Canadian Labour Data in Sight But Market Prepping for Next Week’s BoC Meeting

With the July Bank of Canada meeting gradually creeping into the traders’ minds, this week’s calendar is unlikely to tip the balance in favour of another rate hike or a rate pause. Nevertheless, the loonie might enjoy a boost as the euro/loonie pair is trading very close to its 2023 lows.

Nonfarm Payrolls Awaited as Dollar's Recovery Stalls

It will be a busy week in the United States, with the Fed minutes on Wednesday serving as an appetizer for the latest edition of nonfarm payrolls at 12:30 GMT on Friday. Some early signs suggest the labor market lost momentum in June, but nothing too dramatic. While a slightly disappointing jobs report could briefly […]

Bitcoin Struggles to Keep Growing

Meanwhile, Bitcoin briefly rebounded above $31.3K on Monday evening, repeating the highs of 23 June, but failed to confirm an upside breakout from the consolidation channel at the start of the European session on Tuesday.

Sunset Market Commentary

The US is closed for Independence Day and there’s no economic data scheduled for release in Europe either. Things can’t possibly get more dull for traders and the likes. A speech by German ECB member Nagel didn’t hold much information other than the by now well-known “a July hike is a done deal, we’ll see in September”.

Oil Price Gets Harder to Grow

Oil has risen since last Thursday and regained momentum on Monday on news of new production cuts from Russia and Saudi Arabia.

RBA Delivers a Hawkish Pause, Zuckerberg Takes on Musk

It's been a relatively quiet session with the US bank holiday naturally weighing on activity and those remaining having an eye on Friday's jobs report but the day hasn't been without interest as the RBA opted against hiking interest rates again.

Focus on FOMC Minutes

The Federal Reserve (Fed) will release the minutes of its latest policy meeting today, and there will clearly be a couple of hawkish sentences that will hit the headlines, given that the Fed officials paused their rate hikes in their June meeting, but their dot plot showed two more interest rate hikes before a real and a longer pause.

Economic and Monetary Divergence Between China and Most of the Rest of the World

Markets We’ll move quickly over yesterday’s uninspiring day which lacked guidance from the eco calendar as well as from the US (celebrating 4th of July). German yields fell up to 3.9 bps at the front while adding 5.3 bps at the longest tenor. After Monday’s sell-off, UK Gilts marginally outperformed Bunds from the 5y tenor […]

Markets Slip Ahead of Fed Minutes, US NFP in Focus

The second half of the trading week could be volatile for the US dollar thanks to the FOMC minutes this evening and the US jobs report on Friday. Investors will closely scrutinise these key risk events for clues on whether the Federal Reserve will hike rates more than once to tame still stubborn inflation.

Bitcoin Retreats, But Ethereum Poised for a Bullish Breakout

Bitcoin has pulled back from the top of its recent trading range above $31.3K and is trading back near $30.8K. An upside breakout has not been confirmed, and the logical development is a pullback to the lower end of the range at $29.8K. Only a sustained exit outside the $29.8-31.3K corridor will signal the end of the consolidation and further movement towards the breakout.