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US stocks weaker on tech sell-off, Yellen speech eyed

Major US equity indices opened with modest losses on Tuesday amid a follow through selling pressure in technology shares, for the second consecutive session.During opening hour of trade, the Dow Jones Industrial Average was down around 25-points to 21,384, while the broader S&P 500 Index lost 5-points to 2,434. Meanwhile, tech-heavy Nasdaq Composite Index continued with its re...

17:00 27 June /2017 Forex

UK PM May: Scotland's Sturgeon should take 2nd independence vote off table

British Prime Minister May crossed the wires in the last minutes, via Reuters, saying that Scottish Prime Minister should take the second independence vote off the table. Sturgeon also was also recently quoted saying that there was a real risk the UK could crash out of EU with no deal or a very bad deal.

16:46 27 June /2017 Forex

WTI firmer, eyes on $44.00 ahead of API Pablo Piovano

Crude oil prices are extending the upbeat momentum on Tuesday, now lifting the barrel of West Texas Intermediate to the boundaries of the $44.00 mark.WTI in multi-day topsPrices of the barrel of the American reference for the sweet light crude oil are posting gains for the fourth straight session today, extending t...

16:46 27 June /2017 Forex

GBP/USD refreshes session tops as USD selling remains unabated Haresh Menghani

The GBP/USD pair maintained its strong bid tone through early NA session and is currently placed at multi-day tops around 1.2765-70 band.The pair traded with positive bias for the fifth consecutive session and extended last week's recovery move from sub-1.2600 level amid aggressive greenback selling pressure, with the key 16:46 27 June /2017 Forex

US: National home prices rise for fifth consecutive month

According to the recently published report by the S&P CoreLogic Case-Shiller, U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.5% annual gain in April, down from 5.6% last month."The 10-City Composite annual increase came in at 4.9%, down from 5.2% the previous month. The 20-City Composite posted a 5.7% year-over-year gain, down from 5.9% in March."

16:23 27 June /2017 Forex

USD/CHF refreshes 2-week lows on USD sell-off Eren Sengezer

After closing the previous day above the 0.97 handle, the USD/CHF pair failed to build on its gains and came under pressure on Tuesday as the greenback started to record losses against its major rivals. The pair dropped to its lowest level since June 14 at 0.9648 in the last hour and is now trading at 0.9658, down 0.68% on...

16:23 27 June /2017 Forex

EUR/JPY in fresh 2017 tops above 126.00 Pablo Piovano

The Japanese Yen continues to depreciate during the first half of the week, now lifting EUR/JPY to the area of fresh YTD peaks beyond 126.00 the figure.EUR/JPY up on EUR-buyingThe cross is accelerating its advance to levels last seen in late April 2016 around 126.20/30, up for the third week in a row and always backed by the sell...

16:23 27 June /2017 Forex

RUB: Russian authorities view is a headwind – Deutsche Bank Sandeep Kanihama

Rhetoric from Russian government officials around RUB being ‘too strong’ has been ongoing for some time, points out the research team at Deutsche Bank.Key Quotes“We had comments from the EconMin and FinMin on RUB being ’10-12% stronger than its fundamental level’. However, President Putin has recently come to the defence of the CBR’s stance thus far of maintaining ‘comfort’ with RUB...

16:23 27 June /2017 Forex

USD/JPY still targets 112.80 – UOB

FX Strategists at UOB Group expect the pair to advance to the 112.80 region in the next weeks.Key Quotes“The strong rally in USD is accompanied by strong upward momentum and appears incomplete. Further up-move is expected but 112.10 is a strong resistance and may not be easy to break. That said, a break of this level could lead t...

16:00 27 June /2017 Forex

EUR/JPY could test 127.65 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the likeliness of EUR/JPY to move higher to the 127.60 area.Key Quotes“The market is bid in its range. It continues to hold extremely well at 122.56/40, the 18th May low and the recent low, ahead of here lies the 123.80 2 month support line. We look for a retest of...

15:46 27 June /2017 Forex

Russian OilMin: Russian oil output reduced by more than 300k bpd - Reuters Eren Sengezer

Reuters recently quoted Russian Deputy Oil Minister Molodtsov saying that the Russian oil output reduced by more than 300k barrels per day.

15:23 27 June /2017 Forex

German Financial Stability Committee: Low interest rates are biggest risk - Reuters Eren Sengezer

In a recent report, German Financial Stability Committee said that low-interest rates were the biggest risk for the German economy and added that although German banking system was now more resilient, risks have increased as well, as reported by Reuters.

15:23 27 June /2017 Forex

Eurozone: Time to respond to central bank signals – BNPP Sandeep Kanihama

Patrick Jacq, Research Analyst at BNP Paribas, points out that the ECB is gradually changing its rhetoric as in its latest statement the ECB removed the previous reference to “lower rates” and noted that risks to growth were broadly balanced.Key Quotes“In our view, increasing confidence in the economic outlook will give the ECB room to prepare markets before the end of the year fo...

15:23 27 June /2017 Forex

EUR/GBP extends Draghi-led strong up-move further beyond 0.88 handle Haresh Menghani

The shared currency continued scaling higher across the board, with the EUR/GBP cross surging through the 0.88 handle to fresh multi-day tops. The cross gained strong traction following optimistic comments by the ECB President Mario Draghi, noting that the Euro-zone growth remains above trend and well distributed across the region, while factors ...

15:23 27 June /2017 Forex

RUB: Vulnerable to deterioration in risk sentiment – Deutsche Bank Sandeep Kanihama

RUB is vulnerable, if markets re-enter a risk-off phase as it appears exposed on both the ‘internal’ and ‘external’ dimensions, according to the research team at Deutsche Bank.Key Quotes“Internally, RUB has been the best performer in EM since the US elections and positioning is significantly long, both in FX (IMM shows that net long positioning is still near historical highs) and in...

15:23 27 June /2017 Forex

EUR/USD pushing higher near 1.1270

The single currency keeps the firm note today, now pushing EUR/USD to fresh multi-day tops around 1.1270.EUR/USD boosted by DraghiThe pair is up around a cent since yesterday’s lows in the 1.1170 region following unexpected hawkish comments by President Draghi at the ECB Forum earlier in the morning.Draghi emphasized the now broa...

15:00 27 June /2017 Forex

USD/JPY to target ¥118 by year-end – Deutsche Bank

Analysts at Deutsche Bank remain bullish on USD/JPY and target ¥118 by year-end and continue to recommend tactical buying on dips.Key Quotes“USD/JPY continues to be driven primarily by US rates, long-term nominal yields currently being the best predictor of FX movements. Even more strikingly, the correlation with the broad dollar has bounced back to pre-crisis levels, ending a five...

15:00 27 June /2017 Forex

NOK more vulnerable to ECB tightening – Deutsche Bank Sandeep Kanihama

With the ECB getting ready to taper, Eurozone term premium is likely to rise which should have greater impact on EUR/NOK than EUR/SEK, consistent with Norway historically seeing less immediate spillover from Eurozone inflation than Sweden, feels the research team at Deutsche Bank.Key Quotes“Since the financial crisis, Sweden's yield curve has been more tightly correlated with bunds ...

15:00 27 June /2017 Forex

EUR/SEK: Running out of steam? - Rabobank Sandeep Kanihama

Despite some disappointment in Swedish economic data in recent weeks, Jane Foley, Senior FX Strategist at Rabobank suggests that they would look to sell EUR/SEK on rallies towards EUR/SEK9.80.Key Quotes“EUR/SEK has been trading in a consolidation phase since the middle of May.  The better tone of the EUR that has dominated the currency pair since early February reflects the broad-...

15:00 27 June /2017 Forex

BoE caught between Brexit headwinds and rising inflation - HSBC

Analysts at HSBC suggest that with falling unemployment and Brexit headwinds still looming, it’s going to be hard for the BoE to go ahead with the rate rise anytime soon.Key Quotes“Indeed, the UK faces the unique challenge of negotiating its exit from the EU. Following the surprise result of the 8 June election, when Prime Minister Theresa May failed to win a majority, the mood mu...

14:46 27 June /2017 Forex