It’s a light week on the economic calendar with the S&P PMIs as the only real market movers. I expect more ‘wait-and-see’ from the Fed speakers. Aside from what’s listed here, we will be waiting for the US to strike some trade deals and House Republicans are aiming to pass Trump’s budget. Note that the following Monday is a…
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The big week for stock markets on the US-China climb-down is continuing late on Friday. The S&P 500 has edged to a fresh session high up 33 points, or 0.6%. Trading has been lighter late in the week but the momentum trade has continued to work. Technically, there isn’t much (anything?) standing in the way of a return to…
The pair trades around 0.5890, snapping a two-day losing streak on stronger NZ inflation expectations and upbeat PMI. US sentiment dropped sharply, while soft inflation and retail data fuel Fed rate cut bets. Bearish bias holds; support at 0.5861 and 0.5847, resistance at 0.5880 and 0.5883. NZD/USD is trading slightly higher near 0.5890 during early Friday trading, recovering from…
ECB President Christine Lagarde says the euro’s recent appreciation against the dollar—despite global uncertainty—is “counterintuitive, but justified” by a growing loss of confidence in U.S. policymaking. Lagarde spoke in an interview with French media, La Tribune Dimanche, published on Saturday: “It’s impressive to note that in a period of uncertainty when we should normally have seen the dollar appreciate…
Mexican Peso appreciates as USD/MXN dips to 19.47 after disappointing US sentiment data. Banxico cuts benchmark rate by 50 bps, but Peso holds firm as US data dents Greenback strength. U. of Michigan survey shows inflation expectations rising and consumer sentiment at multi-year low. Traders now price in 51 bps of Fed easing by year-end; eyes turn to next…
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NZD/JPY trades near the 85.70 zone with minor gains on Friday. The pair maintains a bearish outlook despite mixed technical signals. Key support is clustered below 85.60, with resistance near 86.00. The NZD/JPY pair is attempting to hold on to modest gains as it trades near the 85.70 zone ahead of the Asian session on Friday. Despite the slight…
The UK Times (gated) interview with Prime Minister Starmer. From the report (bolding is mine): The prime minister is expected to announce broad plans for a youth mobility deal on Monday as part of a wider agreement with the European Union The deal will bring Britain into the closest alignment with the EU since Brexit and will cover trade,…
Moody’s Ratings agency downgraded the US’s sovereign debt credit rating after the market close on Friday. According to Moody’s, the US is facing rising debt funding costs that far exceed those of similar government debt loads. Moody’s specifically highlighted US interest obligations “that are significantly higher than similarly rated sovereigns”. Moody’s has lost faith that the US government will…
