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2019-09-20 08:15

Canadian Retail Sales on deck

• Market consensus is +0.6% MoM, +0.3% ex. Autos.
• Traders also watching results of NY Fed’s latest repo operation. $75blnUSD to be offered overnight again today.
• Sterling reversing yesterday’s upside breakout as traders await Juncker’s full interview on Sunday.
• EURUSD following GBPUSD lower, continues to fail at 1.1060s.
• AUDUSD ending a rough week with negative momentum.
• USDJPY finds mild support for US yields, but may also have “quad” witching to deal with.

Tags: currency news , usd , gbp , eur , cad , foreign currency market analysis , currency market rates

Posted By Mandee Myers at 08:15 AM

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2019-09-19 08:15

Powell disappoints markets again by brushing off repo mess

• Fed rate cut recovers though after initially taking a hit. Bond yields and USD lower, gold higher.
• NY Fed completes another 75blnUSD injection of liquidity into repo markets. Now 203bln in 3 days!
• USDCAD backs off 1.3300 level, with Pompeo saber rattling giving oil prices a bid.
• EURUSD knocking on 1.1060s again. GBPUSD bid after Bank of England leaves interest rates on hold.
• AUD lags on weak Australian employment report for August. OIS now pricing in 80% chance of RBA cut on Oct 1st.
• Bank of Japan keeps accommodative monetary policy on hold. Checks to October.

Tags: currency news , usd , gbp , eur , cad , foreign currency market analysis , currency market rates

Posted By Mandee Myers at 08:15 AM

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2019-09-18 09:56

Canada FX Debt-Loonie hits 2-week low as Fed muddies outlook for rates

Erik Bregar, Director and Head of FX Strategy at Exchange Bank of Canada speaks about the current state of the Canadian dollar, the U.S. Federal Reserve interest rate cuts announcement and the results from U.S. data points with Reuter’s Fergal Smith.

Tags: news , exchange bank of canada , featured in the news , canadian dollars , us dollars , reuters , fx markets

Posted By Jacquelyn McMullen at 09:56 AM

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2019-09-17 08:15

Repo goes berserko

• US overnight treasury repo rates skyrocket to 7-10%, sparking bank liquidity fears.
• No spillover effect into bond markets so far with US treasury and bund yields steady.
• AUDUSD falls below 0.6855 channel support after dovish sounding RBA Minutes.
• Canadian Manufacturing Sales miss expectations while US Industrial Production beats.
• BOJ thinks they could cut rates further. JGB yields behaving now though.
• Oil markets eagerly awaiting Prince Abdulaziz’s 1:15pmET press conference.

Tags: currency news , usd , gbp , eur , cad , foreign currency market analysis , currency market rates

Posted By Mandee Myers at 08:15 AM

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2019-09-16 08:15

Oil markets spike 15-20% higher after weekend attack on Saudi Arabia shuts down 50% of production

• US Secretary of State Pompeo quick to blame Iran. China and Russia urging restraint. Iran slams accusations.
• Saudi Arabia still exporting crude from stockpiles, but admits return to normal “may take months” (Reuters).
• USDCAD, USDJPY and S&P futures gap lower, but sense of calm return to markets as oil traders fade sessions highs.
• EURUSD slumps after disappointing NY close on Friday, angst ahead Fed’s rate decision on Wednesday.
• BOE and BOJ meetings on deck this week as well + German ZEW, Australian jobs, Canadian CPI/Retail Sales.
• Chinese Industrial Production and Retail Sales data disappoints for August. AUDUSD and copper weaker.

Tags: currency news , usd , gbp , eur , cad , foreign currency market analysis , currency market rates

Posted By Mandee Myers at 08:15 AM

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2019-09-13 08:15

EUR violently reverses higher post ECB press conference.

• Bullish outside day forms on the EURUSD daily chart. German bund yield spikes higher.
• Markets not so confident in ECB’s ability to fix what’s wrong with Europe.
• GBPUSD breaks out to the upside following concessions from the UK DUP party on the Irish border.
• US Retail Sales for August beats expectations, allowing USDCAD to break above 1.3220s.
• AUD continues to struggle since yesterday’s false breakout higher. 0.6855-0.6875 channel pivotal.
• USDJPY recovers off yesterday’s lows, but reportedly running into Japanese exporter offers.

Tags: currency news , usd , gbp , eur , cad , foreign currency market analysis , currency market rates

Posted By Mandee Myers at 08:15 AM

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2019-09-12 08:15

Mario Draghi caves

• ECB cuts deposit rate by 10bp. Resumes asset purchases of 20blnEUR/month, starting Nov 1st.
• Calendar based forward guidance replaced with 2% inflation target.
• EURUSD plunging and German bund yields falling, causing broad USD buying elsewhere.
• Mario Draghi press conference now underway.
• US CPI for August meats expectations on headline inflation, beats slightly on core inflation.
• Trump to delay Oct 1st tariffs on China to Oct 15th.

Tags: currency news , usd , gbp , eur , cad , foreign currency market analysis , currency market rates

Posted By Mandee Myers at 08:15 AM

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2019-09-11 08:15

Trump says Fed "boneheads" should cut interest rates to zero "or less".

• Jitters mount in the EURUSD options market ahead of big ECB meeting tomorrow. EUR retreats.
• Boris Johnson’s proroguing of parliament ruled unlawful by Scottish court. GBP largely unphased.
• AUDUSD pokes higher on Hu Xijin headline, but now reversing back below 0.6860s into NY trade.
• USDCAD still wrestling with 1.3150 support pivot. OPEC trims 2019/2020 oil demand outlook.
• US PPI for August beats expectations: +0.1% MoM vs flat.
• EIA oil inventory report up next at 10:30amET, with traders expected another draw.

Tags: currency news , usd , gbp , eur , cad , foreign currency market analysis , currency market rates

Posted By Mandee Myers at 08:15 AM

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2019-09-10 08:15

FX markets quiet. UK parliament now prorogued until October 14.

• UK July employment report shows better than expected wage growth. GBP traders buy the dip.
• Global bond yields tick up again in Europe but struggling into NY trade. USDJPY off highs.
• Canadian Housing Start and Building Permit data beat market expectations. USDCAD sellers come back.
• October crude oil prices continue rally higher. Weekly API oil inventory report out at 4:30pmET.
• AUDUSD stalls after hitting trend-line resistance in the 0.6870s. EURUSD pivoting around 1.1040s.
• USDJPY breaks higher above 107.00 yesterday, but two failures at 107.50 now weighing.

Tags: currency news , usd , gbp , eur , cad , foreign currency market analysis , currency market rates

Posted By Mandee Myers at 08:15 AM

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2019-09-09 08:15

UK July GDP surprises to the upside.

• UK recession fears recede. Recent GBPUSD uptrend resumes.
• Fed’s Powell from Zurich on Friday: NOT FORECASTING OR EXPECTING A U.S. RECESSION.
• Fed rate-cut trade on the defensive to start Fed blackout period ahead of Sep 18.
• Global yields and equities higher, USD broadly weaker.
• All eyes on the ECB this Thursday. Will Mario Draghi disappoint markets again?
• This week’s US economic calendar features US CPI and Retail Sales data for August.

Tags: currency news , usd , gbp , eur , cad , foreign currency market analysis , currency market rates

Posted By Mandee Myers at 08:15 AM

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