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Has the 11-week rally in GBP/USD ended? Omkar Godbole

GBP/USD was the top loser in Asia as the FX desks offered GBP across the board in response to weak UK Q1 GDP print and growing signs of UK PM May’s Conservative party losing ground ahead of the June 8 elections.The demand for the US dollar spiked as well as the CME FedWatch June rate hike probability jumped to 87.7%.Despite the retreat to 1.2870 in Asia, the bro...

06:23 26 May /2017 Forex

US based stock funds lose $10.1 billion - Reuters Lipper

Reuters Lipper data released overnight showed investors pulled $10.1 billion from US-based stock funds during the week ended May 24. This is the fourth straight weekly outflow and the second largest of the year. The sustained outflows could be an advance warning that the 8-year long Bull Run in the US stocks is closer to the end. The Lipper data also showed the European stock funds pulled in $587 ...

05:46 26 May /2017 Forex

Fed’s Bullard: US macro data have been relatively weak, on balance, since March rate hike Dhwani Mehta

More comments flowing in from the St. Louis Fed President Bullard, as he continues to speak in Tokyo.Additional Headlines:US macroeconomic data have been relatively weak, on balance, since FOMC’s rate increase in MarchIf the BOJ decides to taper JGB purchases, has to be communicated carefully with markets, or cause global dislocation

05:46 26 May /2017 Forex

Fed’s Williams: The best way to sustain the economy's momentum, is by gradually raising rates Dhwani Mehta

Reuters out with more comments from San Francisco Fed President Williams delivered earlier today.Main Points:Over the next several months fiscal policy will not matter much to monetary policyThe economy is running "somewhat hot"The best way to su...

05:46 26 May /2017 Forex

AUD/USD hits 5-day low of 0.7430 on the broad based USD rally Omkar Godbole

Asian desks are buying US dollars in response to rising June Fed rate hike odds, courtesy of which the AUD/USD hit a 5-day low of 0.7423.The CME FedWatch puts the probability of a 25 basis point rate hike in June at 87.7%.Eyes US dataThe second release of US GDP is expected to revise the growth rate higher to 0.9% y/y from 0.7%. A strong data mig...

05:46 26 May /2017 Forex

USD/JPY down to test 111.50, ignores broad USD demand Dhwani Mehta

The USD/JPY pair remains better offered and now looks to extend the break lower towards 111.50 levels, as investors ignore resurgent US dollar demand across the board.USD/JPY breaks below 200-DMA at 111.68The spot failed to sustain at higher levels just below 112 handle and from there extends weakness, as the JPY bulls remain in ...

05:46 26 May /2017 Forex

Fed’s Williams: View that 3 interest rate hikes is appropriate this year has not changed Dhwani Mehta

San Francisco Federal Reserve (Fed) President John Williams crossed the wires earlier on the day, via Reuters, speaking on the central bank’s monetary policy program.Key Points:Says his own view that 3 interest rate hikes is appropriate this year has not changedUS economy running somewhat hotStill-soft inflation shows monetary policy on 'right path'Sees relatively...

05:23 26 May /2017 Forex

Fed’s Bullard repeats view that Fed's expected rate hike path is overly aggressive Dhwani Mehta

St. Louis Federal Reserve (Fed) President James Bullard comments on the inflation outlook during his scheduled speech in Tokyo.Key Headlines via Reuters:US price level has begun to deviate noticeably from expected path under 2% inflation targetDe...

05:23 26 May /2017 Forex

Moody’s: Never thought China's economy will have hard landing

An official from Moody’s Investor Service, the US-based ratings agency, posting comments on the Chinese economic prospects.Key Headlines via Reuters:Never thought China's economy will have hard landingChina's economic growth will slowChina may no longer get A1 rating if there are signs debt keeps risingDebt exceeds expectations

05:00 26 May /2017 Forex

EUR/GBP jumps to 2-month high Omkar Godbole

GBP selling pushed the EUR/GBP cross to 0.8683 in Asia; its highest level since March 29. UK a sick man of EuropeThe tide appears to have turned in favour of the Eurozone nations over the last two months. Strong German economy and ‘peak populism’ in the Eurozone has made EUR denominated assets relatively attractive. On the other hand, we have a <...

05:00 26 May /2017 Forex

GBP/JPY registers losses as GBP selling gathers pace Omkar Godbole

Pound selling has gathered pace in Asia, pushing the GBP/JPY cross to a four-day low of 114.12.The currency pair spent last one week romancing the 145.00 handle, but failed to close above the psychological level.Thursday’s Doji and a bearish follow throughThursday’s Doji candle signalled the recovery from the May 18 low of 143.34 has run out of s...

04:23 26 May /2017 Forex

US GDP tracking update: lowered Q2 GDP estimate by 0.3pp to 3.0% - Nomura

Analysts at Nomura offered their GDP tracking update.Key Quotes:"The Monthly Advance Economic Indicator Report lowered wholesalers' and retailers' inventories for March, suggesting less inventory investment in Q1. As a result, we lowered our Q1 GDP tracking estimate by 0.1pp to 0.6%. Note that the second estimate of Q1 GDP will be released tomorrow.""The weakness in inventory inve...

04:00 26 May /2017 Forex

USD/JPY: bulls looking for a traction again on the 111 handle from Tokyo Ross J Burland

Currently, USD/JPY is trading at 111.70, down -0.13% on the day, having posted a daily high at 111.87 and low at 111.65.USD/JPY has been relatively steady despite the volatility elsewhere. Interest rates have not been as fluent within ranges and Wall Street didn't set off any fireworks but as a weight nonetheless for the yen. 03:46 26 May /2017 Forex

GBP/USD hits 6-day low in Asia as UK economy feels the inflation pinch Omkar Godbole

The GBP/USD has dropped to a 6-day low of 1.2904 in Asia and is threatening to take out the psychological support level of 1.29 on concerns the traditionally resilient UK consumer is finally giving up due to rising price pressures.Brits feel the inflation pinchThe UK Office for National Statistics (ONS) revised 03:46 26 May /2017 Forex

Japanese inflation rises at a fastest pace since Apr 2015 Omkar Godbole

Japan’s consumer prices excluding food increased 0.3% in April year-on-year, the fastest rise since April 2015. This is the fourth consecutive month of gains as the energy prices and utility prices edged higher. Headline consumer price index (CPI) rose 0.4% year-on-year in April against a 0.2% rise in March, while CPI ex food and energy was flat in April following March’s 0.1% dip. Details show en...

03:23 26 May /2017 Forex

AUD/USD: 0.7515 a minor upside barrier, 0.7442 downside key support Ross J Burland

Currently, AUD/USD is trading at 0.7455, up 0.01% on the day, having posted a daily high at 0.7460 and low at 0.7452.AUD/USD has the same kind of fate as its antipodean counterpart. The day was not kind to the commodity bloc in general, taking the fall in what was a whitewash in oil prices, WTI dropped almost $4 on the OPEC announcements in a lon...

02:46 26 May /2017 Forex

Weekly global FX snapshot: VIX is approaching lows - Nomura Ross J Burland

Analysts at Nomura offered their Weekly Global FX Snapshot highlighting key themes and research this week.Key Quotes:"G10/Global: OPEC extends cuts, a more hawkish BoC and the euro grinding higher.The VIX is approaching lows and US equities are breaking new highs as the market looks past the Trump impeachment fears last week. This makes sense to us, as impeachment risk was low in ...

02:46 26 May /2017 Forex

Key US data on the cards - Nomura Ross J Burland

Analysts at Nomura offered their previews for the key US data for the forthcoming sesison.Key Quotes:"Q1 GDP, second estimate: In the advance estimate, the BEA reported that real GDP grew by 0.7% q-o-q in Q1 at a seasonally adjusted annualized pace, slowing from 2.1% in Q4 2016. Personal consumption was noticeably soft, increasing 0.3% compared to 3.5% annual pace...

02:23 26 May /2017 Forex

NZD/USD: stable between support and resistance breakout points on 0.70 handle Ross J Burland

Currently, NZD/USD is trading at 0.7018, down -0.07% on the day, having posted a daily high at 0.7025 and low at 0.7018.NZD took a knock overnight in the US shift with the price of WTI plummeting close to $4.00 on the back of the OPEC announcements. It was a typical buy the rumour sell the fact trade which escalated to a freefall in the price whe...

01:46 26 May /2017 Forex

AUD/NZD: retains negative momentum - Westpac

Analysts at Westpac offered their outlook for the antipodean cross and rates.Key Quotes:"AUD/NZD 1 day: Retains negative momentum, the next technical target being 1.0570 (11 Janpeak).AUD/NZD 1-3 month: Higher towards 1.10. The cross remains below fair value estimates implied by interest rates, commodity prices and risk sentiment, although it is closing the gap. There’s potential f...

01:00 26 May /2017 Forex