Tag Archives: ECB
Daily FX Wrap and Strategy
The NZD sits higher, around 0.8380 this morning. Yesterday was all about the NZ employment report. This showed the economic upswing is starting to show up in the labour market.
US Morning Update
Major Overnight Headlines Euro Area services PMIs mixed, but generally close to being in-line/slightly better
The Global Macro Pulse
Overnight Price Action The S&P 500 fell 0.3% overnight, but futures have rallied 0.5% in Asia.
Macro viewpoint: timing and tools are uncertain, but more ECB easing is likely
We now expect a 25 bp refi rate cut in December We expect a clearly dovish tone at this week’s meeting Liquidity will remain ample
US Morning Update
Major Overnight Headlines Euro Area October (final) manufacturing PMIs mixed; pan-Euro Area PMI at 51.3 in-line
FX Viewpoint: give EUR a break!
Deflation! Japan! Doom! – the headlines last week when the euro area inflation fell below 1%. Mind you, this is not the euro area specific issue: disinflation is what has held Fed from tapering too.
US Morning Update
Major Overnight Headlines European Oct. manufacturing PMIs mixed; UK, Denmark, and Sweden miss, Norway beats, Greece still sub-50
ECB expected to cut the refi rate in December
Yesterday euro inflation surprised on the downside as it declined to 0.7% in October from1.1% in September. This is much lower than the ECB’s target of maintaining inflationbelow,
FX Daily Strategist: US
Eurozone inflation undershoot to pressure long EUR positioning Preliminary Eurozone CPI significantly undershot forecasts in October (0.7% y/y vs. 1.1% y/y) with the pace of inflation falling to the slowest pace since November 2009.
FX Daily Strategist: Europe
Japanese output surge supports the Nikkei……USDJPY to follow Japan’s factory output rebounded in September to its highest level in nearly one-and-a-half years at 5.4% y/y.
Daily FX Wrap and Strategy
A weak AUD/USD and broad-based gains in the greenback have spelled double trouble for the NZD//USD over the past 24 hours. The currency is around 0.8% below levels this time yesterday,
FX Daily Strategist: US
Watch inflation for negative EUR catalyst EURUSD is fast approaching the 1.4000 level where our economists anticipate rising ECB concern.