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The risk-off theme heated up, which in the forex market was reflected by continued broad USD losses along with fresh lows in the risk barometer crosses of AUD-CHF and AUD-JPY, the former of which made the lowest level since August 2012 and the latter making a new low in the period since last September. Read more
Risk has remain off during the Asia session so far. The AUD dove to a fresh three-and-a-half year low of 0.8689 following RBA-speak from member Ridout, who said that a AUD-USD exchange rate of "around 0.80" would be a "fair deal," along with news that China may issue alert on credit risks in its coal industry. Read more
The dollar was sharply lower on Thursday, though weakness set in during the Asian session overnight, where a soft China PMI print hit the market. Later in Europe, stronger EU PMI's rallied the euro. In the U.S., the combination of China data and earnings misses weighed heavily on risk taking levels. Read more
Yesterday we had two major releases related to the UK economy: the most recent meeting minutes from the central bank and a big drop in the unemployment rate from 7.4% to 7.1%. The currency markets reacted with a big Pound rally, sending the Sterling up against the dollar and challenging recent highs. Read more
The EUR popped higher on strong Eurozone PMI data, which saw both EUR-USD and EUR-JPY jump to respective one-week highs of 13646 and 142.21. EUR-GBP recovered a good chunk of yesterday's post-U.K. labour data drop in rising to the 0.8220 area, aided further by a disappointing outcome in today's U.K. Read more
A moderate risk-off theme was established in currency markets following the unexpected dive in the flash HSBC-Markit China PMI. The AUD, no surprisingly, underperformed out of the main currencies. AUD-USD dipped to a low of 0.8787, which exactly matched yesterday's low. Read more
FX trade was mixed in N.Y. on Wednesday, and a bit choppy as well, with a fair number of people away from the office due to a snowstorm in the Northeast. There was again nothing on the economic calendar to move markets, and the dollar came under some early pressure, as equities sold off. Read more
The EIA reports that the price of gas fell in the last week to $3.30 a gallon. There's nothing particularly special about that. What IS of interest is that gas prices have been at or below $3.33 a gallon for the last 3 months. Typically there is a seasonal trough in December into January in gas prices, as usage is at its nadir and before refineries switch over to the warm weather formulation. This year, however, the trough has lasted unusually long. Read more
The GBP and AUD have been the star performers today while USD-JPY and EUR-USD were at near net unchanged versus yesterday's New York closing levels. The JPY saw some chop into and after the BoJ announcement of unchanged policy, but made little progress directionally. Read more
The most notable move since the London close yesterday has been the AUD, which spike sharply following Australian CPI that came in double market expectations at +0.8% q/q in Q4. AUD-USD surged nearly 100 pips in making 0.8873 before settling around 0.8860-70. Read more
