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Central banks: between the proverbial rock - ANZ

Analysts at ANZ noted that central banks are finding themselves between the proverbial rock (stubbornly low inflation) and hard place (financial stability risks from debt loads and asset prices that they themselves inflated). Key Quotes:"Central banks have done their best to prepare the path, and the Fed has successfully gotten several hikes under its belt without the world ending...

03:00 29 June /2017 Forex

Market wrap: currency markets were volatile - ANZ Ross J Burland

Analysts at ANZ explained that more significant market moves continued overnight with most of the action in currency markets.Key Quotes:"US equities rose, the USD fell, the US Treasury curve steepened (2-year yield -2bps; 10-year yield +2bps), and oil rose. US equities were led higher by financials (S&P 500 +0.9% at the time of writing), while bourses closed in the red in Euro...

02:46 29 June /2017 Forex

AUD/USD is at the highest levels since March, more to come in Tokyo, 0.7712?

Currently, AUD/USD is trading at 0.7637, down -0.04% on the day, having posted a daily high at 0.7643 and low at 0.7636.Forex today: stocks rally as does the pound on Carney U-turn, DXY lowerAUD/USD is consolidating the strong p...

02:23 29 June /2017 Forex

US data previewed - Nomura Ross J Burland

Analysts at Nomura offered a review of the US data from overnight.Key Quotes:"Review Advance goods trade balance: The Advance Economic Indicators Report by the Census Bureau for May reported a goods trade deficit of $65.9bn, narrower than expectations (Nomura: $67.3bn deficit, Consensus: $66.0bn deficit). Goods exports rebounded by 0.4% m-o-m in May after a disapp...

02:23 29 June /2017 Forex

USD/JPY intermarket: will USD/JPY play catch up in Tokyo? Ross J Burland

Currently, USD/JPY is trading at 112.28, down -0.01% on the day, having posted a daily high at 112.34 and low at 112.24.USD/JPY is lagging the 'risk-onness' that we witnessed on Wall Street and could be due a rally, playing catch-up with the following performances from overnight that would usually send the yen into a tailspin, courtesy of Oliver ...

01:46 29 June /2017 Forex

Fed approves capital plans of all of 34 big banks that underwent stress tests

According to Reuters, U.S. Federal Reserve announced that it approved the capital plans of all of the 34 big banks that underwent stress tests.Key quotes:

23:46 28 June /2017 Forex

Wall Street recorded solid gains on back of financial and tech stocks Eren Sengezer

After dropping sharply in the previous day, major equity indexes in the U.S. rebounded strongly on Tuesday with the S&P 500 Index recording its best daily performance in nearly two months and the heavy-tech Nasdaq Composite Index rising more than 1%.The S&P 500 technology index .SPLRCT, which had its worst day in two weeks on Tuesday, closed the day 1% higher. Furthermore, the divergence b...

23:46 28 June /2017 Forex

Forex today: stocks rally as does the pound on Carney U-turn, DXY lower Ross J Burland

Forex today was dominated by a risk-on-theme and a u-turn around in the pound on a 'change of tone' from BoE Governor Mark Carney speaking on a Panel today saying:“Some removal of monetary stimulus is likely to become necessary if the trade-off facing the MPC continues to lessen and the policy decision accordingly becomes more conventional." This is a significant shift in policy bias from Carney a...

23:46 28 June /2017 Forex

Renewed uncertainty about US politics is weakening risk sentiment - Nomura

Analysts at Nomura explained that renewed uncertainty about US politics is weakening risk sentiment. Key Quotes:"In the FX market, JPY has outperformed today, showing a typical reaction to the higher uncertainty. Impeachment of President Trump is unlikely, and this may not be a game-changer for the FX market. Various risk proxies, implied volatility in FX, rates and equity markets...

23:00 28 June /2017 Forex

USD/CAD ignores Patterson comments, remains calm above 1.30 Eren Sengezer

After dropping to its lowest level since mid-February at 1.3013 in the US afternoon, the USD/CAD went into a consolidation phase and ignored the recent comments from the BoC Deputy Governor Patterson. As of writing, the pair is trading at 1.3030, losing 1.3% on the day.The continuous recovery seen in crude oil prices seems...

23:00 28 June /2017 Forex

USD/MXN back below 18.00, near 2017 lows Matías Salord

USD/MXN resumed the downside after rising modestly yesterday. The pair is under pressure as the Mexican peso remains strong in the market. Since the beginning of the year, the Mexican currency has risen almost 15% against the US dollar and is the best performer so far. The rally has been supported by Bank of Mexico monetary policy, an improvement in global senti...

22:46 28 June /2017 Forex

US Pending home sales: Another disappoint - Wells Fargo

According to analysts from Wells Fargo, in May, the Pending Home Sales report continue to disappoint, posting the third monthly decline in a row. Key Quotes: “Pending home sales fell well short of expectations, declining by 0.8 percent in May. The drop in purchase contracts comes on the heels of a downwardly revised April print and marks the third consecutive monthly drop for the ...

22:23 28 June /2017 Forex

BoC's Patterson: Our primary mandate continues to be to reach 2% target Eren Sengezer

Lynn Patterson, the Deputy Governor of the Bank of Canada, is answering questions after her introductory speech, with the key quotes, via Reuters, found below:

22:23 28 June /2017 Forex

NZD/USD headed to 0.7374 in carry trade recovery? Ross J Burland

Currently, NZD/USD is trading at 0.7301, up 0.43% on the day, having posted a daily high at 0.7311 and low at 0.7254.NZD/USD has been on a comfortable bullish ride since the middle of May and despite the resurgence of the greenback, it has held its ground within that bull trend, recovering fro the aforementioned lows. NZD/USD benefits from the se...

22:23 28 June /2017 Forex

Finally, the euro has surged higher - Nomura Ross J Burland

Analysts at Nomura explained that it’s been a waiting game in recent weeks, but finally, the euro has surged higher. Key Quotes:"Naturally it was the ECB that was the trigger thanks to President Draghi’s hawkish comments. This all fits into our bullish euro view of a broad-based recovery in the euro area, likely ECB tapering this year and a strong current account surplus. The big ...

22:23 28 June /2017 Forex

BoC's Patterson: Economic drag from lower oil prices largely behind us

In her speech titled 'Markets Calling: Intelligence Gathering at the Bank of Canada', Lynn Patterson, the Deputy Governor of the Bank of Canada, said that the economic drag from lower oil prices was largely behind them.Key quotes:

22:00 28 June /2017 Forex

US Dollar Index drops further below 96.00 to fresh 8-month lows Matías Salord

The US dollar is falling across the board on Wednesday, extending weekly losses. The greenback again failed to benefit from rising US bond yields and higher equity prices in Wall Street. Strong moves in financial market in Europe after speeches from central bankers weakened the correlation between the US dollar and yields. Today’s rally of the pound and the euro left the US dollar vulnerable, that...

21:46 28 June /2017 Forex

EUR/JPY intermarket: risk-on takes the cross on a round trip Ross J Burland

Currently, EUR/JPY is trading at 127.66, up 0.21% on the day, having posted a daily high at 127.89 and low at 126.48.ECB: Market misjudged Draghi's speech on stimulus on TuesdayEUR/JPY has recovered in a round trip from aforementioned high...

21:23 28 June /2017 Forex

AUD/USD consolidates gains after refreshing highest level since early April Eren Sengezer

The AUD/USD pair took advantage of the unabated selling pressure on the greenback and leaped to its highest level since April 4 at 0.7640 in the NA session. Following the upsurge, the pair went into a consolidation phase in the last hour and is now...

20:46 28 June /2017 Forex

EUR/GBP: correction in place, watching potential to back above 0.8852/68

Currently, EUR/GBP is trading at 0.8799, down -0.55% on the day, having posted a daily high at 0.8883 and low at 0.8772.Further GBP/USD upside unlikely - INGEUR/GBP is testing a key resistance area here in a minor correction of the 20:23 28 June /2017 Forex