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2020-02-12 08:15

Hawkish rate hold from RBNZ + more coronavirus optimism leads risk sentiment higher again

Reserve Bank of Zealand upgrades economic outlook and OCR projections while holding rates steady.
NZDUSD rallies 1%, lifting AUDUSD higher and dragging USDCAD lower.
China now reporting 44,653 coronavirus infections, but today’s 2015 increase was lower than yesterday’s 2,478.
Risk-on sentiment continues in European trade, with USDJPY’s brief surge above 110 helping.
Oil traders shrugging off bearish APIs and predictable China demand downgrade in monthly OPEC Oil Market Report.
USDCAD uptrend buyers now being put to the test at 1.3240-60 support zone.
EURUSD meanders in low 1.09s as large option expiries & Powell “Round 2” looms at 10amET.
Weekly EIA oil inventory report come out at 10:30amET, with traders expecting +2.987mln barrel build.

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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2020-02-11 08:15

Slower rate of coronavirus infection today helps risk sentiment overnight

Only 2,478 new cases of the coronavirus confirmed today in China versus 3,062 new cases yesterday.
China’s Zhong Nanshan says “this event may be over in something like April”.
USD broadly lower overnight on risk-on sentiment, now lower again following Powell speech text.
Fed chairman to speak before US House Financial Services Committee at 10amET.
EURUSD trying to regain 1.0910s after losing the support level earlier. USDCAD still pivoting around 1.3300 level.
AUDUSD trying to break above 0.6710s. Over 1.9blnAUD in options expire at 0.6700 strike tomorrow.
GBP outperforming following upbeat UK GDP data for December and Q4 2019.

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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2020-02-10 08:15

China slowly returning back to work, but markets yet not convinced worst of virus is behind us

Chinese government eases some travel and work restrictions, urges millions to gradual return to work.
PBOC announces 300bln special lending facility for banks with orders to “issue loans quickly”.
WHO’s Tedros finally admits “we may only be seeing the tip of the iceberg” with regard to the coronavirus.
Over 40k cases now confirmed in China with 908 dead. Chinese billionaire Guo Wengui says deaths are way higher.
Global risk sentiment more muted now after upbeat Asian session, helping USDCAD re-attack Friday’s highs.
AUDUSD pulls back of 0.6700 highs. EURUSD breaks 1.0950s support. GBPUSD bounces on rumored 1.2850 option barrier defense.
Leveraged funds pile into EURUSD and AUDUSD shorts, stay short USDCAD despite losses.
This week’s calendar features two speeches from Jerome Powell + more Fed-speak, US CPI, US Retail Sales, US Industrial Production.

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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2020-02-07 08:15

Coronavirus fears escalate again overnight. US & Canadian job reports up next.

New international cases aboard quarantined Diamond Princess cruise liner jumps to 61.
Singapore has raised its Disease Outbreak Response System condition to orange from yellow.
USDCNH move above 7.0000 leads risk-off move, which in turn hurt commodity currencies CAD and AUD.
Germany reports another bad manufacturing number for December, Output -3.5% vs -0.2% exp.
RBA’s Lowe and SOMP cannot help AUDUSD stem risk-off flows
Traders expecting +160k new jobs in the US and +15k new jobs in Canada last month.

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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2020-02-06 08:15

China to lower tariffs on $75 billion of US goods starting next week

Another positive Chinese soundbite drives risk-on sentiment in late Asia, but skepticism follows.
Global Times says China considering invoking “disaster” clause in phase one trade deal.
Over 28k people now infected in China. 562 dead. Tiajin beginning lock-down procedures.
Rumored OPEC+ 600k bpd emergency production cut not confirmed. Russia’s Novak says “premature”.
USDCAD bid in check with 1.3270s holding. AUDUSD now offered on rallies after 0.6750s gives way.
EURUSD ignores weak German Industrial Orders data, but the daily chart still looks weak.
Angst regarding potential MiFiD changes still on GBP trader minds, but 1.2960s still holding.
USDJPY can’t clear psychological 110 level as enough China doubts creep back in.
US & Canadian employment reports for January due tomorrow at 8:30amET.

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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2020-02-05 08:15

Research team at Zhejiang University has “found an effective drug” for coronavirus

Chinese state TV releases headline during 3amET hour, leads to another broad “risk-on” move.
Sky News reporting UK scientists have made “significant breakthrough” in race to create vaccine.
US yields break through 1.61% resistance. USDJPY gallops over 109.50s. CNH rallies again.
EURUSD succumbs to US yield rise despite decent German/Eurozone Services & Composite PMIs for January.
GBPUSD back below 1.3030-40s as “EU TAKES AIM AT CITY OF LONDON WITH POST-BREXIT MIFID REWRITE”.
US ADP Employment Report for January BEATS expectations, +291k vs +156k.
US Non-Manufacturing ISM report for January BEATS expectations, 55.5 vs 55.0.

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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2020-02-04 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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