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The dollar gave up some of its overnight gains in N.Y. trade on Wednesday, as risk-off conditions returned following Tuesday's sharp Wall Street gains. Stocks were lower on Wednesday, following Trump's speech the previous evening, where he threatened to shut down the government if his border wall was not funded. Read more
OVERVIEW The Euro strengthens as manufacturing data reaches a 6-year high. Sterling under pressure as Brexit uncertainty weighs. Robust trade data from China helps stocks. New home sales in the US fall 9.4% in July. HIGHLIGHT Sterling drops below technical support at 1.0930, and tests 1.0850, as the market loses confidence in the currency due to the lack of momentum in the negotiations. Read more
The dollar traded softer versus the main European currencies and the yen, though held up better against the Canadian dollar and other commodity currencies. The euro outperformed concomitantly with a rise in Bund yields following Eurozone PMI data, with the surveys showing an unexpected improvement to a reading to 57.4 in the composite flash reading for August, up from 56.6 in July. Read more
The dollar firmed up some in N.Y. trade on Tuesday, leaving EUR-USD at session lows under 1.1850 into the close. USD-JPY meanwhile, topped 109.50, while cable printed one-month lows of 1.2812. USD-CAD bucked the trend, falling to two week lows of 1.2527 after better Canada retail sales volumes. Read more
OVERVIEW The UK Public Sector net borrowing grew by 9% year-over-year. President Trump commits an additional 4,000 troops to Afghanistan. The Chinese Yuan continues to strengthen as it pushes towards its highest level in almost a year. Retail sales from Canada rose 0.7% excluding autos. HIGHLIGHT The closely watched ZEW economic sentiment survey fell more than expected in August to a reading of 10, from a previous reading of 17.5. Read more
EUR-USD drifted over 50 pips lower during the London AM session in nearing 1.1750, giving back nearly all of the gain posted yesterday. Much weaker than expected German investor confidence in the latest ZEW survey helped the euro lower, though the common currency had already been under the cosh ahead of the release. Read more
The dollar has traded softer versus many currencies during the pre-London session in Asia, including against the euro, and commodity and emerging world currencies, though the greenback gained versus the yen. A revival in risk appetite brought some pressure on the Japanese currency, while there remains a degree of position jostling ahead of the Jackson Hole symposium (which starts on Thursday). Read more
After trading largely sideways overnight, the dollar lost ground in N.Y. trade on Monday, leaving the DXY at one-week lows of 93.00. Risk-off conditions remained, see stocks and yields mostly lower. The was no U.S. data to drive markets to start the week. Read more
OVERVIEW The UK government tries to step up negotiations on Brexit with Europe. The Norwegian Krone continues to strengthen as we approach the elections in Norway. Wholesale trade numbers in June from Canada fail to liven up the Loonie. The Bundesbank upgrades growth expectations for Germany for this year. HIGHLIGHT The departure of Steve Bannon from the Trump administration had little impact on the markets as these departures are now becoming the 'norm'. US DOLLAR The US Dollar has strengthened somewhat in this cautious environment helped by some stronger than expected economic data. Read more
