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European Open Preview – Split Congress keeps dollar bulls sidelined; RBNZ decision looms

Posted on November 7, 2018 at 8:44 am GMT

Here are the latest developments in global markets: FOREX: The dollar is lower by 0.28% against a basket of six major currencies on Wednesday, weighed down by the results of the US midterm elections, which produced a split Congress – dampening the prospect for any further tax cuts. Meanwhile, the pound continued its Brexit-induced march higher, while the kiwi dollar soared overnight, after a surprisingly strong employment report out of New Zealand. STOCKS: Wall Street closed in the green on Tuesday as [..]

US Open Preview – Dollar finds resistance at 1-month highs vs yen; US midterm elections awaited

Posted on November 6, 2018 at 12:14 pm GMT

Here are the latest developments in global markets: FOREX: The US dollar hit one-month highs against the yen at 113.44 on Tuesday but it soon lost ground returning to 113.13 (-0.06%) before the US midterm elections take place later today. The US dollar index, however, managed to climb by 0.14%, erasing some of yesterday’s losses on the back of a weaker euro and pound. Euro/dollar was steady at 1.1412 despite the upward revision in final Markit Services PMI figures for October [..]

European Open Preview – Dollar little changed ahead of US congressional elections

Posted on November 6, 2018 at 8:34 am GMT

Here are the latest developments in global markets: FOREX: The dollar was marginally higher versus a basket of currencies on Tuesday, after losing around 0.3% the previous day. Traders will be eyeing the US congressional elections as a potential driver for the world’s reserve currency during today’s trading. STOCKS: Wall Street finished the day mixed on Monday, with the Dow Jones (+0.76%) and the S&P 500 (+0.56%) advancing and the tech-heavy Nasdaq Composite (-0.38%) edging lower; Apple, Amazon, Google-parent Alphabet and Facebook were [..]

US Open Preview – Pound holds firm ahead of Barnier’s Brexit speech

Posted on November 5, 2018 at 12:59 pm GMT

Here are the latest developments in global markets: FOREX: The dollar’s index against a basket of currencies reversed earlier losses to trade marginally higher on the day. The British pound continued to outperform on the back of rising hopes for a Brexit deal, though it reversed a considerable portion of earlier gains against both the dollar and the euro. Indicatively, GBPUSD traded below the 1.30 handle after previously hitting a two-week high of 1.3062. The UK came on the receiving end [..]

European Open Preview – Sterling outperforms on Brexit news; UK services PMI due

Posted on November 5, 2018 at 8:56 am GMT

Here are the latest developments in global markets: FOREX: The dollar was down by 0.1% versus a basket of currencies on Monday after rising on Friday, when the US saw the release of a robust October jobs report. Sterling outperformed even though it gave up part of its earlier gains, being helped by positive Brexit news. STOCKS: Wall Street finished lower on Friday, with the Dow Jones (-0.43%), the S&P 500 (-0.63%) and the Nasdaq Composite (-1.04%) all unable to extend Thursday’s [..]

US Open Preview – Dollar holds up versus yen ahead of NFP job report

Posted on November 2, 2018 at 12:21 pm GMT

Here are the latest developments in global markets: FOREX: Dollar/yen eased to 112.81 but remained up on the day (+0.12%) after rising as high as 113.10 early in the European session as investors were looking for details to confirm that the US President and the Chinese leader will attempt to reach a trade agreement at the G20 summit in Argentina later this month. This came after reports that the government heads had a constructive phone call yesterday, with China’s foreign [..]

European Open Preview – Pound bulls unleashed; US jobs data in the spotlight

Posted on November 2, 2018 at 8:46 am GMT

Here are the latest developments in global markets: FOREX: The dollar index dropped significantly on Thursday and is a little lower on Friday too (-0.15%). The world’s reserve currency likely suffered as investors locked in profits on their prior dollar-long bets, ahead of the all-important US employment data today. Meanwhile, the British pound skyrocketed, gaining around 2% against the dollar, amid growing optimism that a Brexit deal is inching closer. The antipodeans aussie and kiwi also soared, probably as some [..]

US Open Preview – Pound cheers on Brexit optimism and BoE rate guidance

Posted on November 1, 2018 at 12:34 pm GMT

Here are the latest developments in global markets: FOREX: Pound pairs were trading notably higher early in the European session, benefiting on reports the EU and the UK have reached a tentative agreement to allow British financial services companies to have a continued access to European markets after Brexit. It should be kept in mind though that the UK’s Brexit negotiator said that “nothing is agreed until everything is agreed”. On the monetary policy front, all nine BoE policymakers voted to keep rates steady at 0.75%, while slightly lowering growth projections [..]

European Open Preview – Sterling soars on news of Brexit services deal, ahead of BoE policy decision

Posted on November 1, 2018 at 8:46 am GMT

Here are the latest developments in global markets: FOREX: The dollar index is down by a little more than 0.4% on Thursday, looking set to post its first daily decline in four sessions. The British pound, and to a lesser extent the euro, benefited from reports that UK financial services firms will continue to have access to EU markets after Brexit. Meanwhile, the antipodeans aussie and kiwi outperformed, likely lifted by the broader improvement in risk sentiment, as well as fresh [..]

US Open Preview – Euro slips to 2 ½-month lows despite encouraging inflation signs; stocks bounce higher

Posted on October 31, 2018 at 12:30 pm GMT

Here are the latest developments in global markets: FOREX: Euro/dollar printed a 2 ½-month low at 1.1330 on Wednesday despite eurozone’s flash core inflation rate inching up to 1.3% y/y in October, from 1.2% expected, and 1.1% seen in September. The headline inflation print remained unchanged at 2.2% y/y, at the strongest since 2012, but buying interest was subdued as concerns over the Italian budget battle as well as uncertainty about how political conditions would unfold in Germany after Chancellor Merkel leaves the office in 2021, brushed funds out of the market. [..]

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