand dollar, and it has been the laggard in the advance that has accelerated since mid-May. The Canadian dollar has risen about 4.3% compared with around 7.8% for the Antipodeans. Lastly, while the Reserve Bank of Australia has targeted the 3-year yield at 25 bp, the same as its cash rate target, the Bank of Canada has not introduced yield curve control. However, its two-year yield has been stable, hovering around 30 bp since the end of April.
The ADP releases its estimate of the change in last month’s private sector employment. A loss of 9 mln jobs is expected after a 20.2 mln loss in April. The median forecast in the Bloomberg survey for Friday’s non-farm payroll is for a decline of 8 mln. Markit reports its final service and composite PMI and the ISM issues its non-manufacturing index.
The takeaway is that construction continues but at a slower rate, which is still seen setting the stage for a recovery beginning in Q3. The labor market, and the current end of the extended benefits next month, could set the stage for the second wave of layoffs, and this risk is beginning to be discussed. April factory and durable goods orders are too dated to have much impact. Separately, the US has begun reviewing the digital tax that several countries in Europe and India are threatening, and this could be a source of friction (tariffs?) in the coming months.
The US dollar had fallen from CAD1.40 on May 25 to about CAD1.3480 yesterday. It is holding near the today, which is a little above the 200-day moving average (~CAD1.3460). There is also an old gap from March (~CAD1.3440-CAD1.3460) that may have some technical significance. Resistance is seen in the CAD1.3585-CAD1.3615 area.
The impressive recovery of the peso continues. The dollar traded toward MXN21.50, and the next technical target is near MXN21.30. Its recovery despite weak fundamentals can be attributed to its high real and nominal interest rates. We are concerned that the level of the peso needed to clear the capital markets is much stronger than the level of the peso needed to clear the market for goods and services.
For a look at all of today’s economic events, check out our economic calendar.
This article was written by Marc Chandler, MarctoMarket.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The yen was sold off hard yesterday, finally capitulating to the unwind of “safe haven” strategies that had already pressured the US dollar, and was also becoming evident in the Swiss franc. The labor market, and the current end of the extended benefits next month, could set the stage for the second wave of layoffs, and this risk is beginning to be discussed. This article was originally posted on FX Empire More From FXEMPIRE: GBP/USD Could See Volatile Swings as Markets React to Brexit and Coronavirus Developments Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – June 15th, 2020 AUD/USD and NZD/USD Fundamental Weekly Forecast – Global Coronavirus Surge Weighing on Demand The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Australia, New Zealand, and South Korea saw 5-6 bp increases, while European bonds are 2-3 bp higher. Europe The main macro development today is the final service and composite PMI readings. We are concerned that the level of the peso needed to clear the capital markets is much stronger than the level of the peso needed to clear the market for goods and services. | The service PMI rose to 31.1 from the initial estimate of 29.4 and 10.2 in April. In Spain, the service PMI rose to 27.9 from 7.1, and the composite is at 29.2 after 9.2 reading in April. The service PMI rose to 29.0 from the 27.8 flash report and 13.4 in April. | Outside of China, Turkey, India, and most emerging market currencies also are firmer against the dollar. Asia Pacific A pattern that is emerging with the service sector PMI reports is that the final reading is mostly above the preliminary or flash reports. It was below 20 in April. | ac813fb0-0b67-4c1b-9f50-005724b2d2ca |
709089.0 | 2020-06-03 00:00:00 UTC | Services Sector PMIs and the Bank of Canada in Focus as Optimism Reigns Supreme | DBO | https://www.nasdaq.com/articles/services-sector-pmis-and-the-bank-of-canada-in-focus-as-optimism-reigns-supreme-2020-06-03 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was a relatively busy day on the economic calendar this morning. The Aussie Dollar and Japanese Yen were in focus early in the day, as was economic data out of China.
Away from theeconomic calendar key risks remained in focus, while the Asian markets responded to news from the U.S.
The good news continued to be the COVID-19 numbers that remained on the lower side in spite of the easing in lockdown measures. While plenty of downside risks remain, including consumer sentiment, it’s certainly good news for the markets. A COVID-19 vaccine would address the uncertainty over consumer sentiment globally…
Looking at the latest coronavirus numbers,
On Tuesday, the number of new coronavirus cases rose by 112,694 to 6,470,911. On Monday, the number of new cases had risen by 95,146. While the daily increase was higher than Monday’s rise and 95,878 new cases from the previous Tuesday.
France, Germany, Italy, and Spain reported 938 new cases on Tuesday, which was down from 1,018 new cases on Monday. On the previous Tuesday, 1,535 new cases had been reported. Significantly, all 4 member states reported less than 300 cases each for a 2nd consecutive day.
From the U.S, the total number of cases rose by 21,208 to 1,879,665 on Tuesday. On Monday, the total number of cases had risen by 21,287. On Tuesday 26th May, a total of 19,185 new cases had been reported.
For the Japanese Yen
May’s finalized service sector PMI came in at 26.5, which was up from an April 21.5 and a prelim 25.3.
The Japanese Yen moved from ¥108.719 to ¥108.742 upon release of the figures. At the time of writing, the Japanese Yen was up by 0.10% to ¥108.57 against the U.S Dollar.
For the Aussie Dollar
It was a busy morning for the Aussie Dollar, with housing sector data for April in focus along with May’s service sector PMI.
The headline, however, was 1st quarter GDP numbers, which were expected to be quite dire…
Looking at the stats:
Building approvals fell by 1.8%, following a 2.6% fall in March, which was far better than a forecasted fall of 15.0%. The services PMI continued to struggle in May. The PMI came in at 26.9, which was up from an April 19.5 and prelim 25.5.
In the 1st quarter, the economy contracted by 0.3%, quarter-on-quarter, following a 0.5% expansion in the 4th quarter. Economists had forecast a contraction of 0.3%.
Year-on-year, the economy grew by 1.4% that was softer than 2.2% in the 4th quarter. This was also in line with forecasts. This was the slowest through the year growth since Q3 2009.
According to the ABS,
A number of factors hit the Australian economy, including the bushfires and the effects of the COVID-19 pandemic.
Government spending limited the impact, with public demand contributing 0.3 percentage points to GDP. This came from a 1.8% rise in government final consumption expenditure.
By contrast, public demand detracted 0.8 percentage points from GDP. This came from a 1.1% slide in household final consumption expenditure.
Net trade contributed 0.5 percentage points to GDP. Imports of goods fell 3.9%, with imports of services sliding by 13.6%. Exports of services fell by 12.8%.
The Aussie Dollar moved from $0.69680 to $0.69506 upon release of the statement. At the time of writing, the Aussie Dollar up by 0.54% at $0.6934.
From China
The Caixin Services PMI rose from 44.4 to 55.0 in May.
According to the May Caixin Services PMI survey,
Business activity and new work rose at the quickest rate since late 2010. It marked the first increase in activity for 4-months.
A resumption in business operations and improved client demand led to a first uptick in total new orders since January. The rate of expansion was the sharpest since September 2010 and the historical average.
Domestic demand delivered as new export business continued to tumble in May. This weak overseas demand was attributed to the continued lockdown measures in place through much of May.
The Aussie Dollar moved from $0.69506 to $0.69449 upon release of the figures.
Elsewhere
At the time of writing, the Kiwi Dollar was up by 0.63% to $0.6411.
The Day Ahead:
For the EUR
It’s a busy day ahead on the economic calendar. May’s service sector PMIs for Italy and Spain are due out in the early part of the European session. Finalized PMIs from France, Germany, and the Eurozone will also draw attention.
We are looking for a services sector rebound to drive hiring and economic recovery. Prior to the coronavirus pandemic, even the ECB had been looking towards services for support.
That then brings Germany’s unemployment figures for May into focus.
The good news, however, is that the EU has agreed on a bazooka of a recovery plan that could see the markets brush aside the numbers.
Dire numbers, however, could test the theory that the recovery will be a swift one to pre-pandemic levels.
At the time of writing, the EUR was up by 0.30% to $1.1203.
For the Pound
It’s a relatively busy day ahead on the economic calendar. May’s finalized services and composite PMIs are due out later this morning.
While downward revisions will test the Pound, updates from EU – UK Brexit talks will likely be the key drivers on the day.
There was a hint of compromise from the UK government in the earlier part of the week. If that translates into a compromise with the EU on fishing rights then there may be the hope of some kind of blueprint…
We have also heard the chatter of a transition period extension that would also be a boost…
At the time of writing, the Pound was up by 0.25% to $1.2583.
Across the Pond
It’s a busy day ahead on the U.Seconomic calendar The markets preferred ISM Non-Manufacturing PMI for May and ADP nonfarm employment change figures are due out.
We are expecting another slump in nonfarm. We are not expecting weaker ISM PMI numbers, however.
A fall in the ISM non-manufacturing PMI from April levels would check the market’s buoyant mood.
On the geopolitical front, the markets can’t ignore events in the U.S forever… Trump is heading for the Oval Office exit door at a rapid pace if things don’t change. Or is he?
The Dollar Spot Index was down by 0.24% to 97.438 at the time of writing.
For the Loonie
It’s a busy day ahead on the economic calendar. While economic data is limited to 1st quarter productivity, the Bank of Canada is delivering its June monetary policy decision.
Risk sentiment has picked up and hopes are of an economic rebound that has fueled a rally in oil prices.
Will the BoC see it the same way? Expect a more conservative view, though we’re not expecting the Loonie to sink.
OPEC Plus chatter and U.S EIA inventory numbers will influence, however. The BoC is fully aware of the risks to crude oil price stability and the impact on the Canadian economy. Some Loonie weakness wouldn’t be a bad thing…
At the time of writing, the Loonie was up by 0.11% to C$1.3504 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Across the Pond It’s a busy day ahead on the U.Seconomic calendar The markets preferred ISM Non-Manufacturing PMI for May and ADP nonfarm employment change figures are due out. On the geopolitical front, the markets can’t ignore events in the U.S forever… Trump is heading for the Oval Office exit door at a rapid pace if things don’t change. This article was originally posted on FX Empire More From FXEMPIRE: Netflix Near All-Time High After COVID-19 Shutdowns Week Ahead – Market Recovery Under Threat? | The Aussie Dollar and Japanese Yen were in focus early in the day, as was economic data out of China. Government spending limited the impact, with public demand contributing 0.3 percentage points to GDP. Across the Pond It’s a busy day ahead on the U.Seconomic calendar The markets preferred ISM Non-Manufacturing PMI for May and ADP nonfarm employment change figures are due out. | For the Aussie Dollar It was a busy morning for the Aussie Dollar, with housing sector data for April in focus along with May’s service sector PMI. The Day Ahead: For the EUR It’s a busy day ahead on the economic calendar. Across the Pond It’s a busy day ahead on the U.Seconomic calendar The markets preferred ISM Non-Manufacturing PMI for May and ADP nonfarm employment change figures are due out. | The Aussie Dollar and Japanese Yen were in focus early in the day, as was economic data out of China. For the Japanese Yen May’s finalized service sector PMI came in at 26.5, which was up from an April 21.5 and a prelim 25.3. For the Aussie Dollar It was a busy morning for the Aussie Dollar, with housing sector data for April in focus along with May’s service sector PMI. | b2559978-91f6-469e-b71e-004c994ea660 |
709090.0 | 2020-06-02 00:00:00 UTC | Geopolitics and U.S Riots Back in Focus with the Stats on the Lighter Side | DBO | https://www.nasdaq.com/articles/geopolitics-and-u.s-riots-back-in-focus-with-the-stats-on-the-lighter-side-2020-06-02 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was another relatively busy day on the economic calendar this morning. The Aussie Dollar and Kiwi Dollar were in focus early in the day.
Away from theeconomic calendar key risks returned into focus, weighing on the U.S futures and Aussie and Kiwi Dollar.
Looking at the latest coronavirus numbers, there was nothing to raise concerns.
On Monday, the number of new coronavirus cases rose by 95,146 to 6,358,217. On Sunday, the number of new cases had risen by 112,809. While the daily increase was lower than Sunday’s rise it was up from 83,824 new cases from the previous Monday.
France, Germany, Italy, and Spain reported 1,018 new cases on Monday, which was up from 991 new cases on Sunday. On the previous Monday, 747 new cases had been reported. Significantly, however, all 4 member states reported less than 300 cases each at the start of the week.
From the U.S, the total number of cases rose by 21,287 to 1,858,457 on Monday. On Sunday, the total number of cases had risen by 20,569. On Monday 25th May, a total of 19,790 new cases had been reported.
For the Kiwi Dollar
April building consents fell by 6.50%, month-on-month in April, following a 21.3% tumble in March.
According to NZ Stats,
Compared with April 2019, new homes consented was down by almost 17%, the largest decline since July 2011.
The decline was attributed to lockdown measures throughout the month.
In February 2020 year, a 45-year record 37,882 new homes had been consented.
The Kiwi Dollar moved from $0.62912 to $0.62914 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.16% to $0.6282.
For the Aussie Dollar
On the economic data front, the current account surplus widened from A$1.0bn to A$8.4bn in the 1st quarter. Economists had forecast a surplus of A$6.3bn.
Company gross operating profits also beat forecasts, rising by 1.1% in the 1st quarter. In the 4th quarter, profits had fallen by 3.5%. Economists had forecast another 3.5% decline.
The stats provided some early support to the Aussie Dollar, though the upside was short-lived, with the RBA monetary policy decision the main event.
The RBA
In line with market expectations, the RBA held the cash rate and yield on 3-year Australian Government bonds of 25 basis points unchanged this morning. Salient points from the RBA Rate Statement included:
Domestically, the economy is experiencing its biggest contraction since the 1930s.
Total hours worked fell by an unprecedented 9%, with more than 600,000 people losing their jobs in April.
Household spending weakened considerably, with investment plans deferred or canceled.
The rate of new infections declining significantly and some restrictions eased earlier than had been anticipated, however. It is, therefore, possible that the depth of the downturn will be less than earlier expected.
There are signs that hours worked stabilized in May, with a pickup in consumer spending.
The outlook, including the nature and speed of the expected recovery, remains highly uncertain.
In that period immediately ahead, much will depend on the confidence that people and businesses have about the health situation and their own finances.
The substantial, coordinated, and unprecedented easing of fiscal and monetary policy is helping the economy. It is likely that this fiscal and monetary policy support will be required for some time.
It was also noted that the Board will not increase the cash rate target until progress is being made towards full employment and it is confident that inflation will be sustainably within the 2-3% target band.
The Aussie Dollar moved from $0.67838 to $0.67900 upon release of the statement. At the time of writing, the Aussie Dollar down by 0.10% at $0.6791.
Elsewhere
At the time of writing, the Japanese Yen was down by 0.11% to ¥107.71 against the U.S Dollar.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. Unemployment figures are due out of Spain later this morning.
We don’t expect the numbers to have a marked impact on the EUR, however. The markets expect the COVID-19 recovery plan to support a pickup in hiring in the months ahead. Spain is likely to be a major beneficiary of funds from the EU.
Away from theeconomic calendar risk aversion could pin the EUR back in the early part of the day.
At the time of writing, the EUR was up by 0.08% to $1.1127.
For the Pound
It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction.
A lack of stats will leave market sentiment towards COVID-19, Brexit and the economic outlook to be the key areas of focus.
At the time of writing, the Pound was down by 0.09% to $1.2481.
Across the Pond
It’s also a particularly quiet day ahead on the U.Seconomic calendar There are no material stats due out of the U.S to provide the Greenback with direction.
A lack of stats will leave the market focus on geopolitics as China and the U.S continue to face off. There will also be increased concern over the extended riots and the possible use of military force.
The Dollar Spot Index was up by 0.04% to 97.871 at the time of writing.
For the Loonie
It’s a quiet day ahead on the economic calendar. There are no material stats to provide the Loonie with direction.
A lack of stats leaves the Loonie in the hands of crude oil prices and OPEC Plus action.
At the time of writing, the Loonie was up by 0.13% to C$1.3555 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The stats provided some early support to the Aussie Dollar, though the upside was short-lived, with the RBA monetary policy decision the main event. Across the Pond It’s also a particularly quiet day ahead on the U.Seconomic calendar There are no material stats due out of the U.S to provide the Greenback with direction. This article was originally posted on FX Empire More From FXEMPIRE: Silver Price Forecast – Silver Markets Continue to Pressure to The Upside Gold Price Futures (GC) Technical Analysis – Trader Reaction to $1728.70 Sets Near-Term Tone The Black Swan Event for Stocks is About to Repeat The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Aussie Dollar and Kiwi Dollar were in focus early in the day. Away from theeconomic calendar key risks returned into focus, weighing on the U.S futures and Aussie and Kiwi Dollar. This article was originally posted on FX Empire More From FXEMPIRE: Silver Price Forecast – Silver Markets Continue to Pressure to The Upside Gold Price Futures (GC) Technical Analysis – Trader Reaction to $1728.70 Sets Near-Term Tone The Black Swan Event for Stocks is About to Repeat The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Aussie Dollar and Kiwi Dollar were in focus early in the day. France, Germany, Italy, and Spain reported 1,018 new cases on Monday, which was up from 991 new cases on Sunday. The Day Ahead: For the EUR It’s a relatively quiet day ahead on the economic calendar. | FXEmpire.com - Earlier in the Day: It was another relatively busy day on the economic calendar this morning. The Aussie Dollar and Kiwi Dollar were in focus early in the day. The markets expect the COVID-19 recovery plan to support a pickup in hiring in the months ahead. | c13c0348-52f1-48b0-9fca-7a8306dc3bdf |
709091.0 | 2020-05-31 00:00:00 UTC | Manufacturing PMIs Put the EUR and USD in Focus as Demand for Riskier Assets Rises | DBO | https://www.nasdaq.com/articles/manufacturing-pmis-put-the-eur-and-usd-in-focus-as-demand-for-riskier-assets-rises-2020-06 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was a relatively busy day on the economic calendar this morning. The Aussie Dollar and China were in focus early in the day.
From the weekend, private sector PMI numbers from China had delivered mixed results. The NBS manufacturing PMI slipped from 50.8 to 50.6, while the Services PMI rose from 53.2 to 53.6. As a result of the mixed results, the Composite PMI held steady at 53.4.
Away from theeconomic calendar there was plenty for the markets to consider from late on Friday and the weekend.
Also for the markets to consider were the riots across the U.S and what’s to come from political activists in HK as the U.S turns its back.
It wasn’t too long ago that Capitol Hill had approved a Bill to protect the rights of HK citizens. Some U.S confetti rather than anything meaningful judging by the latest move by the government.
The fact that Trump retained the phase 1 trade agreement muted the effect of other steps the U.S government plans to take.
Looking at the latest coronavirus numbers,
On Sunday, the number of new coronavirus cases rose by 112,809 to 6,263,071. On Saturday, the number of new cases had risen by 124,155. The daily increase was lower than Saturday’s rise while up from 101,608 new cases from the previous Sunday.
France, Germany, Italy, and Spain reported just 991 new cases on Sunday, which was down from 3,045 new cases on Saturday. On the previous Sunday, 1,470 new cases had been reported.
From the U.S, the total number of cases rose by 20,569 to 1,837,170 on Sunday. On Saturday, the total number of cases had risen by 23,338. On Sunday 24th May, a total of 20.190 new cases had been reported.
For the Aussie Dollar
The AIG Manufacturing Index rose from 35.8 to 41.6. In April, the Index had tumbled from 53.7 to 35.8.
The Aussie Dollar moved from $0.66592 to $0.66598 upon release of the figures, which preceded China’s Caixin manufacturing PMI.
For the Japanese Yen
Capital spending rose by 4.3% in the 1st quarter, year-on-year, reversing a 3.5% fall in the 4th quarter.
The Japanese Yen moved from ¥107.667 to ¥107.720 upon release of the figures. At the time of writing, the Japanese Yen was up by 0.13% to ¥107.69 against the U.S Dollar.
Out of China
The CAIXIN Manufacturing PMI rose from 49.4 to 50.7 in May. Economists had forecast a rise to 49.6.
According to the May Caixin Survey,
Output increased at the fastest pace since January 2011.
Weak demand remained an issue, however, with export orders seeing a marked decline.
Companies reduced staffing levels and only marginally increased buying activity as a result.
Backlogs of orders fell for the 1st time since February 2016.
The Aussie Dollar moved from $0.67256 to $0.67253 upon release of the figures. At the time of writing, the Aussie Dollar up by 1.00% at $0.6734.
Elsewhere
At the time of writing, the Kiwi Dollar was up by 0.66% to $0.6246.
The Day Ahead:
For the EUR
It’s a busy day ahead on theeconomic calendar Key stats include May’s Manufacturing PMI numbers for Italy and Spain. Finalized PMIs are also due out for France, Germany, and Spain.
The markets will be looking for better a rise in Italy’s PMI and for Germany and the Eurozone PMIs to avoid a downward revision.
We expect that the focus will be in the details, with hiring and new orders key areas to consider.
Away from theeconomic calendar risk appetite supported the EUR in the early part of the day.
At the time of writing, the EUR was up by 0.33% to $1.1138.
For the Pound
It’s a relatively quiet day ahead on the economic calendar. May’s finalized Manufacturing PMI is due out later today. Barring a material deviation from prelim, however, we would expect the Pound to brush aside the numbers.
Updates on Brexit and COVID-19 will likely be the key drivers on the day.
At the time of writing, the Pound was up by 0.47% to $1.2401, the upside coming off the back of Dollar weakness.
Across the Pond
It’s a busy day ahead on the U.Seconomic calendar The market’s preferred ISM Manufacturing PMI for May is due out along with finalized Markit Manufacturing PMI numbers.
Expect the focus to be on the ISM number. Last week, we saw the Chicago PMI fall back. A similar trend in the ISM would raise doubts over a summer economic recovery in the sector.
Outside of the numbers, however, the markets brushed aside concerns over rioting and the rise in tensions between the U.S and China. Chatter from Beijing or Washington could shift the optimism, however.
The Dollar Spot Index was down by 0.38% to 97.97 at the time of writing.
For the Loonie
It’s a particularly quiet day ahead on the economic calendar. There are no material stats to provide the Loonie with direction.
The lack of stats leaves the Loonie in the hands of the news wires and market risk sentiment on the day.
At the time of writing, the Loonie was up by 0.55% to C$1.3704 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The fact that Trump retained the phase 1 trade agreement muted the effect of other steps the U.S government plans to take. The lack of stats leaves the Loonie in the hands of the news wires and market risk sentiment on the day. This article was originally posted on FX Empire More From FXEMPIRE: European Equities: A Quiet Economic Calendar Puts U.S Jobless Claims in Focus Playing the FX Cross in the Wake of the FOMC S&P 500 Earnings Preview – Adobe Headlines Thursday’s Earnings Results The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Looking at the latest coronavirus numbers, On Sunday, the number of new coronavirus cases rose by 112,809 to 6,263,071. The Day Ahead: For the EUR It’s a busy day ahead on theeconomic calendar Key stats include May’s Manufacturing PMI numbers for Italy and Spain. Across the Pond It’s a busy day ahead on the U.Seconomic calendar The market’s preferred ISM Manufacturing PMI for May is due out along with finalized Markit Manufacturing PMI numbers. | The Aussie Dollar moved from $0.66592 to $0.66598 upon release of the figures, which preceded China’s Caixin manufacturing PMI. The Day Ahead: For the EUR It’s a busy day ahead on theeconomic calendar Key stats include May’s Manufacturing PMI numbers for Italy and Spain. Across the Pond It’s a busy day ahead on the U.Seconomic calendar The market’s preferred ISM Manufacturing PMI for May is due out along with finalized Markit Manufacturing PMI numbers. | The Day Ahead: For the EUR It’s a busy day ahead on theeconomic calendar Key stats include May’s Manufacturing PMI numbers for Italy and Spain. At the time of writing, the Pound was up by 0.47% to $1.2401, the upside coming off the back of Dollar weakness. For the Loonie It’s a particularly quiet day ahead on the economic calendar. | 48c869a5-a152-48d0-86a9-7d85a295ea45 |
709092.0 | 2020-05-31 00:00:00 UTC | Commodity Weekly: Crude Oil Frets Geopolitics, Sluggish Demand Bounce | DBO | https://www.nasdaq.com/articles/commodity-weekly%3A-crude-oil-frets-geopolitics-sluggish-demand-bounce-2020-05-31 | nan | nan | FXEmpire.com -
The energy sector gave back some of their record monthly gains, industrial metals paused while precious metals rose on increased geopolitical concerns, a weaker dollar and lower bond yields.
Commodities trading was mixed during the final week of May. A month that turned out to be the come-back month for many markets following the Covid-19 related collapse seen during Q1. The continued easing of lockdowns around the world have, despite dismal economic data, raised hopes that a V-shaped recovery may occur over the coming months.
This is optimism we unfortunately do not share – with millions of workers unlikely to return to work, together with the risk of the virus re-emerging as some economies attempt to open-up too soon.
The Bloomberg Commodity Index traded lower, with the energy sector giving back some of their record gains seen after the April collapse. Industrial metals also traded softer on rising US-China tensions despite the National People’s Congress introducing new stimulus measures. A challenge to precious metals was quickly reversed with both gold and not least silver continuing to attract demand amid a weaker dollar, lower real yields and friction between the world’s two biggest economies.
While silver continued to claw back some of its substantial March losses, gold’s resilience was tested once again this past week. The lack of follow-through momentum from the recent breakout to $1765 had left the market nervous and it culminated when the spot price briefly broke below $1700/oz this past week. However, just like the break to the upside failed to attract fresh buying, the break below support was not met by fresh selling.
Instead, support was quickly reestablished as the dollar and bond yields moved lower on increased US-China tensions. Investors continue to view the yellow metal, and recently also silver, as the go-to metals for protection.
While hedge funds, which often trade on the back of a short-term technical price developments, have been rather quiet in recent months, the demand for ETF’s backed by bullion has continued to go from strength to strength. Global holdings in gold-backed ETF’s have risen non-stop for the past six months with assets at a record level above 3,100 tons.
The same goes for silver which, despite its March slump, has seen total holdings rise strongly to reach fresh records on an almost daily basis during the past couple of months.
Having rallied by 50% since that March low at $11.65/oz, the metal has also managed to claw back some ground against gold. The gold-silver ratio, which expresses the value of one ounce of gold in ounces of silver, has recovered from the record 125 level reached in March to the current 98, still well above the five-year average close to 80.
We maintain our bullish outlook for both metals, not least gold now that its premium to silver has narrowed. The main reasons why we cannot rule out reaching a fresh record high over the coming years are:
Gold acts as a hedge against Central Bank monetization of the financial markets
Unprecedented government stimulus and political need for higher inflation to support debt levels.
The inevitable introduction of yield controls in the US forcing real yields lower
A rising global savings glut at a time of negative real interest rates and unsustainably high stock market valuation. Raised geo-political tensions as the Covid-19 blame game begins Rising inflation and a weaker US dollar.
The crude oil rally that emerged following the sub-zero collapse on April 20 is showing the first signs of pausing. This after the WTI futures contract hit $35 resistance and Brent failed to challenge $37.2/b, both levels being the 38.2% retracement of the January to April sell-off. The brief collapse into negative territory last month on the expiring May WTI contract probably was the single biggest contributor to support the strong rally that followed.
The event on April 20 sent a shockwave through the global oil market with producers realizing that something dramatic had to be done in order to rescue the market from even more pain. This probably led to the very strong and rapid compliance that major producers have been exhibiting during May.
In their latest monthly Oil Market Report the International Energy Agency saw global supply drop by 12 million barrels/day in May to reach a nine-year low at 88 million. Demand meanwhile was expected to recover from being down 22 million barrels/day year-on-year in May to down 13 million in June.
Supporting the process has been the rapid and in most cases involuntary reduction in US shale oil production, now estimated by the IEA to reach 2.8 million barrels/day year-on-year in 2020. Previous production cuts by OPEC+ always attracted some level of hesitancy as members of the group risked yielding further market share to producers in North America. That risk evaporated with the slump in WTI as it left many producers out of pocket, thereby forcing them to halt production.
Having potentially reached the consolidation phase, it is worth considering what could trigger renewed weakness. There are several risks with the most relevant being:
Easing lockdowns sparking a resurgence of Covid-19 outbreaks. Whether OPEC+ can maintain the current high level of compliance. Cash strapped US producers desperate to increase production with WTI back above $30/b.
Post-pandemic changes in global consumer habits (less flying and more working from home). A break above $35/b on the July WTI futures contract could signal a potential extension towards $40/b while support should emerge at $30/b. Only a break below $28/b would raise concerns of a deeper correction.
Apart from the risk of a new trade war between the US and China, as well as a weaker-than-expected demand recovery, the oil market focus in early June will once again turn to Vienna where OPEC and the OPEC+ group convene to discuss a path forward. Some concerns that Russia may struggle to commit to current cuts beyond July may once again create some nervousness prior to the June 8 to 10 meetings. This on the grounds that the recovery in crude oil prices so far has primarily been driven by supply cuts, that can easily be reversed, and not yet a solid recovery in demand.
HG crude oil increasingly, just like crude oil, looks like it needs a period of consolidation. Having almost retraced most of its Covid-19 related sell-off in March, the metal is likely to struggle in its attempt to break back above $2.50/lb, a level which provided support but now resistance, since 2017. The National People’s Congress in China, which has just finished, offered fresh stimulus measures that will increase demand for raw materials in key sectors such as construction and transport.
Overall, however, it was not the fiscal bazooka the market has seen during previous downturns. While perhaps stabilizing the outlook it is unlikely to drive a recovery in growth back to the 6% level. For now, traders are holding onto the prospects for a global economic rebound outweighing increased tensions between the US and China.
Corn, a recent favorite short-sell among hedge funds, was heading for its biggest weekly gain since last October. The recent recovery in crude oil has led to increased demand from ethanol producers who normally consumer close to 40% of the US corn production.
Together with the potential short-term threat of hot and dry weather across the US Midwest, the price has moved higher and it now looks like a floor has been established at the key $3/bushel level. Speculators held a net-short of 245,000 lots (31 million tons) in the week to May 19 and continued short-covering could see the contract challenge an area of resistance above $3.40/bushel. Wheat is also finding a weather-related bid while soybeans remain troubled by US-China tensions hurting the prospect for Chinese demand.
crude oil Covid-19 related rollercoaster has gone full circle. After rallying by 25% during March on worries supply from South America would be disrupted the price has since collapse once again.
The prolonged shutdowns around the world have since reduced demand for quality beans from coffee shops and cafés. This week the price broke support and dropped back below $1/lb and well below the current cost of production for many farmers across South America. Something that may get addressed when the International Coffee Organization hold a virtual meeting of its International Coffee Council from June 1.
For a look at all of today’s economic events, check out our economic calendar.
Ole Hansen, Head of Commodity Strategy at Saxo Bank.
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This article is provided by Saxo Capital Markets (Australia) Pty. Ltd, part of Saxo Bank Group through RSS feeds on FX Empire
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | A challenge to precious metals was quickly reversed with both gold and not least silver continuing to attract demand amid a weaker dollar, lower real yields and friction between the world’s two biggest economies. The main reasons why we cannot rule out reaching a fresh record high over the coming years are: Gold acts as a hedge against Central Bank monetization of the financial markets Unprecedented government stimulus and political need for higher inflation to support debt levels. Apart from the risk of a new trade war between the US and China, as well as a weaker-than-expected demand recovery, the oil market focus in early June will once again turn to Vienna where OPEC and the OPEC+ group convene to discuss a path forward. | FXEmpire.com - The energy sector gave back some of their record monthly gains, industrial metals paused while precious metals rose on increased geopolitical concerns, a weaker dollar and lower bond yields. A challenge to precious metals was quickly reversed with both gold and not least silver continuing to attract demand amid a weaker dollar, lower real yields and friction between the world’s two biggest economies. Ltd, part of Saxo Bank Group through RSS feeds on FX Empire This article was originally posted on FX Empire More From FXEMPIRE: Silver Price Forecast – Silver Markets Continue to Show Signs of Strength Gold Price Prediction – Prices Rebound Following Fed Decision Oil Is Under Pressure As Crude Inventories Rise The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | FXEmpire.com - The energy sector gave back some of their record monthly gains, industrial metals paused while precious metals rose on increased geopolitical concerns, a weaker dollar and lower bond yields. While hedge funds, which often trade on the back of a short-term technical price developments, have been rather quiet in recent months, the demand for ETF’s backed by bullion has continued to go from strength to strength. Ltd, part of Saxo Bank Group through RSS feeds on FX Empire This article was originally posted on FX Empire More From FXEMPIRE: Silver Price Forecast – Silver Markets Continue to Show Signs of Strength Gold Price Prediction – Prices Rebound Following Fed Decision Oil Is Under Pressure As Crude Inventories Rise The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Previous production cuts by OPEC+ always attracted some level of hesitancy as members of the group risked yielding further market share to producers in North America. Whether OPEC+ can maintain the current high level of compliance. The recent recovery in crude oil has led to increased demand from ethanol producers who normally consumer close to 40% of the US corn production. | fb26c05b-a510-4a84-b69b-8c25f307b015 |
709093.0 | 2020-05-28 00:00:00 UTC | Economic Data to Take a Back Seat with Trump’s News Conference the Main Event | DBO | https://www.nasdaq.com/articles/economic-data-to-take-a-back-seat-with-trumps-news-conference-the-main-event-2020-05-29 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was a relatively busy day on the economic calendar this morning. The Japanese Yen and Aussie Dollar were in action early in the day.
Away from theeconomic calendar the markets responded to Trump’s announcement on Thursday of plans to unveil measures against China at the news conference later today.
Fiscal stimulus from Brussels and the easing of lockdown measures across the EU and the U.S had provided support to riskier assets ahead of today’s open.
Looking at the latest coronavirus numbers,
On Thursday, the number of new coronavirus cases rose by 112,124 to 5,900,627. On Wednesday, the number of new cases had risen by 110,221. The daily increase was higher than both Wednesday’s rise and 106,139 new cases from the previous Thursday.
France, Germany, Italy, and Spain reported 5,612 new cases on Thursday, which was up from 1,892 new cases on Wednesday. On the previous Thursday, 1,976 new cases had been reported.
From the U.S, the total number of cases rose by 22,413 to 1,768,216 on Thursday. On Wednesday, the total number of cases had risen by 20,392. On Thursday 21st May, a total of 28,089 new cases had been reported.
The uptick on Thursday will need to be monitored in the coming days. With the easing of lockdown measures now in the 4th week, it would be in the coming days that a 2nd wave would become evident…
For the Japanese Yen
Inflation was in focus in the early part of the day, along with industrial production and retail sales figures.
In May, the Ku-area of Tokyo saw inflationary pressures return, with core consumer prices rising by 0.20% In April, consumer prices had fallen by 0.10%, year-on-year.
According to the Ministry of Internal Affairs and Communication.
Rising prices for clothes & footwear (+1.7%), furniture & household utensils (+1.7%), and culture & recreation (+1.2%) supported the rise.
There were also increases in prices for medical care (+0.8%) and housing (+0.7%).
Prices for Education (-8.9%) and fuel, light, & water charges (-1.9%) pinned back inflationary pressures, however.
There were also declines in prices for transport & communication (-0.1%) and miscellaneous (-0.8%).
In April, industrial production slumped by 9.1%, based on prelim numbers, following a 3.7% decline in March. Economists had forecast a 5.1% slide.
According to the Ministry of Economy, Trade, and Industry,
Industries that mainly contributed to the decrease were:
Motor vehicles, iron, steel & non-ferrous metals, and transport equipment (excl. motor vehicles).
Industries that mainly contributed to the increase were:
Production machinery.
Forecasts for May were not much better, with the forecast for industrial production revised from -1.4% to -4.1%. For June, however, forecasts are for production to rise by 3.9%.
Retail sales also disappointed in April, with lockdown and social distancing measures weighing.
According to the Ministry of Economy, Trade, and Industry, retail sales tumbled by 13.7% in April, year-on-year, following a 4.7% slide in March. Economists had forecasts an 11.50% decline.
The Japanese Yen moved from ¥107.701 to ¥107.608 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.22% to ¥107.41 against the U.S Dollar.
For the Aussie Dollar
Private sector credit stalled in April, following a 1.10% increase in March.
According to figures released by RBA,
Business credit rose by 0.1%, following a 3.1% rise in March.
Personal credit slid by 3.0%, following a 1.4% decline in March.
Housing credit rose by 0.2%, which was down from a 0.3% rise in March.
The Aussie Dollar moved from $0.66312 to $0.66315 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.08% at $0.6642.
Elsewhere
At the time of writing, the Kiwi Dollar was down by 0.11% to $0.6203.
The Day Ahead:
For the EUR
It’s a busy day ahead on the economic calendar. Key stats include French and German retail sales figures for April and the Eurozone prelim inflation numbers for May.
Prelim inflation figures for France and Italy and 2nd estimate GDP numbers for France are also due out.
We will expect the numbers to have a muted impact on the EUR, however. The EU’s recovery plan and the continued easing of lockdown measures remain positives.
While COVID-19 news and updates remain EUR positive, the markets will need to monitor the number of new cases. On Thursday, there was an uptick. If an upward trend begins, this could question member state plans to ease lockdown measures further.
From the early part of the day, it was risk aversion that pinned back the EUR as the markets await Trump’s news conference later today.
At the time of writing, the EUR was up by 0.07% to $1.1085.
For the Pound
It’s yet another quiet day ahead on the economic calendar. There are no material stats due out to provide the Pound with direction.
Through the day, expect market risk sentiment and any Brexit chatter to be key drivers.
At the time of writing, the Pound was up by 0.01% to $1.2322.
Across the Pond
It’s another busy day ahead on the U.Seconomic calendar Economic data includes April inflation and personal spending figures and May consumer sentiment and Chicago PMI numbers.
Expect the May figures to have the greatest influence, with the markets likely to brush aside April numbers.
Outside of the numbers, FED Chair Powell is scheduled to speak. Any commentary on the U.S economy and monetary policy will garner plenty of attention.
The main event of the day, however, is Trump’s news conference. What does the U.S President have in store for China?
The Dollar Spot Index was up by 0.02% to 98.407 at the time of writing.
For the Loonie
It’s also a busy day on the economic calendar. Key stats include 1st quarter GDP numbers and April’s RMPI.
Expect the GDP figures to have some influence, though the markets are expecting some quite dire numbers. Anything better than forecast should be Loonie positive…
Crude oil prices and market risk sentiment will be the key driver on the day, however.
At the time of writing, the Loonie was down by 0.10% to C$1.3777 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | From the early part of the day, it was risk aversion that pinned back the EUR as the markets await Trump’s news conference later today. Across the Pond It’s another busy day ahead on the U.Seconomic calendar Economic data includes April inflation and personal spending figures and May consumer sentiment and Chicago PMI numbers. This article was originally posted on FX Empire More From FXEMPIRE: EUR/USD Mid-Session Technical Analysis for June 10, 2020 Daily Gold News: Wednesday, June 10 – Gold Still Gaining, FOMC Ahead U.S. Stocks Mixed Ahead Of Fed Interest Rate Decision The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | From the early part of the day, it was risk aversion that pinned back the EUR as the markets await Trump’s news conference later today. Across the Pond It’s another busy day ahead on the U.Seconomic calendar Economic data includes April inflation and personal spending figures and May consumer sentiment and Chicago PMI numbers. This article was originally posted on FX Empire More From FXEMPIRE: EUR/USD Mid-Session Technical Analysis for June 10, 2020 Daily Gold News: Wednesday, June 10 – Gold Still Gaining, FOMC Ahead U.S. Stocks Mixed Ahead Of Fed Interest Rate Decision The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | With the easing of lockdown measures now in the 4th week, it would be in the coming days that a 2nd wave would become evident… For the Japanese Yen Inflation was in focus in the early part of the day, along with industrial production and retail sales figures. The Day Ahead: For the EUR It’s a busy day ahead on the economic calendar. Across the Pond It’s another busy day ahead on the U.Seconomic calendar Economic data includes April inflation and personal spending figures and May consumer sentiment and Chicago PMI numbers. | With the easing of lockdown measures now in the 4th week, it would be in the coming days that a 2nd wave would become evident… For the Japanese Yen Inflation was in focus in the early part of the day, along with industrial production and retail sales figures. The Day Ahead: For the EUR It’s a busy day ahead on the economic calendar. While COVID-19 news and updates remain EUR positive, the markets will need to monitor the number of new cases. | c24034ab-8cac-4180-92e9-501d6e57ef31 |
709094.0 | 2020-05-27 00:00:00 UTC | U.S Weekly Jobless Claims to Put the Greenback in Focus as Geopolitical Risk Lingers | DBO | https://www.nasdaq.com/articles/u.s-weekly-jobless-claims-to-put-the-greenback-in-focus-as-geopolitical-risk-lingers-2020 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was a relatively busy day on the economic calendar this morning. The Aussie Dollar and Kiwi Dollar were in action once more.
Away from theeconomic calendar the markets also responded to the moves across the EU and the U.S from Wednesday.
Fiscal stimulus from Brussels and the U.S government’s moves to further reopen the economy provided both support for riskier assets early on. Market sentiment overshadowed economic data that remained weak while improving …
For the commodity currencies, however, concerns over rising tensions between the U.S and China did pin back any breakouts.
Looking at the latest coronavirus numbers,
On Wednesday, the number of new coronavirus cases rose by 110,221 to 5,788,503. On Tuesday, the number of new cases had risen by 95,878. The daily increase was higher than both Tuesday’s rise and 89,941 new cases from the previous Wednesday.
France, Germany, Italy, and Spain reported 1,892 new cases on Wednesday, which was up from 1,535 new cases on Tuesday. On the previous Wednesday, 3,225 new cases had been reported.
From the U.S, the total number of cases rose by 20,392 to 1,745,803 on Wednesday. On Tuesday, the total number of cases had risen by 19,185. On Wednesday 20th May, a total of 21,774 new cases had been reported.
For the Kiwi Dollar
Business Confidence improved in May, with the ANZ Business Confidence Index rising from an April -66 to a finalized -41.8. May’s prelim had come in at -46.
According to the latest ANZ Report,
A net 39% of firms expect weaker economic activity in their own business, with the retail sector the most pessimistic once more.
Employment intentions rose from a net 50.8% of firms intending to reduce employment to a net 42%.
Investment intentions improved marginally from a negative 45% to a negative 32%.
Profit expectations rose from a net 70.4% expecting lower profitability to a net 56%. The agricultural sector remained the weakest at -71%, with the construction sector the least negative at -42%.
Export intentions rose by just 6 points to -36.
The Kiwi Dollar moved from $0.61897 to $0.61840 upon release of the numbers. At the time of writing, the Kiwi Dollar was up by 0.05% to $0.6185.
For the Aussie Dollar
1st quarter private new capital expenditure fell by 1.6%, quarter-on-quarter, following a 2.8% fall in the 4th quarter. Economists had forecast a 2.6% decline.
According to the ABS,
While investments in building and structures fell by 1.1%, investments in equipment, plant, and machinery slid by 2.3%.
Year-on-year, total New CAPEX slid by 6.1%.
Investments in building and structures tumbled by 7.9%, with investments in equipment, plant, and machinery falling by 4.0%.
The Aussie Dollar moved from $0.66222 to $0.66282 upon release of the figures. At the time of writing, the Aussie Dollar flat at $0.6622.
Elsewhere
At the time of writing, the Japanese Yen was down by 0.13% to ¥107.86 against the U.S Dollar.
The Day Ahead:
For the EUR
It’s another relatively quiet day ahead on the economic calendar. Key stats include prelim May inflation figures from Germany and Spain.
Business and Consumer confidence figures out of Italy and the Eurozone should have a muted impact, following the EU’s COVID-19 recovery plan announced on Wednesday.
We will expect EU’s recovery plan and the continued easing of lockdown measures to provide support.
The markets will need to track any chatter from Beijing and Washington, however. Any rise in tensions and action from either side will test risk appetite on the day.
At the time of writing, the EUR was up by 0.11% to $1.1018.
For the Pound
It’s yet another quiet day ahead on the economic calendar. There are no material stats due out to provide the Pound with direction.
On Wednesday, we saw the Pound take a hit in response to the threat of the BoE cutting interest rates into negative territory.
BoE Chief Economist Haldane had attempted to pour cold water on such a prospect but to no avail.
Through the day, expect market risk sentiment and any Brexit chatter to be key drivers.
At the time of writing, the Pound was up by 0.05% to $1.2267.
Across the Pond
It’s a busy day ahead on the U.Seconomic calendar Economic data includes April durable goods, 2nd estimate GDP numbers, and pending home sales figures for April.
Barring any deviations from 1st estimates, expect April’s core durable goods orders to garner some attention.
Any moves in response to the durable goods orders are likely to be limited, however. The market focus will be on the weekly jobless claims figures.
There’s plenty of optimism as the U.S economy continues to reopen, but whether the markets can stomach another 2m jump remains to be seen.
The Dollar Spot Index was down by 0.17% to 98.893 at the time of writing.
For the Loonie
It’s a quiet day on the economic calendar. There are no material stats due out of Canada to influence the Loonie.
A lack of stats will leave the Loonie in the hands of market risk sentiment and the weekly EIA crude oil inventory numbers…
At the time of writing, the Loonie was down by 0.02% to C$1.3755 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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EUR/USD Mid-Session Technical Analysis for June 10, 2020
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Market sentiment overshadowed economic data that remained weak while improving … For the commodity currencies, however, concerns over rising tensions between the U.S and China did pin back any breakouts. According to the latest ANZ Report, A net 39% of firms expect weaker economic activity in their own business, with the retail sector the most pessimistic once more. This article was originally posted on FX Empire More From FXEMPIRE: EUR/USD Mid-Session Technical Analysis for June 10, 2020 US Dollar’s Global Dominance Remains Intact; EUR and RMB Still Far Behind but for How Long? | Looking at the latest coronavirus numbers, On Wednesday, the number of new coronavirus cases rose by 110,221 to 5,788,503. According to the ABS, While investments in building and structures fell by 1.1%, investments in equipment, plant, and machinery slid by 2.3%. Across the Pond It’s a busy day ahead on the U.Seconomic calendar Economic data includes April durable goods, 2nd estimate GDP numbers, and pending home sales figures for April. | The Day Ahead: For the EUR It’s another relatively quiet day ahead on the economic calendar. Across the Pond It’s a busy day ahead on the U.Seconomic calendar Economic data includes April durable goods, 2nd estimate GDP numbers, and pending home sales figures for April. A lack of stats will leave the Loonie in the hands of market risk sentiment and the weekly EIA crude oil inventory numbers… At the time of writing, the Loonie was down by 0.02% to C$1.3755 against the U.S Dollar. | From the U.S, the total number of cases rose by 20,392 to 1,745,803 on Wednesday. Investment intentions improved marginally from a negative 45% to a negative 32%. Through the day, expect market risk sentiment and any Brexit chatter to be key drivers. | fbfeb102-48a3-4480-b98f-8295e0daaf56 |
709095.0 | 2020-05-24 00:00:00 UTC | Economic Data Puts the EUR in Focus, with Geopolitics and COVID-19 to also Influence | DBO | https://www.nasdaq.com/articles/economic-data-puts-the-eur-in-focus-with-geopolitics-and-covid-19-to-also-influence-2020 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was a particularly quiet day on the economic calendar this morning. There were no material stats out through the Asian session to provide any direction.
A lack of stats left the markets in the hands of chatter from the weekend and the latest COVID-19 news and numbers.
At the end of last week, news had hit the wires of China’s security law heading for Hong Kong, leading to some caution through the Asian markets.
Strong words from both the U.S and China as tensions have built tested market risk appetite early on.
While the rise in tension is certainly a concern, positive updates from COVID-19 vaccine trials provided support to riskier assets early on. The positive news was coupled with a continued downward trend in new coronavirus cases across the EU and the U.S.
Looking at the latest coronavirus numbers,
On Sunday, the number of new coronavirus cases rose by 100,455 to 5,497,427. On Saturday, the number of new cases had risen by 99,013. The daily increase was higher than both Saturday’s rise and 83,321 new cases from the previous Sunday.
France, Germany, Italy, and Spain reported 1,470 new cases on Sunday, which was down from 1,658 new cases on Wednesday. On the previous Sunday, 2,500 new cases had been reported.
From the U.S, the total number of cases rose by 20,190 to 1,686,436 on Sunday. On Saturday, the total number of cases had risen by 21,152. On Sunday 17th May, a total of 19,891 new cases had been reported.
The Majors
At the time of writing, the Japanese Yen was down by 0.01% to ¥107.65 against the U.S Dollar, with the Aussie Dollar down by 0.08% to $0.6532. The Kiwi Dollar was up by 0.01% to $0.6095.
The Day Ahead:
For the EUR
It’s a relatively busy day ahead on the economic calendar. Germany is back in focus, with 2nd estimate GDP numbers and May’s IFO Business Climate Index figures due out.
Barring a marked downward revision to the GDP numbers, the IFO figures will likely have the greatest influence.
As lockdown measures ease through May, the markets will be looking for a pickup in both business and consumer confidence.
Away from theeconomic calendar expect the news wires to also influence. China and the U.S will be in focus as will any chatter from Brussels and EU member states on the COVID-19 recovery fund.
At the time of writing, the EUR was down by 0.02% to $1.0899.
For the Pound
It’s a quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction, with the UK markets closed.
A lack of stats leaves the Pound in the hands of Brexit and COVID-19 updates, both of which remain Pound negative.
While an easing in lockdown measures is positive, the continued spread of the virus across the UK has led to a delay of a more widespread opening of the economy.
With the UK’s neighbors taking more aggressive steps to ease lockdown measures, the UK economic recovery will likely trail behind those of the EU and the U.S.
At the time of writing, the Pound was up by 0.10% to $1.2185.
Across the Pond
It’s also a quiet day ahead on the U.Seconomic calendar with no material stats due out to provide the Dollar with direction. The U.S markets are closed, which will leave volumes on the lighter side.
A lack of stats will leave the Dollar in the hands of any chatter from Beijing and the Oval Office and COVID-19 news…
The Dollar Spot Index was down by 0.08% to 99.787 at the time of writing.
For the Loonie
It’s a quiet day on the economic calendar. There are no material stats due out of Canada to provide the Loonie with direction.
Expect risk sentiment to provide direction on the day. While the tension between the U.S and China was negative, progress towards a COVID-19 vaccine was positive early on.
At the time of writing, the Loonie was up by 0.01% to C$1.3997 against the U.S Dollar.
This article was originally posted on FX Empire
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AUD/USD Price Forecast – Australian Dollar Continues to Press Major Level
GBP/USD Price Forecast – British Pound Slowing Down
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | At the end of last week, news had hit the wires of China’s security law heading for Hong Kong, leading to some caution through the Asian markets. While the rise in tension is certainly a concern, positive updates from COVID-19 vaccine trials provided support to riskier assets early on. While an easing in lockdown measures is positive, the continued spread of the virus across the UK has led to a delay of a more widespread opening of the economy. | There are no material stats due out of the UK to provide the Pound with direction, with the UK markets closed. Across the Pond It’s also a quiet day ahead on the U.Seconomic calendar with no material stats due out to provide the Dollar with direction. This article was originally posted on FX Empire More From FXEMPIRE: Natural Gas Price Forecast – Natural Gas Markets Testing Trendline AUD/USD Price Forecast – Australian Dollar Continues to Press Major Level GBP/USD Price Forecast – British Pound Slowing Down The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | There are no material stats due out of the UK to provide the Pound with direction, with the UK markets closed. Across the Pond It’s also a quiet day ahead on the U.Seconomic calendar with no material stats due out to provide the Dollar with direction. This article was originally posted on FX Empire More From FXEMPIRE: Natural Gas Price Forecast – Natural Gas Markets Testing Trendline AUD/USD Price Forecast – Australian Dollar Continues to Press Major Level GBP/USD Price Forecast – British Pound Slowing Down The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | With the UK’s neighbors taking more aggressive steps to ease lockdown measures, the UK economic recovery will likely trail behind those of the EU and the U.S. At the time of writing, the Pound was up by 0.10% to $1.2185. Across the Pond It’s also a quiet day ahead on the U.Seconomic calendar with no material stats due out to provide the Dollar with direction. Expect risk sentiment to provide direction on the day. | 9d269976-f19e-45f0-8c1a-f721ac490939 |
709096.0 | 2020-05-18 00:00:00 UTC | Geopolitics and Economic Data Puts the GBP, EUR, and the USD in the Spotlight | DBO | https://www.nasdaq.com/articles/geopolitics-and-economic-data-puts-the-gbp-eur-and-the-usd-in-the-spotlight-2020-05-19 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was a busier day on the economic calendar this morning. The Aussie Dollar and Kiwi Dollar were in action early on, with the Japanese Yen in action later this morning.
Away from the calendar, downside risks remained, however. Key drivers include tensions between the U.S and China and the possibility of a 2nd wave of the coronavirus pandemic.
On the positive front, though, remained the continued easing of lockdown measures coming in the wake of a flurry of central bank and government fiscal support maneuvers.
Following FED Chair Powell’s comments over the weekend, expect the markets to also remain sensitive to any spikes in new coronavirus cases. The key to an ongoing easing of lockdown measures is a continued downward trend in the number of new cases…
Looking at the latest coronavirus numbers,
On Monday, the number of new coronavirus cases rose by 82,564 to 4,888,188. On Sunday, the number of new cases had risen by 83,321. The daily increase was lower than Sunday’s rise, while higher than 76,701 new cases on the previous Monday.
France, Germany, Italy, and Spain reported 1,916 new cases on Monday, which was down from 2,500 new cases on Sunday. On the previous Monday, there had been 5,374 new cases.
From the U.S, the total number of cases rose by 22,231 to 1,549,895 on Monday. On Sunday, the total number of cases had risen by 19,891 On Monday, 11th May, a total of 18,196 new cases had been reported.
For the Kiwi Dollar
Wholesale inflation figures for the 1st quarter had little influence in the early hours. Deflationary pressures are likely to have picked up in the 2nd quarter due to the global lockdown.
According to NZ Stats:
The Producer Price Input Index fell by 0.3% in the 1st quarter, quarter-on-quarter, reversing a 0.1% rise in the 4th quarter.
The output producers’ price index rose by 0.1%, while the farm expenses price index was flat.
By contrast, the capital goods price index jumped by 0.6% in the quarter.
The Kiwi Dollar moved from $0.60443 to $0.60441 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.03% to $0.6039.
For the Aussie Dollar
The RBA meeting minutes were the main area of focus in the early part of the day.
Salient points from the minutes included:
Members agreed that the Bank’s policy package was working broadly as expected.
With a significant improvement in the functioning of the government bond market, the Bank scaled back the size and frequency of bond purchases.
The Bank was prepared to scale up purchases again if necessary.
To assist with the smooth functioning of capital markets, the Bank endorsed a proposal to broaden the range of eligible collateral for the Bank’s domestic market operations.
This is to include Australian Dollar securities issued by non-bank corps, with an investment-grade credit rating.
On the economic outlook:
The unemployment rate was forecast to peak at around 10% in the second quarter.
Household consumption was projected to contract by around 15% in the 1st half of 2020.
The Australian economy was expected to contract by around 10% in the 1st half of 2020.
Such a contraction would be unprecedented in Australia’s 60-year history of quarterly national accounts.
Members see the global economy being to recovery later in the year.
On the policy outlook:
The Board confirmed that the target for 3-year yields would be maintained until progress was made towards the Bank’s goals of full employment and the inflation target.
Members agreed that the cash rate target would not increase until progress towards bank goals were made.
The Aussie Dollar moved from $0.65319 to $0.65236 upon release of the minutes. At the time of writing, the Aussie Dollar was up by 0.03% to $0.6526.
For the Japanese Yen
Finalized industrial production figures are due out later this morning. We don’t expect the numbers to have a material impact on the Yen, however.
Key near-term remains an easing of lockdown measures and a pickup in global trade activity as lockdown measures ease elsewhere.
At the time of writing, the Japanese Yen was down by 0.08% to ¥107.43 against the U.S Dollar.
The Day Ahead:
For the EUR
It’s a busier day ahead on the economic calendar. Germany and the Eurozone’s ZEW economic sentiment figures for May are due out in the early afternoon.
We saw sentiment improve in April and will likely improve further in May. It’s not all bells and whistles, however, with both indexes likely to remain in the deep red.
Outside of the numbers, EU Finance Ministers are holding a virtual meeting later today. The markets will be expecting more from member states to combat the economic meltdown.
Failure to deliver will raise more concerns over the EU Project and economic recovery. The good news going into today was a shift in stance by German Chancellor Merkel on Monday. A proposal by Macron and Merkel for a European recovery fund to support member states most affected by COVID-19 gave the EUR a boost. Other EU member states will need to agree to this and, while Merkel may have changed tact, other Northern EU member states may be less obliging…
At the time of writing, the EUR was down by 0.03% to $1.0910.
For the Pound
It’s a busy day ahead on the economic calendar. Key stats include April’s Claimant Count Change and March’s unemployment rate.
Average earnings and rolling 3 month-on 3-month employment change figures are also due out but will have less influence on the day.
With the UK in lockdown throughout April and through the early part of May, the claimant count numbers are likely to weigh on the Pound.
Outside of the numbers, expect updates on Brexit and the government’s plans to ease lockdown measures to also influence.
On Monday, the Pound found strong support after Friday’s sell-off. A breakout from current levels may be another story, however, with so much downside risk.
At the time of writing, the Pound was up by 0.09% to $1.2205.
Across the Pond
It’s a relatively busy day ahead on the U.Seconomic calendar Key stats include April’s building permits and housing starts.
Barring particularly dire numbers, the markets will likely brush aside the figures. Housing sector activity began to pick up in the 2nd half of April. Constructors had reined in plans to build amidst the COVID-19 pandemic, however. The outlook will be dependent upon labor market conditions in the coming months.
Central bank chatter will also be in focus, with FED Chair Powell scheduled to deliver testimony later today. There may be few surprises, however, following last week’s speech.
Away from the calendar, expect chatter from Capitol Hill to also influence market risk sentiment on the day.
The Dollar Spot Index was down by 0.03% to 99.634 at the time of writing.
For the Loonie
It’s another quiet day on the economic calendar, with no economic data to provide the Loonie with direction.
The lack of stats will continue to leave the Loonie in the hands of market risk sentiment and crude oil prices on the day.
At the time of writing, the Loonie was down by 0.08% to C$1.3948 against the U.S Dollar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | On the positive front, though, remained the continued easing of lockdown measures coming in the wake of a flurry of central bank and government fiscal support maneuvers. The lack of stats will continue to leave the Loonie in the hands of market risk sentiment and crude oil prices on the day. This article was originally posted on FX Empire More From FXEMPIRE: S&P 500 Price Forecast – Stock Markets Continue to Rally Above 3100 Australian Shares Boosted by Fourth Stimulus Package; Retail Sales Post Historic Plunge European Equities: The ECB and the U.S Weekly Jobless Claims in the Spotlight The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | The Aussie Dollar and Kiwi Dollar were in action early on, with the Japanese Yen in action later this morning. Key stats include April’s Claimant Count Change and March’s unemployment rate. Across the Pond It’s a relatively busy day ahead on the U.Seconomic calendar Key stats include April’s building permits and housing starts. | The key to an ongoing easing of lockdown measures is a continued downward trend in the number of new cases… Looking at the latest coronavirus numbers, On Monday, the number of new coronavirus cases rose by 82,564 to 4,888,188. On Sunday, the total number of cases had risen by 19,891 On Monday, 11th May, a total of 18,196 new cases had been reported. Other EU member states will need to agree to this and, while Merkel may have changed tact, other Northern EU member states may be less obliging… At the time of writing, the EUR was down by 0.03% to $1.0910. | Away from the calendar, downside risks remained, however. The key to an ongoing easing of lockdown measures is a continued downward trend in the number of new cases… Looking at the latest coronavirus numbers, On Monday, the number of new coronavirus cases rose by 82,564 to 4,888,188. Other EU member states will need to agree to this and, while Merkel may have changed tact, other Northern EU member states may be less obliging… At the time of writing, the EUR was down by 0.03% to $1.0910. | ac61c1e5-b550-4d22-bb45-b97053a69880 |
709097.0 | 2020-05-17 00:00:00 UTC | Lower COVID-19 Numbers, Easing Lockdown Measures and OPEC Support Riskier Assets | DBO | https://www.nasdaq.com/articles/lower-covid-19-numbers-easing-lockdown-measures-and-opec-support-riskier-assets-2020-05-18 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was a relatively quiet start to the week on the economic calendar this morning. The Japanese Yen was in action in the early part of the day.
Away from the calendar, concerns over rising tensions between the U.S and China will continue to test risk appetite.
On the positive, however, was a continued downward trend in new coronavirus cases. The downward trend and easing of lockdown measures will give hope of a speedier economic recovery.
Looking at the latest coronavirus numbers,
On Sunday, the number of new coronavirus cases rose by 75,594 to 4,797,827. On Saturday, the number of new cases had risen by 104,393. The daily increase was lower than Saturday’s rise and 78,198 new cases on the previous Sunday.
France, Germany, Italy, and Spain reported 2,500 new cases on Sunday, which was down from 3,490 new cases on Saturday. On the previous Sunday, 3,549 new cases had been reported.
From the U.S, the total number of cases rose by 18,838 to 1,526,611 on Sunday. On Saturday, the total number of cases had risen by 25,939. On Sunday, 10th May, a total of 20,329 new cases had been reported.
For the Japanese Yen
1st quarter GDP numbers were in focus in the early part of the day, which came in better than forecasted.
Quarter-on-quarter, the economy contracted by 0.9%, improving on a 1.8% contraction in the 4th quarter. Year-on-year, the economy contracted by 3.4%, which was better than a 7.1% contraction in the 4th quarter.
Economists had forecasted a quarter-on-quarter contraction of 0.9% and a year-on-year contraction of 4.6%.
The Japanese Yen moved from ¥107.182 to ¥107.229 upon release of the figures. At the time of writing, the Japanese Yen was down by 0.17% to ¥107.24 against the U.S Dollar.
Elsewhere
At the time of writing, the Kiwi Dollar was down by 0.02% to $0.5934, while the Aussie Dollar was up by 0.19% to $0.6425.
The Day Ahead:
For the EUR
It’s a quiet day ahead on the economic calendar. There are no material stats due out of the Eurozone to provide the EUR with direction.
Easing restrictions in the EU and an opening of borders need to be accompanied by a sizeable stimulus package to reignite the economy. Expect chatter from Brussels and other EU member states to be key drivers in the day.
EU Finance Ministers are scheduled to hold a virtual meeting on Tuesday that will need to deliver that support.
On the negative, however, is the sudden rise in tensions between the U.S and China. Another trade war would be quite dire for the Eurozone economy.
At the time of writing, the EUR was down by 0.01% to $1.0819.
For the Pound
It’s another particularly quiet day ahead on the economic calendar. There are no material stats due out to provide the Pound with direction.
A lack of stats leaves the Pound in the hands of Brexit chatter and COVID-19 news.
A lack of progress on Brexit remains the key negative for the Pound near-term. Following some quite dire economic data out of the UK last week, an easing in lockdown measures will be needed to provide support to the Pound.
At the time of writing, the Pound was down by 0.26% to $1.2085.
Across the Pond
It’s a quiet day ahead on the U.Seconomic calendar
A lack of economic data leaves chatter from Beijing and Washington in focus. There is also the latest round of stimulus to consider and Trump’s easing of lockdown measures.
We can expect the markets to be particularly sensitive to any pickup in new coronavirus cases. Last week’s daily average stood at 22,710, which was down from the previous week’s 24,604.
The Dollar Spot Index was down by 0.01% to 100.396 at the time of writing.
For the Loonie
It’s a quiet day on the economic calendar, with no economic data to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of market risk sentiment and crude oil prices on the day.
At the time of writing, the Loonie was up by 0.11% to C$1.4093 against the U.S Dollar. An early jump in crude oil prices provided support as the OPEC + rebalancing act continued to nudge oil prices northwards.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Following some quite dire economic data out of the UK last week, an easing in lockdown measures will be needed to provide support to the Pound. Across the Pond It’s a quiet day ahead on the U.Seconomic calendar A lack of economic data leaves chatter from Beijing and Washington in focus. This article was originally posted on FX Empire More From FXEMPIRE: Crude Oil Price Update – Attempting to Cross to Bullish Side of Major 50% Level at $36.07 GBP/CAD Technical Analysis: Yesterday’s Low is Broken EUR/JPY Breaking Wizz 7 Zone and 120 Round Resistance The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Looking at the latest coronavirus numbers, On Sunday, the number of new coronavirus cases rose by 75,594 to 4,797,827. Across the Pond It’s a quiet day ahead on the U.Seconomic calendar A lack of economic data leaves chatter from Beijing and Washington in focus. The lack of stats will leave the Loonie in the hands of market risk sentiment and crude oil prices on the day. | The Day Ahead: For the EUR It’s a quiet day ahead on the economic calendar. Across the Pond It’s a quiet day ahead on the U.Seconomic calendar A lack of economic data leaves chatter from Beijing and Washington in focus. For the Loonie It’s a quiet day on the economic calendar, with no economic data to provide the Loonie with direction. | Looking at the latest coronavirus numbers, On Sunday, the number of new coronavirus cases rose by 75,594 to 4,797,827. For the Japanese Yen 1st quarter GDP numbers were in focus in the early part of the day, which came in better than forecasted. Following some quite dire economic data out of the UK last week, an easing in lockdown measures will be needed to provide support to the Pound. | 894ff0b5-741d-4c7f-8e8d-b60d9d31b167 |
709098.0 | 2020-05-14 00:00:00 UTC | Geopolitics and Economic Data Put the EUR and the U.S Dollar in Focus | DBO | https://www.nasdaq.com/articles/geopolitics-and-economic-data-put-the-eur-and-the-u.s-dollar-in-focus-2020-05-15 | nan | nan | FXEmpire.com -
Earlier in the Day:
It was a relatively busy day on the economic calendar this morning. The Kiwi Dollar and economic data out of China were in focus in the early part of the day.
Away from the calendar, risk sentiment improved following the late rebound across the U.S equities late on Thursday. The upside and shift in sentiment came despite lingering concerns over the economic outlook and COVID-19.
Mid-week, there was no chatter from Beijing or Washington to rock the boat, supporting Thursday’s shift.
Looking at the latest coronavirus numbers,
On Thursday, the number of new coronavirus cases rose by 93.671 to 4,521,174. On Wednesday, the number of new cases had risen by 88,941. The daily increase was higher than Wednesday’s rise, while down from a 191,233 spike on the previous Thursday.
France, Germany, Italy, and Spain reported 4,230 new cases on Thursday, which was up from 3,225 new cases on Wednesday. On the previous Thursday, 16,103 new cases had been reported.
From the U.S, the total number of cases rose by 26,397 to 1,456,745 on Thursday. On Wednesday, the total number of cases had risen by 21,774. On Thursday, 7th May, the total new number of cases had risen by 56,348.
For the Kiwi Dollar
In April, the Business PMI tumbled by 11.9 points to a record low 26.1. In March, the PMI had stood at 38.0.
According to the April survey,
The decline in April was attributed to the March and April lockdown across the country.
Looking at the sub-indexes:
The production sub-index tumbled from 31.4 to 19.8, with the new orders sub-index sliding from 36.6 to 17.8.
With level 3 measures in place since 28th April and upgraded to level 2 on 14th May, some improvement is anticipated.
There is some uncertainty, however, over how quickly demand can build to support activity across the sector.
The Kiwi Dollar moved from $0.60011 to $0.59995 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.18% to $0.5992.
Out of China
Industrial production rose by 3.9% in April, reversing a 1.1% decline from March. Economists had forecast a 1.5% increase. Fixed asset investments tumbled by 10.3%, however, following a 16.1% slump in March. Economists had forecast a 10.0% slide.
The Aussie Dollar moved from $0.64650 to $0.64559 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.05% to $0.6459.
Elsewhere
At the time of writing, the Japanese Yen was down by 0.02% to ¥107.27 against the U.S Dollar.
The Day Ahead:
For the EUR
It’s a busy day ahead on the economic calendar. Key stats include 1st estimate GDP numbers for Germany and 2nd estimate GDP figures for the Eurozone.
Finalized April inflation figures for France and Italy and March trade figures for the Eurozone are also due out.
Expect Germany and the Eurozone GDP figures to garner greater attention, with Germany’s GDP numbers the key driver.
Outside of the numbers, expect any negative chatter from Beijing or Washington or COVID-19 to be EUR negative.
At the time of writing, the EUR was down by 0.02% to $1.0803.
For the Pound
It’s another particularly quiet day ahead on the economic calendar. There are no material stats due out to provide the Pound with direction.
A lack of stats leaves the Pound in the hands of Brexit chatter and COVID-19 news.
A continued rise in COVID-19 cases that have led to an extension to lockdown measures remains Pound negative. Brexit updates have certainly not helped the Pound this week, adding further pressure.
News of the EU launching legal action against the UK over freedom of movement reflects just how badly relations have become.
At the time of writing, the Pound was down by 0.14% to $1.2213.
Across the Pond
It’s a busy day ahead on the U.Seconomic calendar
Key stats include May’s NY Empire State Manufacturing Index and consumer sentiment figures. With the continued surge in jobless claims across the U.S, April retail sales figures may have less of an impact than usual.
It is going to be grim reading, however, and could point to a more sizeable 2nd quarter contraction in the U.S economy
April industrial production could also spook the markets, while March business inventories and JOLTs job openings will likely have a muted impact on the Greenback.
Outside of the numbers, expect chatter from Capitol Hill to also influence. There is the prospect of further stimulus and also chatter on China sanctions to look out for.
The Dollar Spot Index was down by 0.14% to 100.327 at the time of writing.
For the Loonie
It’s a quiet day on theeconomic calendar with economic data limited to March foreign security figures.
The numbers are unlikely to have a material impact on the Loonie, leaving crude oil prices and market risk sentiment as the key drivers.
At the time of writing, the Loonie was flat at C$1.4050 against the U.S Dollar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Across the Pond It’s a busy day ahead on the U.Seconomic calendar Key stats include May’s NY Empire State Manufacturing Index and consumer sentiment figures. It is going to be grim reading, however, and could point to a more sizeable 2nd quarter contraction in the U.S economy April industrial production could also spook the markets, while March business inventories and JOLTs job openings will likely have a muted impact on the Greenback. This article was originally posted on FX Empire More From FXEMPIRE: GBP/USD Moving Higher as Expected Natural Gas Price Fundamental Weekly Forecast – Hot Weather Concerns Move to Forefront Gold Price Forecast: Pullback Ahead as Gold Approaches $1,800 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Key stats include 1st estimate GDP numbers for Germany and 2nd estimate GDP figures for the Eurozone. Across the Pond It’s a busy day ahead on the U.Seconomic calendar Key stats include May’s NY Empire State Manufacturing Index and consumer sentiment figures. This article was originally posted on FX Empire More From FXEMPIRE: GBP/USD Moving Higher as Expected Natural Gas Price Fundamental Weekly Forecast – Hot Weather Concerns Move to Forefront Gold Price Forecast: Pullback Ahead as Gold Approaches $1,800 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | Looking at the latest coronavirus numbers, On Thursday, the number of new coronavirus cases rose by 93.671 to 4,521,174. Across the Pond It’s a busy day ahead on the U.Seconomic calendar Key stats include May’s NY Empire State Manufacturing Index and consumer sentiment figures. This article was originally posted on FX Empire More From FXEMPIRE: GBP/USD Moving Higher as Expected Natural Gas Price Fundamental Weekly Forecast – Hot Weather Concerns Move to Forefront Gold Price Forecast: Pullback Ahead as Gold Approaches $1,800 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | According to the April survey, The decline in April was attributed to the March and April lockdown across the country. Finalized April inflation figures for France and Italy and March trade figures for the Eurozone are also due out. At the time of writing, the Pound was down by 0.14% to $1.2213. | 389bcac1-a08e-4510-9b15-a7b67363f5ea |
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Earlier in the Day:
It was a relatively busy day on the economic calendar this morning. The Aussie Dollar and the Kiwi Dollar were in focus in the early part of the day.
Away from the calendar, uncertainty over what lies ahead weighed on risk sentiment in the early part of the day. FED Chair Powell’s comments from Wednesday, rising tension between the U.S and China, and concerns over a 2nd wave pandemic weighed.
Looking at the latest coronavirus numbers,
On Wednesday, the number of new coronavirus cases rose by 89,941 to 4,427,503. On Tuesday, the number of new cases had risen by 81,022. The daily increase was higher than Tuesday’s rise and an 87,960 increase on the previous Wednesday.
France, Germany, Italy, and Spain reported 3,225 new cases on Wednesday, which was down from 4,176 new cases on Tuesday. On the previous Wednesday, 9,651 new cases had been reported.
From the U.S, the total number of cases rose by 21,774 to 1,430,348 on Wednesday. On Tuesday, the total number of cases had risen by 22,740. On Wednesday, 6th May, the total new number of cases had risen by 20,715.
For the Aussie Dollar
April’s employment figures were in focus through the early part of the day. Total employment tumbled by 594,300. Economists had forecast a fall of 575,000. Full employment slid by 220,500, with the unemployment rate rising from 5.2% to 6.2%. Economists had forecast an unemployment rate of 8.3%.
According to the ABS,
The unemployment rate saw a relatively minor increase due to 489,800 people leaving the labor force. As a result, the participation rate slid by 2.4% to 63.5%.
The total number of people in full-time employment fell by 220,500, with people in part-time employment decreasing by 373,800.
Since April 2019, full-time employment decreased by 123,000 people, with part-time employment falling by 272,000 people.
The employment to population ratio fell by 2.9 pts to 59.6% in April 2020.
The Aussie Dollar moved from $0.64581 to $0.64355 upon release of the figures. At the time of writing, the Aussie Dollar was down by 0.45% to $0.6426.
For the Kiwi Dollar
The government’s annual budget will draw attention this morning, with the budget aiming at delivering strong support to the COVID-19 stricken economy.
At the time of writing, the Kiwi Dollar was down by 0.30% to $0.5973.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.15% to ¥106.87 against the U.S Dollar.
The Day Ahead:
For the EUR
It’s a relatively busy day ahead on the economic calendar. On the economic data front, finalized April inflation figures are due out of Germany and Spain.
While we expect the inflation numbers to have a muted impact on the EUR, the ECB’s Economic Bulletin will garner plenty of attention.
Does the ECB see April as the bottom of the Eurozone’s economic abyss? A 2nd wave of the COVID-19 pandemic would certainly question any optimism.
Looking at the COVID-19 numbers, however, there has yet to be a noticeable increase in new cases, which should provide some support.
That will need to continue along with a further easing in lockdown measures to support the EUR.
In reality, however, there is far more to it than that… A jump in hiring and consumer spending is a must while the global supply chain remains broken…
At the time of writing, the EUR was down by 0.06% to $1.0811.
For the Pound
It’s a particularly quiet day ahead on the economic calendar following Wednesday’s data deluge.
A lack of stats leaves the Pound in the hands of Brexit chatter and COVID-19 news.
While Brexit remains an immediate concern, failure by the UK government to contain the spread of the virus is a greater issue.
An extended lockdown leaves the UK economy flagging for an extended period of time, which would take longer to recover from…
At the time of writing, the Pound was down by 0.19% to $1.2209.
Across the Pond
It’s a relatively quiet day ahead on the U.Seconomic calendar
Key stats are limited to the weekly jobless claims figures that will have a material impact on risk sentiment.
While the markets may have stomached a string of quite alarming numbers it is likely to be a different story this time around…
Another sizeable surge in claims will spook the markets.
Outside of the numbers, expect chatter from Beijing and Washington and COVID-19 updates to also influence.
The Dollar Spot Index was up by 0.02% to 100.263 at the time of writing.
For the Loonie
It’s a busier day on the economic calendar, with March manufacturing sales figures in focus. We would expect the numbers to have a relatively muted impact on the Loonie, however.
Following the inventory numbers from Wednesday, the IEA’s monthly report will certainly influence.
Market sentiment towards COVID-19 numbers will also provide direction on the day.
At the time of writing, the Loonie was down by 0.03% to C$1.4105 against the U.S Dollar.
This article was originally posted on FX Empire
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E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Trading Near Highs after ‘Trump Bump’
The Crypto Daily – Movers and Shakers -30/05/20
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | In reality, however, there is far more to it than that… A jump in hiring and consumer spending is a must while the global supply chain remains broken… At the time of writing, the EUR was down by 0.06% to $1.0811. Across the Pond It’s a relatively quiet day ahead on the U.Seconomic calendar Key stats are limited to the weekly jobless claims figures that will have a material impact on risk sentiment. This article was originally posted on FX Empire More From FXEMPIRE: Gold Weekly Price Forecast – Gold Markets Form Support of Looking Candle E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Trading Near Highs after ‘Trump Bump’ The Crypto Daily – Movers and Shakers -30/05/20 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. | For the Aussie Dollar April’s employment figures were in focus through the early part of the day. The total number of people in full-time employment fell by 220,500, with people in part-time employment decreasing by 373,800. Since April 2019, full-time employment decreased by 123,000 people, with part-time employment falling by 272,000 people. | Looking at the latest coronavirus numbers, On Wednesday, the number of new coronavirus cases rose by 89,941 to 4,427,503. For the Aussie Dollar April’s employment figures were in focus through the early part of the day. The total number of people in full-time employment fell by 220,500, with people in part-time employment decreasing by 373,800. | The Aussie Dollar and the Kiwi Dollar were in focus in the early part of the day. For the Aussie Dollar April’s employment figures were in focus through the early part of the day. Looking at the COVID-19 numbers, however, there has yet to be a noticeable increase in new cases, which should provide some support. | 0f592899-778a-4dd2-91e0-4e1bd88eec91 |
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