Category: Markets
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Pierre Andurand ditches oil in favor of copper and cocoa
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Pierre Andurand Famed oil trader Pierre Andurand is out of the oil market, at least for now. His main fund lost about 50% last year on bad bets on crude oil, and he is nervous about the sector and now has a “mixed” outlook. “We will re-engage in oil markets…
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S&P 500 wavers as Nvidia gives up gains By Investing.com
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Investing.com – U.S. stocks fell on Wednesday, as Nvidia gave up early gains to cap the broader move in technology just days before key inflation data. At 18:45 ET (17:45 GMT), it traded 36 points, or 0.1% higher, down 0.1%, and up 0.20%. Nvidia is giving up its gains to…
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EU Commission says no new EU country ready to join the euro By Reuters
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BRUSSELS (Reuters) – None of the six European Union countries that have not yet used the euro meet the criteria to join the euro zone, although Bulgaria was the closest, the European Commission said on Wednesday. Of the 27 countries that make up the European Union, Sweden, Poland, the Czech…
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Tokyo is sleeping and the market is pushing
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Japan’s chief currency diplomat, Kanda, dropped all warnings before Tokyo went to sleep, but there was no intervention. It is now approaching 1am in Tokyo and the market feels that the situation is safe for at least a few hours. I imagine there is some element of short covering here…
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Exclusive-Bosch weighs offer for appliance maker Whirlpool, sources say By Reuters
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Written by Anirban Sen and Emma Victoria Farr (Reuters) – German engineering group Robert Bosch is considering a bid for U.S. home appliance maker Whirlpool (NYSE:), a move that would strengthen its position in the home appliance market, three people familiar with the matter said. One of the sources said…
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Exclusive-Bosch weighs offer for appliance maker Whirlpool, sources say By Reuters
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Written by Anirban Sen and Emma Victoria Farr (Reuters) – German engineering group Robert Bosch is considering a bid for U.S. home appliance maker Whirlpool (NYSE:), a move that would strengthen its position in the home appliance market, three people familiar with the matter said. One of the sources said…
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3 scenarios for the EUR/USD in response to French legislative elections
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Investing.com – The euro has fallen significantly in recent weeks, particularly affected by the shock of the dissolution of the National Assembly in France and the resulting political uncertainty. In a note published on Tuesday, Citi analysts highlighted that the reaction of the EUR/USD pair was more significant than they…
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Daily Broad Market Recap – June 25, 2024
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Asset classes appeared to still be marching to the beat of their own drum on Tuesday, as stocks rebounded while commodities were in the red. What moves the markets these days? Titles: BOJ core CPI in May y/y: 2.1% (1.9% expected, 1.8% previous) FOMC official Bowman: We have not yet…
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ForexLive European FX news wrap: USD/JPY trades up to highest since 1990
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Titles: Markets: The Australian dollar advances, and the New Zealand dollar lags during the day European stocks fall; S&P 500 futures fell 0.1% US 10-year bond yields rose 4.9 basis points to 4.286%. Gold fell 0.3 percent to $2,310.84 West Texas Intermediate crude rose 0.7% to $81.38. Bitcoin fell 0.9%…
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Exclusive-UBS urges Swiss government to clarify capital demands, sources say By Reuters
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Written by Stefania Spezati and Oliver Hurt ZURICH (Reuters) – UBS is pressing the Swiss government to clarify how much capital the bank will need to retain capital after buying Credit Suisse, sources familiar with the matter said, amid fears that talks could drag on for several months, worrying investors.…
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Aussie dollar jumps on inflation spike, while yen stays under pressure By Reuters
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Written by Harry Robertson and Tom Westbrook LONDON/SINGAPORE (Reuters) – The Australian dollar rose after a surprise jump in inflation on Wednesday raised the prospect of another interest rate hike, while the U.S. dollar maintained downward pressure on the Japanese yen. Moves elsewhere in the market were relatively muted as…
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Australia’s Headline CPI Jumped to Six-Month High of 4.0% in May
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The Australian CPI report for May surprised market expectations, with headline inflation rising from 3.6% to 4.0% y/y in May versus consensus of 3.8%. Components of the report indicated that the gains were driven by increases in housing, transportation, and tobacco prices. Link to Australian CPI report for May 2024…
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USDJPY Technical Analysis – The market is testing the intervention level again
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Basic overview The US dollar continues to get support from good economic data as we recently saw from the US PMIs last Friday and the US Consumer Confidence report yesterday. Such data keeps interest rate expectations stable around two cuts by the end of the year and supports risk sentiment…
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Tencent’s ‘Dungeon & Fighter’ game dominates China’s mobile download charts By Reuters
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BEIJING (Reuters) – Tencent Holdings Ltd’s newly launched Dungeon & Fighter (DNF Mobile) game has had a strong start, dominating the top-grossing charts on Apple Inc’s iOS platform in China for nearly a month, industry data showed. The game, which launched in the world’s largest gaming market on May 21,…
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Asia FX weakens as dollar steadies; yen back near intervention range By Investing.com
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Investing.com — Most Asian currencies fell on Wednesday as anticipation for key U.S. inflation data left traders largely favoring the dollar, with the Japanese yen approaching levels that sparked the latest government intervention. The Australian dollar was an outlier during the day, rising sharply after a hotter-than-expected inflation reading sparked…
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Chart Art: GBP/CAD’s Potential Support Near A Long-term Area Of Interest
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GBP/CAD is having trouble extending the downtrend despite a bullish CAD report. Will this extend the pair’s weeks-long upward trend? We look at the daily chart for more evidence: GBP/CAD Forex Daily Chart by TradingView In case you missed it, Canada just dropped its May CPI numbers which showed faster-than-expected…
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BNP Paribas on what’s priced into FX markets with upcoming French elections
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Indicators suggest that valuations and positioning are not at extended levels. EURUSD valuations are far from over the top in a downward move. Reinforces conviction to challenge the risk reward of maintaining short exposure to the euro. Elections exacerbate the scope of the downside. Positions are not close to extreme…
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Americans seek out cooler destinations for July 4 travel as temperatures sizzle By Reuters
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Written by Shivansh Tiwari (Reuters) – High temperature warnings made Americans rethink their Fourth of July travel plans and sparked a rush to cooler places for the holidays, data from Booking.com (NASDAQ:.com) showed. Coastal destinations and those offering water activities emerged as top choices with a third of Americans looking…
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Asia FX sees some relief as dollar cools; yen firms amid intervention talk By Investing.com
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Investing.com — Most Asian currencies rose slightly on Tuesday as the recent rally in the dollar slowed, with the Japanese yen gaining some strength amid speculation about government intervention and interest rate hikes by the Bank of Japan. But sentiment towards Asian markets remained fragile due to the possibility of…
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Canada’s CPI Accelerated to 2.9% in May, Lowering Odds for July BOC Cut
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Canada’s inflation numbers beat market estimates, with headline inflation accelerating from 2.7% year-on-year to 2.9% in May versus consensus for a decline to 2.6%. On a monthly basis, headline CPI rose from 0.5% to 0.6% instead of falling to the estimated 0.3% while core CPI rose from 0.2% to 0.6%.…