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European Session – Pound falls on weak data but dollar firmer; Oil sees brief rebound

Posted on January 12, 2016 at 3:37 pm GMT

European equities rose sharply on Tuesday as risk sentiment returned in early European session. A firmer yuan and gains in China’s main indices helped restore some confidence in the markets. The US dollar reversed earlier losses to head higher and oil prices attempted to make the first daily gain in 2016. Comments by several central bank officials appeared to have little impact as market attention was focused on developments in China and in crude oil prices. On Monday, Dallas Fed [..]

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Asian Session – Dollar gives up gains as oil approaches $30 a barrel

Posted on January 12, 2016 at 8:45 am GMT

The US dollar gave up some of Monday’s gains as a sharp slide in crude oil prices reduced risk appetite. The dollar edged lower against the Japanese yen, which was firmer on safe-haven appeal. By late Asian session, the greenback fell to 117.32 yen, down from an earlier session high of 118.02 yen. The euro also got off to a stronger footing on Tuesday, climbing to 1.0894 dollars from an earlier low of 1.0840 dollars. Sterling was the exception as [..]

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European Session – Dollar rebounds, oil languishes at 11-year lows

Posted on January 11, 2016 at 3:36 pm GMT

The broader market tone was showing signs of improvement in the European session and early in the US session, with a bit of risk appetite returning after a shaky start in early Asian trading. Asian stocks opened the week with another wave of sell-offs as China set the mood. However, a stabilization in European and US stocks helped support risk. The improvement in risk appetite led to some safe haven selling, including the yen. The dollar made a significant recovery [..]

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Asian session – Some calm returns after PBOC sets yuan higher, Chinese stocks rise

Posted on January 8, 2016 at 8:47 am GMT

Some semblance of calm returned to the markets after the People’s Bank of China set the value of the yuan higher and the Chinese stock market closed up by around 2%. There was nervousness on Thursday after China unveiled a huge drawdown of their foreign exchange reserves during December. The country’s reserves dropped by 107 billion dollars because of intervention to support the currency. Friday’s positive developments helped risk assets to recover as some of the losses of the previous [..]

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European Session – Euro pops back above $1.08, gold rallies as investors seek safety amid risk aversion

Posted on January 7, 2016 at 2:38 pm GMT

The US dollar was weak versus the Japanese yen and against the euro amid risk aversion as Chinese markets tumbled again today while the yuan was devalued. Oil fell to fresh eleven-year lows along with the Canadian dollar. There was a slew of Eurozone economic data out today which included German retail sales, the Eurozone economic sentiment survey results for December and unemployment figures and retail sales for November. The Eurozone unemployment rate showed a small drop in November to [..]

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Asian Session – Fresh Chinese yuan devaluation roils markets; yen gains

Posted on January 7, 2016 at 9:03 am GMT

A fresh devaluation of the Chinese yuan by 0.5% and an early closure of the country’s stock markets as indices fell by their daily maximum of 7%, led to further risk aversion in global financial markets. Specifically, as the People’s Bank of China fixed the yuan at 6.5646 versus the dollar, down 0.5% on the day (a relatively big adjustment), it marked the lowest for the currency since 2011. This created some uncertainty about where the Chinese authorities would eventually [..]

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European Session – Sterling at new 9-mth low on weak services PMI, oil below $35

Posted on January 6, 2016 at 4:14 pm GMT

The yen outperformed on safe haven flows, pressuring the dollar/yen pair to a new 2 ½ month low of 118.24. This is the lowest level since October 15. The risk off mood was set early in the day by weaker China Caixin services PMI and geopolitical risk on news that North Korea tested a hydrogen bomb. Services PMI dominated the news today, with the Euro zone, the UK and the US all publishing their numbers for December. The euro continued [..]

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