Market Overview
Dollar Power Higher as Renewed Selloff in China Yuan Weighs on Sentiments
Renewed selloff in the Chinese Yuan weighs down sentiments across Asia and boosts the greenback today. USD/CHN breaks recent high at 6.912 to resume up trend. With that, China Shanghai SSE is trading down -2.31% at the time of writing. Hong Kong HSI is down -1.52%, Singapore Strait Times...
No Rebound in Euro and Sterling after Mixed Data, Yen Retreat Continues
Some important economic data were released during the European session. But they provide little lift to Euro and Sterling. In particular, even though UK unemployment rate dropped to 43 year low, deceleration wage growth gives no pressure to BoE to hike again soon. German economic sentiment improved but still...
Dollar Ready to Take Control from Yen While Sentiments Remains Vulnerable
The forex markets are rather steady today. Turkish turmoil seemed to have passed its climax for the near term. Swiss Franc and Yen are trading lower as that part of risk aversion receded. Meanwhile, New Zealand, Canadian and Australian Dollar are generally higher, together with Sterling. Though, it remains...
Reactions to Rumor of Releasing American Pastor Shows Markets Ready for a Bounce
With a near empty economic calendar, the focus is entirely on development in Turkey. Turkish central bank's announcements did calm the markets. While USD/TRY breached 7.2 earlier, it dipped to as low as 6.4136 after CBRT's announcement. At the time of writing, it's back at 6.9 with an eye...
Turkish Lira Calmed by CBRT Announcements, But Stays Vulnerable
Turkish Lira continues to be the dominant theme in the financial markets today. The efforts by the government seemed to have calmed the markets a bit, in particular after CBRT's announcements. But at the time of writing, USD/TRY is still up more than 4% today at around 6.7. It's...
Looking Through the Turkish Currency Crisis, Dollar is Strong Anyway
It was one of those wild week in the financial markets with a number of market moving themes. New Zealand Dollar was the worst performing one after RBNZ made itself clear that interest rate is going to stay low for longer. And the next move could either be up...
Dollar, Yen and Swiss Franc Surge as Turkish Crisis Prompts Flight to Safety
Dollar, Yen and Swiss Franc are trading as the strongest ones today as supported by solid safe haven flow. The free fall in Turkish Lira raised concerns of contagion to Eurozone financial system. Such worries sends the Euro broadly lower, even though Australian Dollar performs even worse. Crisis speech...
Euro Takes Center Stage With EUR/USD Breaking 1.5 Critical Support, Dollar and Yen Rally
The focus in the forex market shifts just before weekly close. Selloff in Euro has clearly intensified, in particular with EUR/USD finally breaking through 1.5 support level. The development also drags down Australian Dollar as both are now trading as the weakest ones. That could partly be attributed to...
Sterling Recovers, Dollar Mixed in Listless Trading
The forex markets are relatively directionless today, except overwhelming weakness in New Zealand Dollar. Sterling recovers broadly today on rumor that the EU is considering to offer a major Brexit concession to the UK. But there is so far no detail on the deal. Oversold condition also helps the...
New Zealand Dollar Dives after Dovish RBNZ, Sterling Stays Weak
New Zealand Dollar is clearly the biggest loser today after more dovish than expected RBNZ rate decision. Sterling is following as the second weakest, continues to be weighed down by no-deal Brexit worries. On the other hand, Canadian Dollar is staging a strong rebound as markets look pass the...
Sterling Plunges as No-Deal Brexit Becoming More Likely, Yen Shows Broad Based Strength
Sterling plunges sharply today as markets are seeing increasing change of a no-deal Brexit. Adding that, GBP/USD's break of 1.2956 earlier this week and EUR/GBP's break of 0.8957 resistance yesterday also adds to broad based pressure on the Pound. Australian Dollar follows as the second weakest at this point....
Euro Rebound Accelerates as China Turned to EU for Imports Overwhelmingly Amid Trade War with US
Euro trades broadly higher in Asian session today, except versus New Zealand Dollar. The common currency is extending this week's powerful rebound. Meanwhile, Canadian Dollar is trading as the weakest one, followed but Dollar as the second weakest. For the week, Euro remains the strongest one on a powerful...
Dollar Selloff Accelerates after Failing Resistance, Australian Dollar Strong on Fading Risk Aversion
Dollar trades broadly lower today and selloff accelerates in early US session. EUR/USD's reversal ahead of 1.1507 key support level is a factor pressing the greenback. The Chinese Yuan is also attempting another rebound after yesterday's brief setback, with USD/CNH back pressing 6.82.
The overall development helps lifted global equities...
Australian Dollar Steady after RBA Stands Pat, Dollar Pare Gains But Stays Firm
The forex markets are rather steady in Asian session today. Dollar is paring some gains and trades slightly lower. But it remains the strongest one for the week together with Canadian Dollar. New Zealand Dollar, however, trades broadly lower as markets expect that RBNZ could be slightly dovish in...
Sterling Sold Off on Worries of No-Deal Brexit, Dollar Strong
Sterling is trading as the weakest major currency today as the talks on no-deal Brexit heat up. UK Prime Minister Theresa May's spokesman tried to tone down the risks but the markets simply don't listen. Swiss Franc follows as the second weakest as major European indices rebound. in early...
Dollar Gains Broadly, as the Impact of Chinese Yuan Intervention Fades Quickly
Dollar gains broadly in a rather quiet start to the week. Asian stocks are given a lift by China's move to stabilize the Yuan. But the impact quickly fades. At the time of writing, Nikkei is nearly flat after initial rally to 22635. Hong Kong HSI is up 0.7%...
Euro as a Casualty as US-China Trade War Turns into Something Bigger
Much volatility was seen in the markets last week with a lot of themes developed. Canadian Dollar ended as the strongest one as strong data boosted chance of August BoC hike. Swiss Franc followed as the second strongest on risk aversion in Europe. Dollar was original set to perform...
Dollar Rally Hits the Wall of Chinese Intervention, Dragged Down by Mixed NFP
In early US session, Dollar is still trading as one of the strongest major currencies for the week, together with Canadian Dollar and Swiss Franc. However, it's clearly losing some steam today and it's in red against all others at the time of writing. One factor that triggered an...
EUR/USD Eyes 1.1574 Minor Support ahead of Non-Farm Payrolls
Sterling stabilizes after yesterday's post BoE selloff. It's trying for a recovery in Asian session today but lacks committed buying so far. Nonetheless, renewed selloff in New Zealand Dollar makes it the worst performing one for the week. The Pound is just the second weakest for the week. Canadian...
Sterling Hammered as BoE Paints a Slower Rate Path ahead, Dollar and Yen Strong on Trade War
Sterling falls sharply today even though BoE delivers the highly anticipated rate hike. Selloff comes in after the dovishness as seen in the inflation report is confirmed by Carney's press conference. Australian Dollar and New Zealand Dollar follow as the second weakest on risk aversion. The stock markets are...