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New Zealand Treasury sees RBNZ raising rates from mid-2018 Omkar Godbole

New Zealand pre-electon Economic cand Fiscal update [PREFU] released today shows the Treasury expects the Reserve Bank of New Zealand [RBNZ] to kick-off  the tightening cycle in mid-2018. Key pointsRaises 2016-17 budget surplus estimate to NZD 3.71 billionLeaves 2017-18 surplus forecast little changed and sees a smaller surplus in 2019-21 on lower growthWill not consider tax cuts ...

03:23 23 August /2017 Forex

AUD/USD: bearish bias persists ahead of Jackson Hole, bulls to commit to the 0.79 handle? Ross J Burland

Currently, AUD/USD is trading at 0.7913, up 0.02% on the day, having posted a daily high at 0.7920 and low at 0.7908.AUD/USD is currently stable at the lower end of the 0.79 handle, in a minor recovery of the supply from 0.7950. Metals are supporting an arguably over stretched Aussie in an environment where the greenback is making a come back on ...

03:23 23 August /2017 Forex

Caution: market sentiment is fickle - ANZ Ross J Burland

Market sentiment is quite fickle at the moment with the caution of the past few trading sessions replaced with a pick-up in risk appetite overnight. Key Quotes:"There was nothing special that prompted the move, perhaps outside of some easing of anxiety over North Korea, and signs the Trump administration may be getting some momentum back on tax reform. Sentiment is yo-yoing in thi...

03:23 23 August /2017 Forex

NZD/USD: fails to sustain the bid overight, back under 0.73 psychlogcal level Ross J Burland

Currently, NZD/USD is trading at 0.7277, down -0.02% on the day, having posted a daily high at 0.7285 and low at 0.7276.NZD/USD is consolidated in the middle of the recent range between the  0.7220's and 0.7336 highs. Despite a better risk environment overnight, the beta currencies were unable to sustain the bid and, in fact, the Kiwi closed lowe...

02:00 23 August /2017 Forex

Aggressive trade actions against China has risen - Nomura

Today, in another sign of cooling relations between the US and China, the Treasury Department announced an additional set of sanctions for Chinese and Russian companies suspected of aiding North Korea in evading economic sanctions, as noted and explained by analysts at Nomura. Key Quotes:"While the sanctions were primarily aimed at reducing the funds available to Pyongyang for its...

01:23 23 August /2017 Forex

Immediate event risks ahead - Westpac Ross J Burland

Analysts at Westpac note the forthcoming events for traders to pay attention to.Key Quotes:NZ: The Government’s Pre-Election Fiscal Update (PREFU) is expected to unveil an increased operating surplus thanks to a higher tax take. Markets will be interested in any changes to the bond issuance program.Euro Area: ECB president Draghi gives a key note speech at the opening ceremony of ...

01:23 23 August /2017 Forex

Market wrap: Trump's team rally up the rally - Westpac Ross J Burland

Analysts at Westpac offered their market wrap.Key Quotes:"Market WrapGlobal market sentiment: US equities, interest rates and dollar all rose overnight. A Politico report that Trump’s team was making progress on tax reform attracted market attention.Interest rates: US 10yr treasury yields rose from 2.19% to 2.22%, 2yr yields from 1.31% to 1.32%. Meanwhile, Fed fund futures yields ...

00:46 23 August /2017 Forex

Forex today: better risk tone, stocks, dollar and rates all up on the session, higher beta not sustained Ross J Burland

Forex today was a good performance for the bulls. Stocks were up with a positive vibe on Wall Street while US rates and the US dollar were also higher subsequently. Asia led the way with a lift from a bullish performance in Shanghai while Trump's positive sentiment and communication in the US shift around tax reform legislation boosted risk sentiment on trading desks and investor's appetite. The U...

23:46 22 August /2017 Forex

EUR/GBP to fresh 10.5 month highs, can it carry on through 0.92 the figure? Ross J Burland

Currently, EUR/GBP is trading at 0.9170, up 0.15% on the day, having posted a daily high at 0.9178 and low at 0.9154.EUR/GBP is better bid on yield differentials and the divergence is favouring the euro which has elevated the cross rate right up to a 10.5 month high in the US session. However, the data from the EZ, (weaker-than-expected German ZE...

23:23 22 August /2017 Forex

Fed Banks unanimously voted to leave discount rate unchanged at 1-3/4% Eren Sengezer

"All of the Federal Reserve's 12 regional banks wanted to hold steady the rate commercial banks are charged for emergency loans ahead of the U.S central bank's last policy meeting, minutes from a discussion of the discount rate showed on Tuesday," Reuters reported on Tuesday.

22:46 22 August /2017 Forex

Wall Street extends gains as risk appetite improves Eren Sengezer

After starting the day higher, major equity indexes in the U.S. extended their gains into the second half of the session as the trading sentiment remained positive. CBOE Volatility Index (VIX), which is also known as the "fear gauge," was down around 12% at the time of writing, amid a lack of major developments from North Korea and the White House."As the pockets of political worries that have cau...

22:46 22 August /2017 Forex

USD/CAD rebounds from 3-week lows amid a stronger dollar Matías Salord

USD/CAD moved of lows during the American session amid a stronger US dollar across the board. The pair erased losses and rose back above 1.2550. Dollar Index erases Monday’s losses and tests 93.50Earlier the pair dropped to 1.2524, hitting the lowest level since August 1 after the...

22:46 22 August /2017 Forex

Jackson Hole – another consideration for the Kiwi - Nomura Ross J Burland

Analysts at Nomura, after earlier commenting on how stretched the Kiwi probably is, they note that a more near-term focus for the NZD and broader markets is the annual Jackson Hole Symposium, particularly the scheduled speeches by Fed Chair Yellen and ECB President Draghi. ...

22:23 22 August /2017 Forex

EUR/USD eases lower to mid-1.17s as DXY remains near session highs Eren Sengezer

The EUR/USD pair continues to push lower in the second half of the NA session as greenback extends the gains against its competitors. As of writing, the pair was trading at 1.1750, losing 0.55% on the day.A positive market sentiment on Tuesday seems to be the primary catalyst of the price action. With the demand for safe-h...

22:23 22 August /2017 Forex

EUR/JPY: struggles to gain traction despite higher stocks on Wall Street

Currently, EUR/JPY is trading at 128.65, down -0.07% on the day, having posted a daily high at 129.21 and low at 128.33.Earlier, analysts at Scotiabank noted that EUR/USD had been weak and was underperforming all of the G10 currencies with the except...

21:46 22 August /2017 Forex

Dollar Index erases Monday’s losses and tests 93.50

The US dollar rose across the board on Tuesday and erased yesterday’s losses. The greenback was boosted by rising US bonds. The 10-year yields rose today to 2.231%, the highest in six days. Equity prices in Wall Street are having a great performance. The Dow Jones is rising 0.75% and the Nasdaq gains 1.21%. While some analysts point toward better-than-expected US data, released today from the regi...

21:46 22 August /2017 Forex

NZD/USD: stretched NZD positioning vulnerable to a further unwind - Scotiabank

Analysts at Scotiabank explained that the NZD remains under broad-based downward pressure. Key Quotes:"We expect this to continue in the short term, and have adjusted the parameters of our existing short NZD basket trade.""The RBNZ’s cautious policy stance and increased concern about persistent currency strength continue to leave stretched NZD positioning vulnerable to a further u...

20:46 22 August /2017 Forex

USD/JPY: keeping an eye on the broader tone - Scotiabank Ross J Burland

Analysts at Scotiabank explained that JPY is weak vs the USD and a mid-performer among the G10 with a modest retreat from its recent multimonth highs. Key Quotes:"The broader tone remains crucial for JPY and yield spreads remain narrow at the lower end of their recent range.""We continue to highlight JPY’s vulnerability to knee-jerk haven-driven gains and note the added risk posed...

20:23 22 August /2017 Forex

USD/JPY sticks to daily gains near mid-109s Eren Sengezer

After closing four days in a row with losses, the USD/JPY pair is making a recovery on Tuesday on the back of an improved market sentiment and increasing demand for the greenback. As of writing, the pair, which refreshed its session high at 109.53, is trading at 109.42, gaining 0.4% on the day.Boosted by the upbeat data fr...

20:00 22 August /2017 Forex

Chinese to be allowed to invest in securities traded overseas? - UOB

Analysts at UOB Group noted that China’s foreign exchange regulator is reportedly seeking State Council approval for a pilot plan to could allow Chinese to individually invest in securities traded overseas.Key Quotes:"The pilot program will start in cities including Shanghai and Tianjin and keep in place a $50,000 annual limit for residents seeking to convert yuan...

19:46 22 August /2017 Forex