Forex News

Bonds Aren’t Believing the Decent PMIs, Concerned about Coronavirus?

Outside of the United States, flash PMIs were generally better than expected with only the EU Services and Composite dragged lower by strikes in France.  And although in the US, the manufacturing PMI was weaker, both the services and composite PMI’s were better.  With that being said, 10-year Treasury Notes are up over 20 ticks …

OIL MARKET WEEK AHEAD: Virus, Tesla and Hedge Fund Positioning

China will celebrate its New Year festival for the best part of next week, trying for a few days to forget the spread of the coronavirus across the country, while offices and markets remain closed until Friday. But in a nation where a city of a few million is considered small, the density of population …

Week Ahead: Coronavirus, FOMC, BOE, and Brexit

Wow! I’m sure not many people expected a risk off move this week due to the outbreak of a virus!  With 3 Central Bank meetings (BOC turned dovish) and a return to watching the economic data after US trade deals were signed (USMCA to be signed next week), the most dominant event this week which …

ECB Meeting Offers Little New Information

The European Central Bank released its interest rate decision today and left key interest rates unchanged at 0%, as well as, maintaining -0.5% on the deposit facility rate.  In the accompanying  statement, the Bank announced the start of the “ECB Strategic Review of Monetary Policy”.  Although not giving many specifics,  Christine Lagarde later mentioned it …

Gold in Demand Amidst Coronavirus Fears, $1568 Key

Given global developments so far this year, traders have already gotten crash courses in diverse fields from climate science to Middle East relations to US constitutional law. This week has forced traders to get up to speed quickly in epidemiology. The rapid spread (and equally rapid international response) to the coronavirus from its epicenter in …

Double Whammy for CAD/JPY

The CAD/JPY has taken a big hit this week due to both a weakening Canadian Dollar and a stronger Japanese Yen.  The continued hit to Canadian data, this time in the form of weaker inflation data, and the dovish tone of the BOC this week have caused the Canadian Dollar to move lower.  In addition, …

Dovish BOC Sends USD/CAD Soaring

The Bank of Canada met earlier today and left its benchmark interest rate unchanged at 1.75%, as expected.  However, the dovish statement which accompanied the decision sent USD/CAD higher by nearly 100 pips as the Central Bank removed the description of interest rates as “appropriate”.  The BOC also  showed concerns about recent weak data and …

AUD/USD Between a Rock and a Hard Place Ahead of Employment Data

Australian employment data for December is due out in a few hours and expectations for the Employment Change are +16,000 vs a surprising +39,000 in November.  The headline number is a bit deceiving though, as it is a combination of full-time jobs and part-time jobs.  Of the 39,000 jobs created in November, only 4,200 were …

Coronavirus

According to the World Health Organization, there have been at least 291 people infected and 6 killed by China’s mysterious new respiratory virus known as “Coronavirus”.  The virus can be spread from human to human, and currently has no treatment, which is fueling speculation of a world-wide pandemic.  The virus originated in Wuhan, the capital …

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