Tag Archives: S&P
FI Eye-Opener: Improving ADP to add pressure on bonds
Bond yields rose on both sides of the Atlantic yesterday, but more so in the US than in Europe, while the US curve continued to steepen. The US 10-year yield is approaching the upper end
USD/JPY testing resistance (103.77/91). AUD/USD should move lower
EUR/USD: The market hunted both high and low yesterday, butwithout getting traction either direction. A small near-termbullish tilt persists while holding above 1.3763.
FX Daily
In the euro area manufacturing PMIs are due for release and the first estimate of theSpanish and Italian figure will attract most attention.
FI Eye-Opener: The Yellen effect
German bond yields rose yesterday. Even though Euro-zone March inflation numbers were soft (see more below), they were not weak enough to give bonds another boost.
EUR/JPY bullish response. NOK/SEK s/t stretched.
EUR/USD: Friday’s break down into the 55d ma band was soon rejectedand we ended the day more or less unchanged with spikeson both sides showing kind of a balance reached.
FX Daily
In terms of data the main release is euro area inflation for March. We expect it todecline to a new cycle-low of 0.5% y/y mainly due to the timing of Easter.
FI Eye-Opener: Brace yourself for a huge week
Bonds continued to perform early on Friday, but some profit taking was seen later in the day. German bond yields finally ended the day slightly higher, while US yields rose a bit more,
More € weakness. AUD peaking? NOK/SEK pause
EUR/USD: Yesterday’s close below 1.3749 has further enhanced thebearish outlook and more losses are accordingly penciled infor the week to come.
FX Daily
In Europe, preliminary March HICP inflation data from Spain and Germany aredue today. This will give us the first indication on the important euro-area inflationfor March to
FI Eye-Opener: Edging closer to deflation?
Bonds continued to rally yesterday. The German 10-year benchmark yield fell another 3bp to around 1.54%, already close to the March low of some 1.50%. The US 10-year yield retreated by around a bp.
A weaker € + a stronger NZD = a €/NZD sell
EUR/USD: After the mid body test (of the Mar 19 falling benchmarkcandle) and rejection the market has been mainly on thedefensive. Yesterday’s close,
FX Daily
In Europe the main focus will be on the release of money supply and credit data inthe euro area for February. In general the data have been weak, albeit there was aslight improvement in January.