Market Overview
Dollar Softer in Mixed Markets, No Decisive Selling Yet
Markets continue to be rather mixed as investors are awaiting Fed Chair Jerome Powell's speech at the Jackson Hole symposium. S&P 500 and NASDAQ surged strongly overnight to new record highs. But Asian markets are mixed, with weakness seen in Japan, Hong Kong and Singapore. Dollar weakens broadly today...
Dollar Surges on Strong Durable Goods Orders, Gold Tumbles
Dollar surges broadly in early US session in response to much better than expected durable goods order data. Yet, it's actually still held well below near term resistance level to confirm bottoming. Gold's decline is a positive sign for the greenback and we'll see if there is following buying....
Range Trading Continues With Eyes on Gold, Oil and Yields
The forex markets continue to stay in rather tight range today, shrugging off strong movements in the stock markets. Yen is generally soft but there is no sign of breakout yet. Similarly, Dollar is also struggling to find a clear direction, staying as the second weakest for the week...
Euro Rises on German Data, Yen Tumbles Broadly
European majors, as well as stock indices, are boosted by better than expected Germany business sentiments, as well as small than expected Q2 GDP contraction. There were talks that investors welcomed the US-China trade phone calls. But judging from the decline in China and Hong Kong stocks, that might...
S&P 500 Hit Record, Forex Markets Yawn in Range
Coronavirus vaccine optimism sent US stocks to record high overnight but the positive sentiments are not carried forward to Asia. The forex markets are also treading water, with major pairs and crosses stuck inside last week's range. US and Canadian Dollars are the relatively weaker ones while European majors...
Vaccine Hopes Boost Sentiments, Dollar and Yen Down
Global markets surge broadly today on more optimism on coronavirus treatment. S&P 500 and NASDAQ are both set to extend recent record runs. Yen and Dollar are back under some selling pressure, but New Zealand Dollar is not far away. On the other hand, Australian Dollar is currently the...
Kiwi Lower as Lockdown Extends, Dollar Mixed Awaiting Jackson Hole
Canadian and Australian Dollar trade generally higher today, following mild strength in Asian stocks. But New Zealand Dollar diverges from them as the country extends lockdown of Auckland until Sunday night. Following Kiwi, Swiss Franc and Yen are the next weakest in risk-on markets. Dollar is mixed and could...
Euro Tumbled as Optimistic Investors Reassess Outlook, Turning Around?
Euro ended as the worst performing one last week as investors could have started to reassess the economic outlook. As ECB meeting accounts pointed out, recent positive market developments were "not fully backed by economic data". Indeed, they might be based on "overly optimistic expectations" about the Next Generation...
Euro and Sterling Plummets on Brexit Deadlock, Yen Surges
European majors tumble broadly today as UK and EU reminded us that Brexit negotiation remained in deadlock. Additionally, some PMI data from Eurozone suggested that momentum of recovery was quickly fading, in particular in the services sector. Yen is rising broadly today as stock markets turn into risk-off mode....
Dollar Weakens Again as Rebound Falters, PMIs Watched Today
Dollar is back under pressure as rebound attempt faltered quickly again. Nevertheless, New Zealand Dollar remains the worst one. Canadian Dollar is currently the strongest one in Asian session, lifted as crude oil rebounded quickly after a spike lower overnight. As for the week, Sterling and Yen are currently...
Sentiments Turn Cautious after ECB and Fed Minutes, Aussie and Kiwi Tumble
Global financial markets seemed to have turned into risk-off mode today, after both Fed and ECB sounded very cautious regarding economic outlook in their minutes. Swiss Franc extended recent volatility trading and gains broadly, followed by Sterling and Yen. On the other hand, New Zealand Dollar completed this week's...
Dollar Rebounds but Reversal Not Warranted Yet, Gold and Stocks Fall
Dollar staged a strong rebound overnight, reversing all of prior day's losses. The uninspiring FOMC minutes were a lift in a way that it provided no dovish elements for further selloff. Yet, the greenback is kept well below near term resistance levels against all major currencies. It also remains...
Focus Turned to Swiss Franc Selloff While Dollar Stabilizes Mildly
Selling focus turns from Dollar to Swiss Franc today, which also drags down Sterling, and to a lesser extent Euro. Dollar stabilized a little bit but there is apparent strength for recovery yet. In particular, commodity currencies are generally stronger while Canadian Dollar shrugs off weaker than expected inflation...
Dollar Stays Pressured ahead of FOMC Minutes, Gold Retreats
Dollar remains generally pressured today even though selling momentum seems to be easing a little bit. A focus will be on FOMC minutes which is unlikely to provide anything about the next policy move. Instead, investors would be more eager to know how Fed would shape the results of...
Dollar Breaks Near Term Support, Starting Another Leg in Down Trend
Dollar's selloff accelerates entering into US session, taking out recent lows against all major currencies except Yen. Another leg in the near term down trend has started. Swiss Franc and Yen are the next weakest, together with New Zealand dollar. On the other hand, Sterling and Euro are both...
Yen Rebound Continues While Dollar Looks Vulnerable
Yen's rebound continues in relatively quiet trading in Asia. Risk aversion is not apparent as major indices outside of Japan are all in slight black. Instead, Yen traders could be reversing recent shorts as treasury yields pull back. Staying in the currency markets, New Zealand Dollar remains the worst...
Yen Rebounds as Treasury Yields Retreat, Dollar Stays Pressured in Range
Yen rises broadly today as global treasury yields appear to be turning south. In particular, US 10-year yield is back below 0.7 handle in pre-markets. Dollar is pressured but holds on to recently established range. But overall markets are mixed with major European indices bounded in tight range. Australian...
Euro Mildly Higher in Mixed Markets, Kiwi Down as Election Postponed
Euro strengthens mildly in generally mixed Asian markets today. There is no clear direction as Japan stocks diverge from others while gold and oil are rangebound. Canadian and Australian Dollar are following as the next strongest but movements are limited. Yen and Dollar are trading with an undertone. But...
Yields Surged, Gold Corrected, But Dollar Got No Lift
It was a rather mixed week where there were conditions for a Dollar rebound, with surging treasury yield and correction in Gold. Yet, no apparent rally was seen. Yen was sold off generally, partly on coronavirus and recovery optimism. But the Swiss Franc was firm together with Euro.
Strong rally...
Sterling Firms Up in Subdued Trading, Dollar Yawns Retail Sales
Trading in in the currency markets continue to be relatively subdued. Sterling is so far the strongest one for today. But it's staying below near term resistance against Euro and Dollar so far. It's also hovering below yesterday's high against Yen. Yen appears to be recovery, in particular against...