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2020-03-24 08:15

Mild coronavirus optimism leads risk sentiment higher overnight

• Italy’s Milan region saw lowering trend for new cases yesterday. Next update today at 1pmET.
• Wuhan to end lockdown on April 8. US stimulus package now rumored to be $2.5 trillion.
• Overnight "risk-on" dampens dollar demand. 3-month EURUSD CCBS narrows to -8bp.
• NY trade starting with more caution however as USD bid returns. Pelosi to speak on CNBC.
• Traders collectively ignore horrible global flash PMI data for March, largely expected.
• Physical gold market breaks, spot trading at significant premium to June futures.
• Tokyo Olympics to now be rescheduled to a later date, but no later than summer 2021.

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

Posted By Sharlene Figueroa at 08:15 AM

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2020-03-23 08:15

Fed effectively goes all-in by signaling unlimited QE

• Fed to buy treasuries/MBS in “amounts needed to support smooth market functioning”.
• Fed to create two new bond/loan facilities for large corporations + main street business lending program.
• Risk sentiment pops initially but now beginning to fade once again. US 10yr yields reverse higher.
• USDCAD holds 1.4350s resistance turned support from Friday. EURUSD still struggles with 1.08s.
• Sterling still hungover from Friday’s failed bullish outside day. Fed announcement barely helps.
• AUDUSD holding bottom of new 0.5720-0.6020 range ahead of Australian flash PMIs for March.
• Global flash PMIs out tomorrow. US Senate vote expected today. G20 emergency meeting underway.

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

Posted By Sharlene Figueroa at 08:15 AM

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2020-03-20 16:35

EBC In the News (Financial Post) - TSX extends weekly decline, loonie rally ebbs as economic outlook dims

Erik Bregar, Director and Head of FX Strategy at Exchange Bank of Canada talks about the current state of the Canadian dollar in response to the coronavirus with Fergal Imbert reported at the Financial Post.

Tags: exchange bank of canada , foreign exchange , featured in the news , financial post , fx , forex , coronavirus

Posted By Jacquelyn McMullen at 04:35 PM

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2020-03-20 08:15

Broad USD rally, funding pressure, eerily takes a breather overnight

• USD broadly lower in Asia/London as 3-month CCBS narrows to +1bp, going bid again in NY.
• Japan closed for holiday, RBA starts QE purchases, Trump may intervene in Saudi/Russia oil spat.
• Canadian Retail Sales for January come in mixed, but nobody is paying attention to old data now.
• Bearish intra-day head & shoulders pattern foretold USDCAD weakness today, short term top.
• AUDUSD still trying to bottom, but needs 0.6020s to clear. GBPUSD working on bullish reversal.
• EURUSD downtrend momentum still intact with overnight rejection of 1.08 handle.
• USDJPY focused on new fears in the global bond markets, back near 2020 highs.

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

Posted By Sharlene Figueroa at 08:15 AM

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2020-03-19 08:15

They keep finding more kitchen sinks to throw

• Kudlow hints at US government buying stocks. ECB increases QE by 750blnEUR through end of 2020.
• Reserve Bank of Australia cuts by 25bp, starts QE with 0.25% yield target on 3-year government bond.
• US Philly Fed survey for March misses estimates. Fed establishes dollar swap lines with more central banks.
• Sterling crashes 5% yesterday. Bank of England cuts by 15bp, increases QE by 200blnGBP.
• Broader risk tone mixed. April crude oil futures bouncing 12% after yesterday’s 25% crash.
• CAD and EUR traders not impressed. QE announcements helping AUD and GBP outperform.
• JPY traders seem more worried now about rising US yields + relapse of USD funding squeeze.

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

Posted By Sharlene Figueroa at 08:15 AM

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2020-03-18 08:15

USD funding pressures ease, but European bond rout raising new fears

• ECB’s Holzmann admits monetary policy has reached its limits. European bonds plunge.
• Bank of Italy intervenes in BTP market to curb panic selling, but broader risk sentiment now hit.
• Cash S&Ps set to trigger trading curbs once again. April crude oil -12%. USDCAD through 1.4400.
• Bank of England watching the plunge in sterling. Bailey says "EVERYTHING IS ON THE TABLE THAT IS REASONABLE”.
• AUDUSD continues fall amid broad risk-off, lack of chart support, RBA QE to come.
• Canada’s Poloz and Morneau to speak at 11:15amET. Trump says “money will soon be coming to you”

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

Posted By Sharlene Figueroa at 08:15 AM

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2020-03-17 08:15

USD surging as dollar funding stress continues

Benchmark 3-month EURUSD cross currency basis swap blows out to -124bp.
Shows yesterday’s global central bank coordination on USD swap lines not working.
USD now surging across the board as broader risk sentiment remains steady.
US Treasury Secretary Mnuchin to seek $850bln fiscal stimulus package (Politico).
German ZEW (Mar) and US Retail Sales (Feb) both miss expectations.
ONTARIO DECLARES STATE OF EMERGENCY ON COVID-19. No gatherings of 50+ people.
Today’s White House COVID-19 press briefing to be held at 11:30amET.

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

Posted By Sharlene Figueroa at 08:15 AM

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2020-03-16 08:15

None of it is working

S&P futures locked limit down -5% despite raft on central bank actions. April crude -8%.
Fed, BOE, BOJ, ECB, BOC and SNB to lower rate on existing USD swap lines by 25bp.
Global central banks to now offer USD liquidity with 84-day maturity, in addition to 1-week.
Fed cuts 100bp, adds 700bln in QE. RBNZ cuts 75bp with QE ready to go for May.
BOJ doubles annual pace of ETF purchases to 12trillion JPY. Bank of Korea cuts 50bp.
RBA ready to purchase Australian government bonds, “additional measures” on Thursday.
Bank of Canada cut another 50bp Friday afternoon. Trudeau to address nation at 1pmET today.

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

Posted By Sharlene Figueroa at 08:15 AM

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2020-03-12 08:15

Trump bans all EU flights. Markets in panic mode again. ECB adds to QE.

US to ban all incoming flights from Europe for 30 days starting this Friday.
S&P and oil futures plunge. US 10yr yields retreat back to 0.70%. USDCAD bid.
ECB leaves rates on hold, but adds 120blnEUR in QE and new LTRO + lowers bank capital ratios.
EURUSD falls during Christine Lagarde’s press conference, 1.1150-1.1200 support zone being tested.
Sterling craters after weak NY close + Trump EU ban. Traders now testing 1.2580s support.
AUDUSD finally succumbs to broad risk-off flows. Sunday flash crash lows in sight.
USDJPY rallying despite 8% plunge in cash S&P. Perhaps BOJ intervention rumors making the rounds?

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

Posted By Sharlene Figueroa at 08:15 AM

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2020-03-11 08:31

EBC In the News (Reuters) - Euro slides after ECB stimulus; dollar gains after NY Fed move

Erik Bregar, Director and Head of FX Strategy at Exchange Bank of Canada talks about the current state of the euro in the market with Gertrude Chavez-Dreyfuss at Reuters.

Tags: exchange bank of canada , foreign exchange , featured in the news , reuters , fx , forex

Posted By Jacquelyn McMullen at 08:31 AM

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