Sterling recovers mildly today but remains the weakest one on political turmoil in the UK. There is no clear sign of a come back in the Pound and it remains vulnerable for more selloff, even before weekly close. The markets are rather quiet in Asian overall. Australia, New Zealand...
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks dropped -1.41 mmb to 1252.02 mmb in the week ended November 9. Crude oil inventory jumped +10.27 mmb (consensus: +3.18 mmb) to 442 mmb. Inventories increased in 4 out of of...
Sterling is sold off broadly today as Brexit optimism quickly turned into political turmoil. UK Prime Minister Theresa May appeared to have secured Cabinet support on her Brexit agreement with EU. But in less than 24 hours, four ministers resigned in protest, including the high profile figure in Brexit...
Both Sterling and Euro trade firmer after UK Prime Minister Theresa May got Cabinet support for her Brexit deal. But no significant technical development is seen with these two currencies yet. Instead, Australian Dollar steals the show with strong employment data. Additional support to Aussie was given by news...
Brexit news again dominates the headline as UK Prime Minister Theresa May announced that she has gained support from the Cabinet the Withdrawal Deal hammered out between the UK and EU. End of the story? Not yet. If both the UK Cabinet and the EU approve the deal, the...
Sterling turned cautious as markets are now awaiting the result of UK Prime Minister Theresa May's Cabinet meeting on Brexit. The withdrawal agreement text should have been agreed with the EU. Approval by the Cabinet will give the green-light to EU chief negotiator Michel Barnier to declare that "decisive...
Sterling is trading generally firm today as the EU and UK finally agreed on the withdrawal agreement. It will now have to go through Prime Minister Theresa May's Cabinet today. That shouldn't be too much a problem despite some open objection from Brexiteers. The main hurdle lies in the...
The latest set of macroeconomic data in China was mixed. Retail sales grew +8.6% y/y in October, weaker than consensus of, and September's +9.2%. Automobile sales, contributing 10% to retail sales, declined -11.7% in October, marking the first annual contraction in almost 3 decades. Alongside the personal tax reform,...
Sterling rebounds solidly today and there is new wave of buying coming in at early part of US session. Positive news regrading Brexit negotiation is the key driver of the Pound. It's reported that the Brexit agreement is now closer than ever. And, there are only a small number...
Asian stocks gapped sharply lower follow steep fall in US equities overnight. But sentiments were then lifted by optimism over US-China trade negotiations. Australian and New Zealand Dollar benefited from the development and are now trading as the strongest ones. On the other hand, Yen and Dollar turn softer,...
China’s trade surplus widened to US$ 34B in October. Exports grew +15.6% y/y, beating consensus of +11.7% and September’s +14.5%. Import expanded +21.4% during the month, exceeding market expectations of +14.5% and +14.3% in September. Interestingly, the headline trade data does not seem to be dragged by US’ trade...
Sterling continues to trade as the weakest one for today as negative Brexit news fly around. It's reported that European Council President Donald Tusk has given UK Prime Minister Theresa May a deadline for an extra November summit. And enough progress has to be made by this Wednesday night....
Sterling opens the week sharply and broadly lower as it's getting less and less likely to complete a Brexit deal within November. Yen is the second weakest as Asian stocks recover mildly after last week's selloff. Meanwhile, Euro is following as the third weakest at the time of writing....
The CFTC Commitments of Traders report in the week ended November 6 shows that all major currencies (except USD) remained in NET SHORT positions. Speculative longs on USD index fell -1 564 contracts while shorts declined -2 323, sending the NET LENGTH higher, by +759 contracts, to 40 282...
According to the CFTC Commitments of Traders report for the week ended November 6, NET LENGTH for crude oil, heating oil and gasoline futures all continued to drop. Oil prices slumped during the reporting week, with the front-month WTI crude oil contract pluning -6% while the Brent contract was...
There were some interesting turns in the financial markets last week. Global equities initially cheered after Democrats sealed a tremendous win in the US mid-term election by regaining majority in the House. But the lift quickly faded as stocks suffered quite notable setbacks towards Friday's close. It looked like...
Dollar turns a bit firmer again in early US session after stronger than expected PPI readings. For now it's on of the strongest one today, along with Yen and Swiss Franc. But still, more technical breakthrough is needed in the greenback to prove its underlying bullishness. USD/JPY and USD/CAD...
Dollar is making a come back as US treasury yield surged after FOMC rate decision and statement. The decision to stand pat was widely expected. One surprise was probably the lack of reference to the stock market crash in October. Fed policymakers appear to be not bothered by it...
As widely anticipated, FOMC left the target range for the federal funds rate unchanged at 2.00-2.25% at its November meeting. The changes in the accompanying statement were limited. This is not unusual as the November meeting is in between important ones in September and December. No press conference and...
Dollar's decline slowed today, ahead of FOMC rate decision. But there is so far no momentum for a sustainable rebound. It's like trading mixed as a bystander for now. Instead, major movements are found in Euro and Sterling, which start to weaken mildly. Euro is somewhat weighed down by...