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24

Ex-Fed Bernanke: There is still a strong case for BOJ to continue with 2% inflation target

Former Federal Reserve (Fed) Chairman Ben Bernanke crossed the wires earlier today, via Reuters, commenting on the BOJ’s monetary policy program and its impact on the Japanese economy.Key Headlines:Want to reaffirm importance of BOJ's pursuit of 2 pct inflation targetImportant aspect of BOJ's inflation target is it will lead to future economic st...

04:46 24 May /2017 Forex

Australia’s Q1 construction work done shows a bigger-than expected drop Dhwani Mehta

The pace of construction work done in Australia during the March quarter of 2017 shrank and came in sharply below expectations.The value of construction work done, a key component within the GDP reading, contracted 0.7% q/q to a seasonally-adjusted A$ 46.42bn in the three months to March 31.MARCH KEY POINTS

VALUE OF WORK DONE, CHAI...

04:46 24 May /2017 Forex

AUD/NZD revisits previous session’s low of 1.0645 Omkar Godbole

AUD/NZD cross revisited the previous session’s low of 1.0645 after New Zealand reported April trade surplus at 2-year high and the ratings agency Moody’s downgraded China’s rating.The Aussie dollar weakened somewhat after the news hit the wires that 04:46 24 May /2017 Forex

AUD/USD registers miniscule losses after Moody’s downgrade of China Omkar Godbole

AUD/USD shed 20 odd pips to a session low of 0.7455 after news hit the wires that ratings agency Moody’s has downgraded China’s long-term local currency and foreign currency issuer ratings to A1 from Aa3 and changed the ...

04:23 24 May /2017 Forex

Moody’s downgrades China’s rating to A1 from Aa3, changes outlook to Stable from Negative

Ratings agency Moody’s has downgraded China’s long-term local currency and foreign currency issuer ratings to A1 from Aa3 and changed the outlook to Stable from Negative. Moody’s rationale for the rating downgradeRising debt will erode china's credit metrics, with robust growth increasingly reliant on policy stimulusLooking ahead, we expect China's growth potential to decline to c...

03:46 24 May /2017 Forex

USD/JPY: bulls run out of steam and price drops below key 111.80 support Ross J Burland

 Currently, USD/JPY is trading at 111.76, down -0.01% on the day, having posted a daily high at 112.01 and low at 111.73.Forex today: DXY gallops on Trump's budget and Mnuchin's commentsUSD/JPY has been capped as Tokyo decides enough i...

03:46 24 May /2017 Forex

One-month Libor rises to 8-year high on expectations for June Fed move Omkar Godbole

London Interbank Offered Rate (LIBOR) or the cost of one-month US dollar loans between banks has risen to its highest level in more than eight years, reflecting an increasing conviction among traders that the Federal Reserve will raise interest rates by 25 basis points at its policy meeting in June.The LIBOR rose to 1.03% on Tuesday; the highest in 8 years.The CME model puts the probability of the...

03:23 24 May /2017 Forex

BOJ's Kuroda: Many agree the natural interest rate has fallen in recent years Omkar Godbole

Bank of Japan (BOJ) Governor Kuroda, while speaking at the 2017 BOJ-IMES Conference, said the natural rate of interest has declined in recent years, leading to unconventional monetary policies. Kuroda was speaking on the topic - "Monetary Policy: Lessons Learned and Challenges Ahead"Key pointsUncertainty about the natural rate of interest makes it difficult for central banks to st...

03:23 24 May /2017 Forex

Commodities mixed overnight - ANZ Ross J Burland

Analysts at ANZ explained that commodity markets were mixed overnight.Key Quotes:"Gold prices eased as the USD firmed amid mounting expectations of a rate hike in June by the Fed, while reports that OPEC will likely announce an extension to its production curbs when it meets later this week.West Texas Oil West Texas crude reached its highest level since 20 April falling just shy o...

03:23 24 May /2017 Forex

NZD/USD unable to take out key resistance at 0.7030/40, but bulls still in play Ross J Burland

Currently, NZD/USD is trading at 0.7011, down -0.01% on the day, having posted a daily high at 0.7023 and low at 0.7009.NZD/USD has lost some of its recent flight of late with the dollar bouncing back overnight in what has otherwise been a very unfriendly environment for the greenback. The kiwi was able to garner strength on local factors coupled...

03:00 24 May /2017 Forex

AUD/NZD: 1.0610 in sights - Westpac

Analysts at Westpac offered an outlook for the antipodean cross and rates as follows ...Key Quotes:"AUD/NZD 1 day: Broke below minor support at 1.0700, the next technical target being 1.0610. Helping NZD outperformance is the looming NZ Budget which is expected to be stimulatory as well as preserving a strong fiscal position.AUD/...

01:46 24 May /2017 Forex

Eyes on Aussie data in resepct of Q1 GDP - ANZ Ross J Burland

Analysts at ANZ explained that ahead of Australia’s Q1 GDP data release on June 7, the partials are starting to come in. Key Quotes:"Today we get Q1 construction data, with ANZ expecting a rise of 0.3% q/q, above market expectations of a - 0.5% q/q fall. The increase is expected to be led by the public sector, with investment in roads and telecoms rising strongly.""On the other ha...

01:46 24 May /2017 Forex

EUR/USD: steady ahead of a key support at 1.1161 Ross J Burland

Currently, EUR/USD is trading at 1.1184, up 0.01% on the day, having posted a daily high at 1.1187 and low at 1.1180.EUR/USD has been consolidating the downside with a resurgence of the dollar. The question is how much further can the dollar rise in an environment that is supportive of a higher euro over the medium term. The answer lies in how lo...

01:23 24 May /2017 Forex

Market wrap: US dollar stabilised - Westpac Ross J Burland

Analysts at Westpac offered a market wrap.Key Quotes:"Global market sentiment: Equity markets firmed slightly, the US dollar stabilised, and US interest rates rose. European growth and survey data was strong, and US Administration officials signalled fiscal stimulus.Interest rates: US 10yr treasury yields rose from 2.22% to 2.29%, 2yr yields from ...

01:00 24 May /2017 Forex

Fed's Harker reiterates his support for two more rate hikes in 2017 Felipe Erazo

Philadelphia Fed's President Patrick Harker was on the wires, via Reuters, repeating that he sees two more rate hikes this year. More headlines (via Reuters):

00:23 24 May /2017 Forex

GBP/USD slips to fresh session lows on May comments Eren Sengezer

After spending the last couple of hours consolidating its daily losses around 1.2970 handle, the GBP/USD came under a renewed selling pressure following the recent comments from UK Prime Minister Theresa May and refreshed its session low at 1.2957. As of writing, the pair was trading at 1.2962, losing 0.28% on the day.In t...

00:23 24 May /2017 Forex

Wall Street advances on 2018 budget plan Eren Sengezer

U.S. stocks rose on Tuesday after the release of President Donald Trump's budget plan but gave back portion of their daily gains towards the end of the day. Despite the late retracement, all the major equity indexes closed the day higher.Trump administration's budget plan showed proposed increases in infrastructure and military spending while cutting the government spending by $3.6 trillion in an ...

00:00 24 May /2017 Forex

UK PM May: Terror threat level raised from "severe" to "critical" Felipe Erazo

UK Prime Minister Theresa May has stated that terror threat level in the country has been raised to "critical", which suggest another attack could be "imminent". May has ordered armed military personnel to deploy across the country in order to increase security.In the FX space, GBP/USD is trading at 1.2957, down -0.34% on the day, having posted a daily high at 1.3035 and low at 1.2953.

00:00 24 May /2017 Forex

US Dollar hovers around daily highs above 97

The US Dollar Index, which tracks the greenback against a basket of six trade-weighted peers, matched yesterday's high at 97.33 in the NA session and started to consolidate its daily gains. As of writing, the index is at 97.27, up 0.4% on the day.Although the index struggled to rise above the 97 handle amid a lack...

23:46 23 May /2017 Forex

Forex today: DXY gallops on Trump's budget and Mnuchin's comments Ross J Burland

The Forex space today was fairly subdued following the Manchester bombing overnight and markets waking up to the horrific news.The Manchester bombings are just the latest set of atrocities that have rocked the peaceful world this year. Salman Abedi has been named as the terrorist who was killed in the blast as he murdered 22 after Ariana Grande concert. ISIS claimed today that one of its fanatics ...

23:23 23 May /2017 Forex