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Fed's Yellen: Removal of monetary policy accommodation working well so far Felipe Erazo

Speaking at the Herbert Stein Memorial Lecture in Washington DC, Federal Reserve's chairwoman Janet Yellen stated that economy is doing well, but future downturns likely to require renewed use of unconventional policy.In a speech titled "Monetary Policy Since the Financial Crisis", Yellen stressed that downward pressure on yield from Fed asset holdings will dissipate only gradually.More he...

02:46 21 October /2017 Forex

Wall Street advances on Friday on heightened expectations of tax overhaul Eren Sengezer

Following a positive start to the day, major equity indexes in the U.S. extended their upside as investors cheered the US Senate's approval of the 2018 fiscal year budget plan, which would open the door for the Republicans to go through with their tax reform without the support of the Democrats.“It clearly is a positive and has added to the sentiment. Any legislative action that promotes economic ...

23:23 20 October /2017 Forex

Bitcoin preserves gains near $6000, on track to close fifth straight week higher

Following last week's record-setting rally, the BTC/USD pair made a technical correction during the first half of the week before gaining traction on Thursday and surging to a new all-time high on Friday. At the moment, the pair is trading slightly below its record high of $6030 at $6000, up $300, or 5.3% on the day. Today's surge seems to be fueled by an increasing trading volume in cryptocurrenc...

22:46 20 October /2017 Forex

Despite hurricane winds, Fed on course for December - Wells Fargo Eren Sengezer

"Domestic economic data, unsurprisingly, continues to display the disruptive effects of the recent hurricanes. The Fed will likely look through the winds and stay the course for a December rate hike," argues Wells Fargo Research Team.Key quotes:"Both industrial production and housing starts were muffled because of the storms, an indication that we may see payback in the next coupl...

22:00 20 October /2017 Forex

Global expansion to remain intact through 2019 - Wells Fargo

Analysts from Wells Fargo point out that the global economy has been growing for seven years, and they forecast that the expansion that is underway will remain intact through 2019. They see the most credible downside risks arise from potential geopolitical events.Key Quotes: ·The global economy in 2016 grew at its slowest pace since the worldwide recession of 2009, but there is cl...

21:46 20 October /2017 Forex

US Pres. Trump on next Fed chair: Taylor, Powell both very talented, it is a hard decision Eren Sengezer

In an interview with Fox Business, US President Donald Trump said that he was considering having both the Fed governor Powell and Stanford University economist Taylor to fill spots at the Fed.Key quotes (via Reuters):

21:46 20 October /2017 Forex

When is the Japanese election and how could it affect USD/JPY? Eren Sengezer

On Sunday, October 22nd, Japanese citizens will be heading to the polls in a snap election, which was called by Prime Minister Shinzo Abe in early September. Two days before the election, Abe's Liberal Democratic Party (LDP) is enjoying a comfortable lead according to the latest projections and he is looking to become the longest-serving leader of Japan in the post-war era.Key notes:

21:46 20 October /2017 Forex

USD/MXN to rise back to 20.00/21.00 range if NAFTA ends- RBC CM Matías Salord

If NAFTA ceases to exist, analysts at RBC Capital Markets, see negative consequences for Mexico’s growth, a difficult stage of adjustment and USD/MXN going back to a 20.00-21.00 range.Key Quotes: “The fourth round of NAFTA talks ended this week, with negotiations taking a turn for the worse. The prospect of no more NAFTA is no longer unthinkable....

21:23 20 October /2017 Forex

Eurozone key events ahead: ECB, PMI and IFO - Danske Bank Matías Salord

Next week, the key event in the Eurozone will be the European Central Bank meeting on Thursday. Analysts from Danske Bank expect the central bank to announce an extension of the purchase program by nine months at a pace of EUR30bn. Key Quotes: “In the euro area, the most important event of the week is the ECB meeting on Thursday. We have changed our call and now expect the...

21:00 20 October /2017 Forex

Gold extends slide and falls below $1280/oz Matías Salord

The yellow metal eased yesterday’s gains and dropped below $1,280/oz approaching weekly lows. Stronger USD pushed gold lower Positive expectations that Trump’s administration will be able to introduce its tax reform plan triggered a rally of the US dollar across the board late on Thursday. The bullish tone around the US dollar remained intact over Friday. Equity prices hit new rec...

20:46 20 October /2017 Forex

US Existing Home sales rebound in September but overall activity remains muted - Wells Fargo

Analysts from Wells Fargo, explained the reasons why existing home sales rose 0.7% in September after three consecutive declines and they warned that existing sales fell on a year-to-year basis, marking the first drop since mid-2016. Key Quotes: “After declining three straight months, existing home sales rose 0.7 percent in September. Despite this past month’s gain, sales fell on ...

20:23 20 October /2017 Forex

USD/JPY hits fresh highs as USD strengthens Matías Salord

The US dollar continued to rise across the board the board an printed a fresh 3-month high against the yen. It is headed toward the second highest weekly close since the first quarter. USD/JPY: Data, yields and risk appetite The pair started to rally after the US Senate passed the budget plan, paving the way for Trump’s tax reform plan. That still remains the main driver in today’...

19:46 20 October /2017 Forex

GBP/USD struggles to rise above 1.32, starts to retrace gains on USD strength Eren Sengezer

Fueled by the optimistic remarks coming from the EU leaders and British PM Theresa May following their Article 50 discussion at the EU summit today, the GBP/USD pair advanced to the 1.32 handle before losing its momentum in the NA session. At the moment, the pair is trading at 1.3178, up 0.15% on the day.Earlier today, May s...

19:23 20 October /2017 Forex

EUR/JPY: elections to be a non-event, target at 1.35 in 3M - Danske Bank

The upcoming election in Japan is expected to be a non-event, with markets complacent that Shinzo Abe will remain Prime Minister, noted analysts at Danske Bank. They see any action by the ECB as the catalyst for a move in EUR/JPY over the coming 12 months and target EUR/JPY at 132 in 1M, 135 in 3M, 140 in 6M and 145...

19:00 20 October /2017 Forex

NY Fed's GDP Nowcast eased to 1.5% for Q3 of 2017

"The New York Fed Staff Nowcast stands at 1.5% for 2017:Q3 and 2.6% for 2017:Q4," the Federal Reserve Bank of New York announced on Friday.Key quotes:

18:46 20 October /2017 Forex

UK Brexit Secretary Davis: Don't want "no deal" scenario in negotiations with EU

The UK's Brexit Secretary David Davis recently crossed the wires, via Reuters, saying that the UK didn't want a "no deal" scenario in negotiations with the US and added that if that was the case, they would be ready.

18:46 20 October /2017 Forex

USD/CAD rises above 1.2600, first time since August Matías Salord

USD/CAD continued to rise during the American session. The Loonie dropped dramatically across the board after the release of Canadian economic data and kept falling afterward. USD/CAD: best day in months The pair has risen more than a hundred pips over the last three hours. It was hovering around 1.2490 before the data and it just printed a 7-week...

18:46 20 October /2017 Forex

Oil things considered - HSBC

"Brent crude hit a YTD high in September, and prices continue to stabilise at much improved levels," note analysts at HSBC.Key quotes:"Inventories are continuing their steady downward trend. US commercial stocks are now only 8% above their five-year average vs 21% at the peak in February, while latest (August) OECD data shows a halving of the surplus since the start of this year."...

18:00 20 October /2017 Forex

US Dollar keeps pushing higher, in tops near 93.70

The US Dollar index, which gauges the buck vs. its main rival currencies, is extending the advance to fresh 2-day tops in the 93.70 area.US Dollar underpinned near 93.00The index found dip-buyers around Thursday’s lows in the 93.00 neighbourhood, prompting the greenback to return to the positive ter...

17:46 20 October /2017 Forex

EUR/USD stretches losses below 1.18 on upbeat US data

The EUR/USD pair broke below the 1.18 handle in the early American trading hours and refreshed its daily low at 1.1780. As of writing, the pair was trading at 1.1786, down 0.55%, or 65 pips, on the day.The renewed selling pressure seen on the pair seems to be a product of an increasing demand for the buck. Following its shar...

17:46 20 October /2017 Forex