Forex Previews

US Personal Consumption shows economy in good shape during Q2

Posted on June 29, 2016 at 2:28 pm GMT

Personal income and spending numbers for May were released broadly in line with expectations today, but there were upbeat messages from the positive revisions from the previous month’s already strong data. Personal income was the only miss as it came in at a positive 0.2% month-on-month compared to a 0.3% change expected by economists in a Reuters poll. However, the previous month’s income change was raised to 0.5% from 0.4% initially reported. Personal consumption met expectations by coming in at [..]

US Q1 GDP revised up again but Fed looking less likely to budge after Brexit

Posted on June 28, 2016 at 2:26 pm GMT

Economic growth in the United States was revised higher for a second time in the third estimate of GDP for the first quarter. US GDP grew by 1.1% at an annualized rate between the fourth quarter of 2015 and the first three months of 2016. This represents an upward revision from the 0.8% rate in the second estimate, which itself was revised up from 0.5% in the preliminary estimate. Expectations were for a slightly smaller upward revision to 1.0%. On [..]

Pound under pressure as Osborne tries to calm markets after Brexit win

Posted on June 27, 2016 at 11:33 am GMT

The British pound opened almost 2% lower against the dollar on Monday as currency markets reeled from the UK’s shock referendum result last Thursday to leave the European Union. The fallout from the British referendum vote is unlikely to go away anytime soon as the UK government as well as the opposition party find themselves in a deepening political crisis, which could complicate or prolong the UK’s negotiation to exit the EU. The UK’s finance minister, George Osborne, tried to [..]

Week Ahead – After Brexit, US and Japan data come in focus

Posted on June 24, 2016 at 2:04 pm GMT

Brexit developments will likely continue to dominate the coming week following the UK’s decision on Thursday to leave the European Union. However, upcoming data out of the US and Japan will be closely monitored as it could sway Fed and Bank of Japan policy. Spanish elections could bring more shocks to the Eurozone Hot on the heels of the UK’s leave vote, the EU could face more headache this weekend as Spain heads to the polls for the second time [..]

Eurozone services PMI slows unexpectedly in June but manufacturing PMI rises to 6-month high

Posted on June 23, 2016 at 11:15 am GMT

The latest Markit PMIs painted a mixed picture for Eurozone economic activity in June as the services sector appeared to struggle, while manufacturers enjoyed a strong month. Political and economic uncertainty were cited as the main reasons for the drop in business confidence across the region. The euro area’s services PMI according to Markit’s flash reading for June declined to 52.4 from 53.3 in May. The figure is the lowest in 18 months and compares with estimates of a smaller [..]

Cable extends gains less than 24 hours before Brexit polls open

Posted on June 22, 2016 at 2:52 pm GMT

With less than 24 hours to go before the polls open for the UK’s referendum on membership of the EU, the pound rose past 1.47 dollars despite most opinion polls pointing to a very tight race. Campaigning for Thursday’s referendum heated up today with both sides making a last ditch attempt to win over undecided voters. Senior figures, including former British PM John Major and current UK PM David Cameron on the ‘remain’ side, and UKIP leader Nigel Farage and [..]

ZEW survey shows optimism by investors and analysts on German economy

Posted on June 21, 2016 at 1:25 pm GMT

The ZEW European Economic Research Centre showed a high degree of optimism by investors and analysts concerning the prospects of the German economy. The Economic Sentiment index jumped to 19.2 in June from 6.4 the previous month. The expectation was for the index to drop to 4.7. Economic sentiment was at its highest since August 2015. The current conditions index showed less improvement as it rose from 53.1 to 54.5. The figures were a vote of confidence in the German [..]

Surge in Sterling reflects gain in momentum for Remain campaign; gold eases

Posted on June 20, 2016 at 9:04 am GMT

Sterling jumped higher at the open of trading on Monday as investors reacted to new Brexit polls that were published over the weekend. The latest opinion polls indicated a shift in sentiment towards remaining in the European Union. With just a few days left before the EU referendum vote on June 23, there is more attention being paid now on whether Britons will vote to stay in the union. Over the weekend, a popular British newspaper called The Mail on [..]

Week ahead: Brexit referendum ends months of anticipation; Yellen testifies in Congress

Posted on June 17, 2016 at 2:21 pm GMT

The week ahead will be relatively quiet in terms of economic data, but the eagerly awaited UK referendum on EU membership is expected to unleash major bouts of volatility. Prior to the referendum that takes place on Thursday, Fed Chair Janet Yellen’s monetary policy testimony on Tuesday and Wednesday will attract the markets’ attention. Starting from Japan, the country’s exports and imports as well as trade balance for May are due on Monday and they are expected to show a [..]

Yen soars after Bank of Japan stands pat, raising odds of intervention

Posted on June 16, 2016 at 11:44 am GMT

The Bank of Japan kept monetary policy unchanged at its meeting today as it decided to continue assessing the impact of its massive asset purchase program and negative interest rates. The BoJ’s decision to hold policy steady comes despite the yen appreciating by 12% against the US dollar so far this year and inflation falling back to negative in recent months. In its statement, the Bank said Japan’s economy should continue on a “moderate expanding trend” as household and corporate [..]

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