Tag Archive: Eurozone Markit Composite PMI

FX Daily, October 24: Dollar Treads Water as 10-year Yield Knocks on 2.40percent

The US dollar is narrowly mixed in mostly uneventful turnover in the foreign exchange market. There is a palpable sense of anticipation. Anticipation for the ECB meeting on Thursday, which is expected to see a six or nine-month extension of asset purchases at a pace half of the current 60 bln a month. Anticipation of the new Fed Chair, which President Trump says will be announced: "very, very soon."

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FX Daily, October 04: Consolidative Tone in FX Continues

The US dollar has a softer tone today, and it was that way even for the European PMI. The greenback eased further after the upside momentum faded yesterday. The heavier tone in Asia seemed spurred by a hedge fund manager's call that Minneapolis Fed President, and among the most dovish members of the FOMC, Kashkari would be the next Fed chair.

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FX Daily, September 22: Markets Limp into the Weekend

The cycle of sanctions, recriminations, and provocative actives continues as the Trump Administration leads a confrontation with North Korea. The US announced yesterday new round of sanctions on North Korea. Reuters reported that the PBOC has instructed its banks not to take on new North Korean clients and to begin unwinding existing relationships.

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FX Daily, September 5: Greenback Mixed, North Korea and PMIs in Focus

Reports suggesting that North Korea is moving an ICBM missile toward launch pad in the western part of the country at night to minimize detection, while South Korea is escalating its military preparedness and the US seeks new sanctions, keep investors on edge. Risk assets are mixed. Gold is slightly lower. While the yen is stronger, the Swiss franc is heavier. Asia equities slipped, and European shares are recouping much of yesterday's 0.5% loss.

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FX Daily, August 23: Consolidation in Capital Markets Conceals Coming Turbulence

A mixed US dollar will greet the North American participants today. It is softer against the euro and yen, but firmer against the dollar-bloc currencies. Among the emerging market currencies, the eastern and central European currencies are moving higher in the euro's draft.

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FX Daily, August 03: Dollar-Bloc Currencies Turning, but Euro Downticks Limited

The high-flying dollar-bloc currencies may be a preliminary sign market change. The US dollar is gaining on the Canadian dollar for the fourth consecutive session. It is probing resistance we identified in the $1.2620 area. The US dollar has not traded above its 20-day moving average since the Fed hiked rates on June 14. It is found today near CAD1.2625.

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FX Daily, July 24: Euro Recovers from Softer Flash PMI

The euro made a marginal new high in early Asia, but participants rightly drew cautious ahead of the flash eurozone PMI. The flash PMI was softer than expected, and although the composite fell to six monthly lows, it is more a reflection of how steady it has been at elevated levels.

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FX Daily, July 05: Dollar Firm as Investors Await Fresh Directional Cues

The US dollar is enjoying a firm tone today. Yesterday's two weakest major currencies, the Australian dollar and Swedish krona are the strongest currencies, but little changed on the session. After a strong rebound in the greenback to start the week, it mostly consolidated yesterday.

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FX Daily, June 23: Dollar Pares Gains Ahead of the Weekend

The US dollar is trading lower against all the major currencies today, which pares its earlier gains. The greenback is holding on to small gains for the week against most of them, except the New Zealand dollar, Swiss franc and Norwegian krone.

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Euro Shrugs off European Banking Woes

Spain's Banco Popular is scrambling ahead of its meeting with the ECB tomorrow; shares are around 50% in three sessions. Italy has two banks that may see the same deal Monte Paschi negotiated with the EU. Portugal banks are still putting loan loss reserves and provisions aside.

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FX Daily, June 05: US Dollar Starts Important Week Mostly Stable to Higher

The US dollar is beginning what promises to be an important week on a steady to firmer note against most of the major currencies. It is a holiday in parts of Europe (e.g.,m Germany and Switzerland). Although excitement is not until Thursday's ECB meeting, UK election, and the testimony of former US FBI Director Comey, there are several developments today to note.

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FX Daily, May 23: Greenback Remains Soft

The US dollar cannot get out of its own way, it seems. With a light economic schedule, there is little to offset the continued drumbeat of troubling political developments. The latest turn, as reported first in the Washington Post, that President Trump asked heads of intelligence groups to also publicly deny collusion with Russia.

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FX Daily, May 04: Greenback Struggles to Sustain Upticks, Though Odds of June Hike Rise

The US dollar is struggling to maintain even modest upticks against the euro and sterling despite the recognition of the increased likelihood of a June Fed hike. Bloomberg sees current pricing in the Fed funds as making a hike in June a near certainty (97.5%), while the CME and our own calculation estimates the market is discounting around 70%-75% chance of a hike.

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FX Daily, April 05: Dialing it Up on Hump Day

he dollar is practically unchanged against the euro and yen in the first two sessions of the week. The pace can be expected to pick up starting Wednesday. Although the euro slipped through $1.0650, it was not sustained, and on Monday and Tuesday, the euro finished near its highs.

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FX Daily, March 24: Dollar Trying to Stabilize Ahead of the Weekend

The US dollar has been stabilizing over the past couple of sessions. This broad stability of the dollar is impressive because of the questions of the prospects of US President Trump's economic agenda. Expectations for tax reform and infrastructure spending have bolstered investor confidence and helped boost equity prices despite what appears to be stretched valuation.

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FX Daily, March 03: Yellen and Jobs Report Last Two Hurdles to US Hike

The US dollar is narrowly mixed as Yellen's speech in Chicago is awaited. The greenback's three-day advance against the euro and four-day advance against the yen is at risk. The dollar-bloc currencies, where speculators in the futures market had gone net long, continue to underperform.

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FX Daily, February 21: Dollar Bounces Back

Some profit-taking in the middle of last week pushed the dollar lower and gave rise in some quarters that the run was over. However, the greenback has come back the bid. It is gaining against all the major currencies today and most of the emerging market currencies.

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FX Daily, February 03: US Jobs Trump Europe’s Service PMIs

Ahead of the weekend, there are two series of economic reports. The first are Europe's service PMI reports and the second is the US employment report. Neither report is likely to alter views significantly, but the latter has greater potential to move the market.

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FX Daily, January 24: UK Supreme Court Requires May to Submit Bill on Brexit to Parliament

As widely expected, the UK Supreme Court ruled that Parliament approval is needed to trigger Article 50 start the divorce proceedings with the EU. The Court decided by an 8-3 majority that a bill needs to be submitted to both chambers, but that the approval of the regional assemblies (e.g. Scotland, Northern Ireland) is not necessary.

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