Tag Archive: $CNY

FX Daily, October 14: UK Blinks on Threat to Walk Away on Eve of EU Summit

Overview: Turn around Tuesday saw the dollar bounce, particularly against the Australian dollar and European currencies, among the majors.  Sterling pared earlier losses on reports that the UK would not walk away from the talks just yet, while the euro remains on its back foot.

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FX Daily, October 13: Markets Look for Fresh Incentives

The S&P 500 and NASDAQ gapped higher for the third consecutive session and continued to advance. The benchmarks reached their best level since early September. Hong Kong markets were closed due to a storm, but the MSCI Asia Pacific gained for the seventh consecutive session. Most markets were higher, though Taiwan and South Korea were exceptions.

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FX Daily, October 12: Yuan in Spotlight in Consolidative Session

Led by 2-3% gains in Hong Kong and China, the MSCI Asia Pacific Index rose for the sixth consecutive session is pressing against the high for the year. European stocks are firmer, and the Dow Jones Stoxx 600 is up around 0.5% near midday, and shares are also trading firmer.

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FX Daily, October 9: Animal Spirits Return

Overview:  The on-again-off-again fiscal stimulus in the US is back on as the White House now supports a broad stimulus program, but not as big as the Democrats $2.2 trillion package.  It is the narrative being cited as the rebuilding of risk appetites is the wobble earlier in the week. 

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FX Daily, October 07: The Day After

President Trump's tweet announced that negotiations with the House Democrat leadership had collapsed, and there will be no further talks until after the election. Many economists had been removing it from their Q4 GDP projections, but the market was caught wrongfooted. Risk came off.

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FX Daily, September 30: Nervous Calm

Quarter and month-end considerations could be overwhelming other factors today.  Turnaround Tuesday saw early gains in US equities fade.  Asia Pacific shares were mixed, with the Nikkei (-1.5%) and Australia (-2.3%) bear the brunt of the selling, while China, Hong Kong, Taiwan, and India rose.

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FX Daily, September 29: Consolidation Still Featured

A consolidative tone continues across the capital markets. Equities have lost their momentum. The MSCI Asia Pacific Index was mixed, while Europe's Dow Jones Stoxx 600 is paring yesterday's sharp 2.2% gain. US shares are little changed but mostly softer. 

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FX Daily, September 24: Darkest Before Dawn

The two recent market developments, push lower in stocks, and higher in the dollar is continuing. Tuesday's gains in the S&P 500 and NASDAQ were unwound on Wednesday and this is helping drag global markets lower. The MSCI Asia Pacific Index fell for the fourth consecutive session today and many markets (India, Shenzhen, Taiwan, and Korea) fell more than 2% and most others were off more than 1%.

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FX Daily, September 23: Trying to Find Solid Ground

A more stable tone is evident in the capital markets after the S&P 500, and NASDAQ rose more than one percent yesterday.  Japan returned from a two-day holiday, and local shares slipped fractionally, while China, Hong Kong, South Korea, and Australian shares rallied.  India and Taiwan fell.

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Reopening Inertia, Asian Dollar Style (Still Waiting On The Crash)

Why are there still outstanding dollar swap balances? It is the middle of September, for cryin’ out loud, and the Federal Reserve reports $52.3 billion remains on its books as of yesterday.

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FX Daily, September 18: When Every Thing is Said and Done, More is Said than Done

Asia Pacific equities have taken the march on the US.  Led by a 2% rally in Shanghai, most regional markets but Australia closed the week with gains.  A two-week fall in the MSCI Asia Pacific Index has been snapped.  European stocks are little changed, and the Dow Jones Stoxx 600 is holding on to its second week of gains.

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FX Daily, September 16: Dollar Eases Ahead of the FOMC

Overview:  The dollar has been sold against nearly all the world's currencies ahead of what is expected to be a dovish Federal Reserve, even if no fresh action is taken. The Scandis and Antipodean currencies are leading the majors. 

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FX Daily, September 15: The Dollar Softens Ahead of the FOMC

The capital markets are relatively quiet so far today as the FOMC meeting gets underway. Equity markets in the Asia Pacific region, but Japan and Australia advanced, and the regional benchmark rose for the fourth consecutive session. European stocks are a little firmer. 

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August Survey Data and Beyond

Economists are often lampooned because of their inability to forecast changes in the business cycle. But the pandemic helped them overcome the challenge this time. A record contraction in Q2 was anticipated before in March. Similarly, economists generally expected the recovery after the March-April body blow.

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FX Daily, July 29: Greenback Slips Ahead of the FOMC

Global equity markets are stabilizing today, and the dollar is once again on its back foot. Chinese markets led a mixed regional performance with a 2%-3% gain, while South Korea and Hong Kong markets also advancing. The strength of the yen appears to weigh on Japanese shares.

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FX Daily, July 28: Dollar Bounces, Gold Slips, while Equities Hold Their Own

The main development in the capital markets today is the firmer dollar against nearly all the major and emerging market currencies.  Among the majors, the New Zealand dollar and Swedish krona are the heaviest (~-0.4%), while the Swiss franc and yen are marginally lower.

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FX Daily, July 27: Dollar Slide Continues, while Gold Soars

The US dollar's dramatic sell-off continues. It is off against nearly all currencies.  Among the majors, the Swedish krona and Japanese yen are leading the money, and the euro surged through $1.17.  Emerging market currencies are fully participating, with the JP Morgan Emerging Market Currency Index posting its fifth gain in six sessions.

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FX Daily, July 23: Powerful Momentum is Still Evident in the Foreign Exchange Market

The powerful momentum moves in the capital markets continues unabated by escalating US-China tensions and continued spread of the virus. Asia Pacific equities were mixed. Tokyo was closed for a holiday, but several other large markets in the region, like China, South Korea, and Taiwan markets slipped lower, while Hong Kong, Australia, and India advanced.

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FX Daily, July 21: Europe and Tech Lift Risk Appetites

Overview: The continued domination of the tech sector and Europe's tentative agreement are lifting equities and risk assets more generally today.  Australia and Hong Kong's 2.3%-2.5% rally led Asia Pacific markets.  The Dow Jones Stoxx 600 is higher for a third session and above its 200-day moving average for the first time since February. 

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FX Daily, July 20: Markets Yawn, Deal or No Deal

Overview: While there are signs that Europe has reached a compromise on the grant/loan issue, the spillover into the markets is quite limited. China, with Shanghai's 3.1% gain, led a few markets in the Asia Pacific region higher, including Japan and India. Most markets were lower, and Europe's Dow Jones Stoxx 600 is a fractionally firmer, recovering from initial losses.

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