Mon, Apr 19, 2021 @ 15:17 GMT
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Appetite For Risk Remains Strong As We Kick Off A Busy Week

Stocks and copper higher, dollar down Cryptos attempt recovery after weekend plunge Euro climbs to $1.20 ahead of ECB Lots of company earnings Sentiment at the start of this week remained positive for most risk-sensitive assets. European stocks followed Asian markets and US equities higher. Copper prices rallied while...

Technical Picture In The Interest Rate Markets And The FX Market Will Prevail

Markets Markets last week showed a remarkable disconnect from a series of high-profile (US) data releases. A set of very strong US data, including higher than expected inflation, a strong beat in retail sales, promising confidence indicators and strong housing data weren’t enough to prevent a (technically) significant setback in...

German Politics And Stand-Off With Russia In Focus While Waiting For ECB

Market movers today Today: A quiet start to the week in terms of economic data, no key releases are scheduled for today. There won't be speeches from ECB or Fed either, as both central banks have entered blackout periods ahead of upcoming meetings. During the week: Later in the...

Euro Falls in Crosses, Yen Bounces on Strong Export Data

Yen bounces broadly in Asian session session today, after Japan reported solid trade data. Sterling is currently following as second strongest, then Aussie. On the other hand, Euro weakens in general, dragging down the Swiss Franc too. The developments came as Sterling is reversing recent decline against other European...

Week Ahead: Geopolitical Tensions Resurface, ECB, BOC, and NFLX Report

The next hint of market direction may come from somewhere unexpected Last week the headlines were about continued economic strength on re-openings in richer countries and increasing coronavirus cases in poorer countries.  Geo-political tensions also resurfaced.  Russia and the US go tit-for-tat over a buildup of Russian forces near Ukraine...

Week Ahead: Bank of Canada to Reduce Purchases; Global Economic Recovery to Pickup

The global economic recovery is gaining momentum as the world’s two largest economies continue to deliver robust economic readings. China’s economy grew 18.3% in the first quarter, a record rate that sets the example of what we can expect as the rest of the world recovers from COVID-19. The...

Weekly Economic & Financial Commentary: More Evidence of Economic Recovery

U.S. Review More Evidence of Economic Recovery Data released this week continue to show that the economic recovery is gaining momentum. The much anticipated consumer boom has arrived, helped by an influx of stimulus in March, and industrial production rebounded from its partly weather-induced February decline. But supply chain constraints...

Week Ahead – BoC Set to Taper, ECB Unlikely to Rock Euro

It will be an exciting week for financial markets, with two major central bank meetings and a storm of economic data to keep traders busy. The Bank of Canada seems ready to scale down its gigantic QE program, though the European Central Bank is unlikely to disturb the waters....

Weekly Focus – ECB Meeting Set to be an Appetizer for June

Markets had a stellar week with equity indices banging out record highs on both sides of the Atlantic. Hence the divergence in macroeconomic prospects was not reflective in their respective flagship equity indices. The S&P 500 and Nasdaq broke all-time highs with better than expected retail sales and jobless...

Sunset Market Commentary

Markets 4k: check. The EuroStoxx 50 passes the psychologic 4000 mark for the first time since January 2008! Ever since taking out the 2015 & 2020 tops which coincided more or less with 76% retracement of the 2007-2009 sell-off (3900-area), this moment had been coming. Technically, the path to the...

ECB Preview: An Appetizer For The June Meeting

The ECB meeting on Thursday next week will be a stock taking meeting with focus on the resilient economic data and positive outlook for coming months while Lagarde will face questions on the recent PEPP purchase behaviour. The PEPP data has only shown an uptick in gross purchase pace...

Is Euro Headed for 1.20?

EUR/USD is in positive territory for a third straight day. Currently, EUR/USD is trading at 1.1957, up 0.07% on the day. The euro has quietly but steadily moved within striking distance of the 1.20 line, which has psychological significance. EUR/USD has climbed almost 2 percent in the month of April....

Sunset Market Commentary

Markets Not much news today. The economic calendar was all but empty and high-profile Fed speeches are not due until later today. Denmark is dropping the use of the AstraZeneca completely from its vaccination programme. Other (mainly EU) countries might follow this example. The news follows yesterday’s setback in the...

Swiss Franc Weakens With Dollar, Aussie and Kiwi Firm

The financial markets are generally steady today, as European indices are mixed in tight range. US futures point to slightly higher open, as S&P 500 could extend record run. Gold and oil are both still range bound. In the currency markets, Aussie and Kiwi continue to trade as the...

ECB de Galhau: We still have quartet of instruments even after PEPP exit

ECB Governing Council member Francois Villeroy de Galhau said, "our monetary policy should remain accommodative for the years to come, but our combination of instruments could evolve." "We could also have net asset purchases with our other program, APP, possibly somewhat adapted, and we would have the full range of...

ECB de Guindos: All stakeholders must avoid cliff effects from premature scaling back of policies

ECB Vice President Luis de Guindos said in a speech that "at the moment, risks from the early withdrawal of policies are higher than the risks associated with keeping support measures in place." He also surged that "all stakeholders", partly fiscal ones, "must keep complementing our accommodative monetary stance". For...

Sunset Market Commentary

Markets Markets started the week on a cautious footing after Friday’s ‘reflationary up-tick’. With few eco data on the agenda, investors are awaiting key US inflation (tomorrow) and other activity data (including US retail sales and confidence data) scheduled for release later this week. For interest rate markets, the mid-month...

Dollar and Yen Higher on Mild Risk-Off Sentiment, Kiwi Up ahead of RBNZ

Dollar and Yen trade slightly higher on mild risk-off sentiment in Asia. Australian and Canadian Dollar are the weaker ones for the time being. But overall, most major pairs and crosses are stuck in range. Except that, some extra strengthen is seen in Kiwi against Aussie. Kiwi could be...

ECB: Panetta: Waiting on inflation will even be more costly

Fabio Panetta told Spanish newspaper El Pais in an interview published on Sunday, "the ECB has failed to reach its aim for too many years already." And, "we cannot be satisfied with inflation at 1.2% in 2022 and 1.4% in 2023. The argument that we could extend the horizon to...

Weekly Focus – Wait and See Mode for Central Banks

US yields have taken a step back this week causing a weaker USD. Some profit taking might also play a role for the USD following a few very strong months. In Europe, bunds moved sideways. Equities have continued to edge higher on a global scale and US markets hit...

Canadian Dollar Rises on Strong Job Data, Gold Fails Double Bottom Neckline

Canadian Dollar jumps broadly in early US session, with help from much better than expected job data. Dollar is following as second strongest for today, paring some of this week's losses. On the other hand, Yen and Euro, turn weaker, other with Aussie. Overall, it appears that traders are...

US Equities Continue To Rampage As Powell Reassures

Dollar headed for losing week as Fed rate hike bets cool Stock market party continues to rage, gold attempts comeback ECB minutes cheer up the euro, sterling loses its shine 'Opposite week' in currencies It's been an eventful week for currency markets, with the trends that dominated earlier in the...

ECB Schnabel: It’s a economic disaster if EU pandemic recovery fund is delayed

ECB Executive Board member Isabel Schnabel warned in a Der Spiegel interview, "it would be an economic disaster for Europe if the disbursement of the funds were to be delayed indefinitely." She referred to the EUR 750B EU pandemic response stimulus. The ratification of the measures is temporarily blocked...

Equities Higher On Dovish Fed Comments

Market movers today German industrial production for February will likely increase amid strong momentum for the German manufacturing sector. The US PPI inflation is likely to jump significantly to 3.8% in March mainly due to base effects and higher energy prices. The 60 second overview ECB minutes: ECB had a slightly...

ECB’s Minutes Revealed that Upside from US’ Fiscal Stimulus Not Yet Reflected in March Forecasts

ECB's minutes for the March meeting have lent support to EURUSD. The minutes revealed that policymakers saw upside risks to the economic outlook, thanks to US’ huge fiscal stimulus. Meanwhile, despite higher inflation in the near-term, it should remain subdued and below the central bank’s target. Policymakers also pledged...

Sunset Market Commentary

Markets The easing of tensions on bond markets remains a trading feature this week. We can’t really call It a comeback of core bonds, but they nevertheless are recouping some ground with positive eco and vaccination news by and large discounted. US Treasuries get some additional reprieve by the (one...

USD/JPY Extends Correction Lower, Dragging Down Other Yen Crosses

USD/JPY's near term correction accelerates lower today and the development drags down other Yen crosses too. There is no apparent reason for the rush into Yen. Stocks, yields, metals, and oil are all steady for now. We'll monitor if the Yen's rally is a prelude to some other developments...

ECB accounts: Conducting PEPP purchase at a significantly higher pace in Q2 was proportionate

In the accounts of March ECB monetary policy meeting, it's noted that the decision to conduct PEPP purchases at a "significantly higher pace" during Q2 was "proportionate in the light of the ECB's mandate, balancing increased optimism about the medium-term outlook against the considerable uncertainty that still prevailed in...

(ECB) Account of the monetary policy meeting 10-11 March 2021

1. Review of financial, economic and monetary developments and policy options Financial market developments Ms Schnabel reviewed the financial market developments since the Governing Council's previous monetary policy meeting on 20-21 January 2021. Sovereign yield curves across advanced economies had steepened, while new coronavirus (COVID-19) cases had fallen, the pace of vaccination...

Dovish Fed Boosts Sentiment Overshadowing AstraZeneca Restrictions

Optimism surrounding the global economic recovery, supported by an accommodative Fed, lifted European stocks in early trade. The minutes from the FOMC March meeting didn't reveal anything new, but a reiteration of the Fed's supportive stance appears to have been a tonic for the markets. Wall Street's main indices closed...