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2020-02-04 09:02

EBC In the News (Reuters) - Dollar shines on robust U.S. private payrolls, news of virus treatment

Erik Bregar, Director and Head of FX Strategy at Exchange Bank of Canada speaks about the current state of the Chinese yuan with Gertrude Chavez-Dreyfuss at Reuters.

Tags: news , exchange bank of canada , featured in the news , reuters , fx markets , chinese yuan

Posted By Jacquelyn McMullen at 09:02 AM

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2020-02-04 08:15

Markets go risk-on after more Chinese intervention

China pumps another 400bln yuan into money markets. Urges investors not to panic. Sets USDCNY fix lower.
RBA downplays coronavirus for now, saying it will “temporarily weigh” on domestic growth. AUD bounces.
UK Construction PMI for January beats expectations, 48.4 vs 46.6. Helps GBPUSD rally after stop hunt below 1.2960s.
Risk-on tone lifts crude oil prices 1.7%, sees USDCAD retrace to 1.3270s support.
US 10yr yields now breaking back above 1.58%, lifting USDJPY comfortably above 109.00.
US Factory Orders for December up next at 10amET, +1.2% MoM expected vs -0.7% previously.
Over 20k infections and 426 deaths confirmed in China. Macau to close all 41 of its casinos for two weeks.

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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2020-02-03 08:02

China intervenes to calm its capital markets

PBOC injects 1.2 trillion yuan, cuts 7 & 14 day reverse repo rates.
Chinese regulators halt night trading in A50 China futures + ban short selling of stocks.
Intervention halts further selling after Shanghai Composite gaps down 7%, lifts risk sentiment.
S&P futures, US yields, USDJPY now higher as gold prices slide.
US ISM Manufacturing PMI for January beats expectations, 50.9 vs 48.5.
Reserve Bank of Australia rate decision tonight at 10:30pmET. No change expected.
GBP collapses as tough talk from Boris Johnson and Michel Barnier reignite "no-deal" Brexit fears.
Over 24 Chinese provinces (accounting for 80% of GDP) to stay shut until February 10th.

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

Posted By Mandee Myers at 08:02 AM

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2020-01-31 08:15

Countries taking matters into their own hands after soft WHO emergency declaration

WHO declares public health emergency of international concern regarding coronavirus.
The un-binding decree however stops short of recommending travel restrictions.
Italy, Singapore, US and Japan take further steps to curtail travel to and from China.
Overnight risk-off flows re-emerge, hitting commodity currencies (AUD and CAD) once again.
Safe-havens in demand, with bonds, yen and gold all trading higher. EURUSD benefitting.
GBPUSD set for bullish weekly reversal as UK leaves EU. Month-end USD selling flows helping.
AUDUSD re-tests 2019 lows in 0.6670s, with this level now acting as near-term support.
USDCAD buyers putting in a fight at 1.3220s this morning despite negative data influences.
Canada reports slightly better than expected GDP for November, +0.1% MoM vs flat.
US Chicago PMI for January misses expectations by a long shot, 42.9 vs 48.8.

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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2020-01-30 08:15

Fed leaves rates unchanged. BOE hurts doves with rate hold. Coronavirus fears mount.

Fed to keep intervening in overnight/term repo + T-bill markets until “at least April”. Achieving “ample” bank reserves the focus.
Bank of England disappoints rate cutting doves. OIS markets reprice for no cut in March and GBP rebounds.
Global economic fears spreading even faster now than the conoravirus itself. USDCNH hits 7.0000. Russia closes its border with China.
Thirteen Chinese provinces and four Chinese cities to remain effectively closed for another week (CNBC).
USDCAD move above 1.3070-1.3170/90 price again opens up start of new uptrend.
AUDUSD in even worse technical shape, looking poised to now test 2019 lows ahead of RBA rate decision on Feb 4th.
EURUSD traders eyeing short term bounce if 1.1020s can hold. Weak US yields helping.
USDJPY clinging to 108.80s support ahead as WHO Emergency Committee reconvenes today.

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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2020-01-29 08:15

The virus is spreading and the outbreak situation is still grim, says Chinese Premier Li Keqiang.

Mild risk-off flows return as traders now eagerly await WHO press conference at 11amET.
British Airways suspends all flights to Beijing and Shanghai. Rumors swirl US-based airlines to follow suit.
US yields and USDJPY trading back lower after filling Sunday opening gaps.
USD trading broadly higher, with USDCAD now threatening 1.3190s resistance again.
AUDUSD edges higher on slightly better Australian Q4 CPI data, but now trading lower.
GBPUSD falls back below 1.3010s ahead of BOE meeting tomorrow. Rate cut odds at 45%.
FOMC meeting at 2pmET, but money markets are not forcing the Fed’s hand at all.

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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2020-01-28 08:15

Coronavirus outbreak may reach its peak in one week or about 10 day

China’s Xinhua out with the headline, citing respiratory scientist Zhong Nanshan.
Broader risk sentiment improves with global equities, yields, yuan all bouncing.
OPEC trying to stem oil market decline with talk of extending & deepening production cuts.
Hong Kong set to put curbs on individual travel from mainland China.
China confirms 4,515 cases of coronavirus and 106 deaths as of end of day January 27th.
Human-to-human transmission (with no travel link to Wuhan) now recorded in Canada, Japan, Germany.
US Durable Goods (Dec) come in mixed, headline +2.4% MoM vs +0.4% but core -0.1% MoM vs +0.2%.
Australia reports Q4 CPI tonight at 7:30pmET, with traders expecting +0.6% QoQ and +1.7% YoY.

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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2020-01-27 14:11

EBC In the News (The Globe and Mail) - Canadian dollar tumbles to seven-week low as virus contagion escalates

Erik Bregar, Director and Head of FX Strategy at Exchange Bank of Canada speaks about the current state of the Canadian dollar with Gertrude Chavez-Dreyfuss.

Tags: news , exchange bank of canada , featured in the news , us dollars , fx markets , the globe and mail

Posted By Jacquelyn McMullen at 02:11 PM

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2020-01-27 08:15

Coronavirus outbreak takes turn for the worse over the weekend

Almost 3000 now infected in China, 81 dead, but "unofficial" talk on the ground is numbers are way higher.
China extends Lunar New Year holiday by one week to help stem spread of the disease.
Global markets go into “risk-off” mode to start week, with plunge in Chinese yuan leading.
AUDUSD collapses. USDCAD threatens upside break above 1.3170-90. Oil down another 2%.
All eyes on USDCNH and 6.99 resistance level as pivot for broader risk sentiment.
Sunday opening gap for USDJPY leaves 109.10-25 near term upside target.
This week’s calendar features the FOMC meeting on Wednesday. No change to US rates expected.

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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2020-01-24 08:15

Ten Chinese cities totaling 30 million people now on lockdown

More negative coronavirus headlines spurs small “risk-off” USD buying wave in London trade.
EURUSD can’t break above 1.1060 following German flash PMI beat. Eurozone flash PMI miss doesn’t help.
Bank of England rate cut odds for January 30th barely move (50/50) despite UK flash PMIs beating expectations.
RBA rate cut odds for February 4th fall sharply to just 29% following Aussie jobs beat, but not helping AUDUSD.
Canadian Retail Sales for November come in mixed. Headline +0.9% MoM vs +0.4% but core +0.2% MoM vs +0.4%.
US flash PMIs for January up next, 52.5 expected on Manufacturing, 52.9 expected on Services.
WHO stops short of declaring international emergency yesterday, but risk proxies showing nerves ahead of the weekend.

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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