Author: FX
Article by IG Senior Market Analyst Axel RudolphFTSE 100, DAX 40, S&P 500 Analysis and ChartsFTSE 100 continues to hover above supportThe FTSE 100 continues to precariously hover above key support which sits between its March and July lows at 7,228 to 7,204 as the UK’s public sector net borrowing came in slightly weaker-than-expected at 3.5 bn versus a forecast 3.8 bn. On Monday UK homebuilders fell following a downbeat update from Crest Nicholson Holdings but so far the UK blue-chip index continues to stabilise. Further low volatility trading above its 7,228 to 7,204 major support zone is expected to…
da-kuk/E+ via Getty Images London +0.30% Germany +0.99% France +1.06% Eurozone June current account balance €35.8 billion vs €9.1 billion prior. The pan-European Stoxx 600 (STOXX) edged 0.78% higher, with all sectors higher bar oil and gas. Technology stocks led the gainers. The technology sector added gains as chip stocks rallied on optimism surrounding Nvidia ahead of its quarterly results on Wednesday. Coming up in the session: No major events lined up. In the bond market, the U.S. 10-year Treasury yield was down 2 basis points to 4.32%. Germany’s 10-year yield was down 4 basis points to 2.67%. U.K.’s 10-year…
Both the euro zone and the U.K. economy are gearing up to print their August flash PMIs soon. Can EUR/GBP bounce off these inflection points? Number crunchers are counting on mixed results from Germany and France while the U.K. might report slower business activity for both sectors. EUR/GBP 1-hour Forex Chart by TV It’s also worth noting that the ECB just recently shifted to a less hawkish monetary policy stance, so a set of downbeat PMI readings might reinforce this cautious view. Meanwhile, the BOE is still under pressure to hike interest rates, given how their latest batch of CPI…
EUR/CHF is sporting a possible Double Bottom! Will this lead to be pair reversing in the next couple of days? Let’s take a look at the daily chart for clues: EUR/CHF Daily Forex Chart by TV I don’t know if you’ve noticed, but EUR/CHF found support from the .9525 area not once, but TWICE in the last month. Thing is, the two bounces also formed a Double Bottom pattern on the daily time frame with the .9630 area serving as “neckline.” Is EUR/CHF ready for a bullish reversal? The pair still has a couple of pips to go before testing…
Explained to Kishida the BOJ’s July policy decisionKishida said that he understood the reasoning behind itSays would prefer to refrain from mentioning what was discussedBut Kishida asked questions on various aspects of the economy, financial developmentsKuroda had met with PM on regular basis, this meeting today was similarIt is definitely a more interesting update/catch up especially after the policy tweak last month. But as mentioned before, most of what the BOJ does will already have to be aligned with the thinking in Tokyo so it’s not like Ueda pulled something out of the blue. I reckon they could have touched…
Share: EUR/JPY pulls back from its highest level since September 2008 touched earlier this Tuesday. Intevention fears, along with a softer risk tone, benefit the safe-haven JPY and cap the upside. The divergent BoJ-ECB policy stance should limit the downside and warrants caution for bears. The EUR/JPY cross retreats a few pips after touching its highest level since September 2008 during the Asian session on Tuesday and currently trades around the 159.30 region, nearly unchanged for the day. Concerns about the worsening economic conditions in China continue to weigh on investors’ sentiment, which is evident from a generally…
CUHRIG/E+ via Getty Images BHP (NYSE:BHP) reported Monday its full-year profit fell sharply from a year ago, when the world’s largest miner by market value posted its largest-ever profit thanks to prices for iron ore and other commodities that approached record highs. BHP’s (BHP) net profit for the fiscal year through June 30 tumbled to $12.92B from a profit of $30.9B in the same period a year earlier and below an expected $13.3B profit, according to a Visible Alpha consensus; the year-earlier result enjoyed a boost from a $7.1B exceptional gain largely because of the merger of BHP’s petroleum unit…
© Reuters. FILE PHOTO: People walk past a row of colourful houses in London, Britain, March 19, 2023. REUTERS/Henry Nicholls/File Photo By Suban Abdulla LONDON (Reuters) – A steep surge in interest rates has made it harder to buy a home, despite wages growing much faster than house prices over the past year, figures from major mortgage lender Halifax showed on Tuesday. Halifax, part of Lloyds Banking Group (LON:), said the cost of a typical 25-year mortgage, with a fixed interest rate for the first five years and a 25% deposit, now amounted to 35% of a single average full-time…
The news hit during the Japanese afternoon on Monday, Justin had it posted:The current assumed rate is 1.1% this fiscal year, the MoF is to boost it to 1.5%. So, there is movement in Japan, in mindset if not on BoJ policy just yet. Japanese media, Kyodo, had the report, saying that the upward move to the rate is based on rising Japanese government bond yields after the Bank of Japan last month tweaked its ultra-easy monetary policy. The assumed rate is used to calculate debt interest payments for the annual state budget. Source link
Share: GBP/USD erases last Friday’s losses and climbs above the 1.2750 figure though it remains trading subdued amidst the lack of catalyst involving the Sterling (GBP) and the US Dollar (USD). US Treasury bond yields rise, but the US Dollar (USD) is pressured ahead of the Jackson Hole Symposium. At the time of writing, the GBP/USD is trading at 1.2760, registering gains of 0.22%. Read More… The Pound Sterling (GBP) fails to maintain recovery despite Bank of England (BoE) policymakers are expected to raise interest rates further in September’s monetary policy meeting. July’s economic indicators remained mixed: on the labor market, a hiring slowdown was…