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TD Securities’ Jayati Bharadwaj expects a divided Congress to keep macro fundamentals as the main driver for FX, maintaining a modestly bearish view on the Dollar into year-end.
EUR/GBP extends its recovery on Wednesday after bouncing from the 50-day Simple Moving Average (SMA) at 0.8555 on Monday, its lowest level in two weeks.
BNY’s Geoff Yu argues that while Eurozone growth and inflation risks are real, being long the Euro (EUR) is not the best way to express this view.
Rabobank’s Senior Macro Strategist Bas van Geffen highlights that United Kingdom (UK) inflation matched expectations at 3.1% y/y, with higher energy and fuel prices driving the rise, while core and services Consumer Price Index (CPI) remained unchanged.
The Canadian Dollar (CAD) trades lower against a firm US Dollar (USD) on Wednesday, with the market positioned for a quarter rate hike by the Federal Reserve (Fed), the first one in three years, later in the day.
Headlines: FOMC preview: The question is not whether the Fed hikes today, but how much tightening it signals Fed rate decision: Warsh walks credibility tightrope as markets brace for rate hike Why markets have left the Fed little choice but to hike rates UK headline inflation tops 3% again in August, but core prices remain steady Canada could become the first 'associate member' of the EU, says EU…
US officials held talks with Yemen's Iran-backed Houthis in Oman over the weekend, according to five sources familiar with the matter cited by Reuters. The meeting comes as the Houthis have expanded their control along Yemen's Red Sea coast, increasing the strategic importance of the Bab el-Mandeb Strait and putting further pressure on Saudi Arabia. The talks were reportedly held at the US…
Gold (XAU/USD) consolidates gains on Wednesday after rebounding during Asian trading hours, supported by a modest pullback in Oil prices and US Treasury yields.
This is a rather bold proposal coming from European Commission president, Ursula von der Leyen, in her her annual state of the European Union address in Strasbourg. She has opened the door for Canada to become the first "associate member" of the EU, backing Canadian prime minister, Mark Carney's pitch for a more "unique security and economic alliance" with Europe. "Dear Mark, I said we must…
EUROPEAN SESSION In the European session, the main highlight was the UK CPI report. The data came mostly in line with expectations, with a slight miss on Services CPI measure. For now, the BoE has enough reasons to keep rates steady and maintain a tightening bias given the soft employment data and limited inflation spillover. The market is pricing in around 80% chance of no change in rates at…
UK August CPI +3.1% vs +3.1% y/y expected Prior +2.9% UK August core CPI +2.6% vs +2.6% y/y expected Prior +2.6% The main readings are all within estimates, with UK headline inflation seen picking up again in August - jumping above 3% for the first time since March. Higher energy prices was the biggest contributor, amid an increase in prices for diesel and petrol. For some context, diesel prices…
The UK inflation report for August today is going to be the main highlight in terms of economic data releases in the European session later today. With it coming just a day before the BOE rate decision tomorrow, it is the last meaningful piece of the puzzle for policymakers before they cast their votes. To start off, let's see what the numbers have to say. Headline annual inflation is expected to…
OpenAI in talks for funding round above $1.2 trillion valuation Ethereum retests broken resistance near $2,470 as exchange supply keeps shrinking Triple good news for Solana, sell the fact for SOL price PBOC's Pan signals shift away from China loan growth targets, looks to stabilise debt Staking and ETFs drain ether from exchanges, price impact unproven Australia: Westpac leading index signals…
The improved but still below-trend reading gives the Reserve Bank some room to hold at its September meeting without abandoning its tightening bias, consistent with Westpac's own call for a very hawkish hold ahead of a further rate rise later this year. For AUD, the report's signal cuts both ways: firmer momentum and a resilient June quarter support the case for additional hikes, typically…
The soft machinery orders print undercuts the case for near term Bank of Japan tightening, as a weaker leading capex signal suggests the investment side of the economy may be losing steam just as the BoJ weighs its next move on policy normalisation. I suspect, along with most everyone else that a rate hike this week is baked in: Preview: Goldman Sachs sees yen and Nikkei risk building on faster…
The core of the US proposal is a hard cap on how much of an AI server, chip or related piece of hardware can be built from parts sourced outside North America, which would directly hit the assembly model many firms have used to route Chinese made components through Mexico. That threshold, once set, would raise costs and complexity for manufacturers who have shifted AI hardware production south of…
I think we can all agree it's a wating day for the FOMC. The Fed battleground is no longer Wednesday's meeting, but the ones afterwards Calendar for the session ahead: This article was written by Eamonn Sheridan at investinglive.com.
Explosions heard in Saudi Arabia Canadians continued to spend through August - RBC spending tracker shows US 20-year bond auction tails by 2 bps Bessent: For a nominal amount, the US Treasury was able to signal support for Japanese policies Senate leader Thune: I am open to considering an export ban on diesel Oil jumps after Libya says may declare force majure as protests suspend production…
The Canadain dollar is down for the fifth consecutive day as USD rises across the board on an expected Fed rate hike. Below the surface, Prime Minister Mark Carney is trying to lay the groundwork for an investment boom. He's hosting an investment summit in Canada this week and that's included a series of announcements on spending, including one on a data centre yesterday. Today's announcement is…
Canada’s July wholesale trade: Wholesale sales MoM: +0.3% vs -0.5% expected. Prior +2.8% Wholesale sales YoY: +7.9% Wholesale sales volumes MoM: -0.6% Wholesale inventories: Essentially unchanged at C$140.6 billion Inventory-to-sales ratio: 1.51 vs 1.52 in June Canadian wholesale sales increased 0.3% to C$93.1 billion in July, according to Statistics Canada. That was stronger than the 0.5%…
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