ETH and BTC Under Pressure from the Pros

Market picture Bitcoin is trading in the $16.7K area (+1.6% in 24 hours), a significant consolidation area of the past five days. It was helped back to these levels by the news of Binance launching a fund to help cryptocurrency companies experiencing temporary liquidity difficulties. The news has stopped a wave of selloffs but has […]

Wounded US Dollar Turns to Retail Sales for Direction

Hopes that inflation is finally cooling down led traders to unwind bets that the Fed will raise rates beyond 5%, dealing a heavy blow to the US dollar last week. The next event is the retail sales report this week. It will reveal how demand is holding up, helping investors decide whether the selloff in […]

Will Australian Jobs Report Justify the RBA's Need for Caution?

Employment numbers out of Australia will be watched on Thursday (00:30 GMT) as the country’s central bank ponders how much further to tighten policy. Higher interest rates have been attributed to the downturn in Australia’s housing market, but up until recently, policymakers were hopeful that the strong labour market would cushion the economy against a […]

Pound Soars Despite Weak Job Data

The British pound has reversed directions on Tuesday and posted sharp gains. In the European session, GBP/USD is trading at 1.1902, up 1.22%. The pound has punched above 1.19 for the first time since August 19th. UK wage growth a headache for BOE The UK employment report was soft, with unemployment ticking higher to 3.5%, […]

Pound Clears the Way Up

The British pound is on the offensive, having risen to a three-month high against the dollar thanks to a developing correction in the latter, market stabilisation following the change of government and pro-inflationary news. Jobless claims rose by 3.3K in October after a 3.9K increase in September. September’s data was an impressive revision from the […]

European Final CPIs and Yield Gap

With all the focus on G20 and COP27, many European leaders have been out of the continent. News has been relatively sparse, which has allowed the shared currency to drift higher. In the last couple of weeks, it made a couple of runs at parity before finally breaking through thanks to US CPI figures. That […]

Sunset Market Commentary

Markets And markets corrected further. Moves since the lower-than-expected US inflation print simply extended with economic data serving as an accelerator. European stocks add a meagre 0.6% but US indices open with very solid 0.9-2.5% gains. The US NY Empire manufacturing index surpassed the bar with ease, coming in at 4.5 vs a -6 consensus. […]

Yields Continue to Decline

Market movers today The G20 summit concludes in Bali and we look out for whether the communiqué indeed rejects an ‘era of war’ as previously rumoured. Market focus will be on the US retail sales for October, especially after last week’s inflation downside surprise. Slowing consumption remains a necessary (though not sufficient) condition for a […]

British Inflation Hits 11%

US stocks extended rally yesterday, as the unexpected easing in producer prices beefed up the optimism that the Federal Reserve (Fed) would soften the monetary tightening and the better-than-expected New York Empire State Manufacturing index hinted that the US economy is holding up well. News that Russian missiles fell to Poland somehow killed a part […]

All of a Sudden the Intraday EUR/USD Rally Started Losing Steam

Markets EUR/USD yesterday pierced key resistance at 1.0341/50/68 (2017 low/May2022 low/August2022 high). The technical break fast-tracked the pair’s rally, in first instance towards 1.04. Lower-than-expected US producer price inflation served as second accelerator towards 1.0475. Next intermediate resistance at 1.0516 (50% retracement on this year’s EUR/USD decline) all of a sudden came within striking distance. […]