Tag Archives: ECB
FX Daily
Market movers today ● We expect no change to the final euro area service PMI, but look for some upside surprise in service PMI for Spain and Italy compared with consensus expectations.
ECB Preview: Clear easing bias likely to remain in place
No new actions, but dovish words There is no immediate pressure for the ECB to act at this week’s meeting and hence we expect a fairly calm press conference with no revolutions.
FX Daily Strategist: Europe
Beyond Syria, US data holds the key this week Market starts the week with a risk-on tone in response to a delay in military action in Syria by the US and
US Morning Update
Major Overnight Headlines • UK mortgage approvals highest since March 2008 in July; Nationwide house prices up 3.5% YoY in August
From the tail to the dog
Late August has seen some vigorous tail-wagging driving price action – in particular, EM and oil-driven risk aversion has served to undermine the previous dominance of the Fed.
US Morning Update
Major Overnight Headlines • UK government to delay parliamentary vote on Syrian intervention until UN inspectors report concluded
FX Daily Strategist: Europe
EUR to remain supported by data and ECB expectations A continued improvement in Eurozone economic news is likely to underpin the euro.
Morning FX Market Commentary
Dollar unable to profit from global uncertainty Risk-off sentiment also affected currency trading yesterday with the likes of the CHF and the yen gaining ground.
Europe – US data disappoints. FX majors have quiet start to wk
Today, the August reading of the German IFO is released (9am BST). The lift in the German PMIs in August suggest further improvement in the IFO is likely.
The Global Macro Pulse
Overnight Price Action Moderation in treasury yields to the 2.89%-2.91% range supported risk assets across Asia.
US Morning Update
Major Overnight Headlines • INR touches another record low versus the USD in London trading; tone remains mildly “risk-off”
The lessons of 1994 that cannot be ignored
The combination of price action, and major country capital flows data, suggest the June 6th FX weekly piece “Fighting the Ghosts of 1994” has become even more relevant for current FX proceedings.