US dollar index rises on falling odds of aggressive Fed rate cuts.
Oil surges on escalating Gulf tensions.
All eyes on trade and geopolitical developments.
Here is what you need to know to start your day on Monday, July 22nd, European session:
- US dollar firmed up across the board on a likely smaller Fed rate cut, Gulf tensions stoked safe-haven demand, ...
Tensions in Persian gulf push up oil prices.
IEA to revise demand growth forecasts lower.
Oil is solidly bid on both sides of the Atlantic this Monday morning amid heightened tensions, courtesy of Iran’s seizure of a British tanker.
As of writing, Brent oil is trading at $63.17 per barrel, repre...
Via CNN a few hours ago, updating:
CNN has learned: US intel increasingly believes UAE tanker MT RIAH forced into Iranian waters over the weekend
by IRGC naval forces
UAE has not confirmed
Some Gulf sources say ship simply broke down and was towed by Iran
US says there has been no contact with crew...
This from the Global Times, a commentary piece on US Federal Reserve Chairman Jerome Powell's testimony:
signalled that the Fed would likely cut interest rates
Being the Global Times they couldn't help themselves. adding:
It's highly unusual for the Fed to lower interest rates at a time when the ...
He certainly seems like someone vying for the post
The selection process should be open and transparent
Praises Lagarde for her work, says that she is extremely well suited to head the ECB
The major impediment for Carney is that the IMF has always been led by a European and so far the bloc hasn't...
Comments by BOE governor, Mark Carney
UK financial system is ready for Brexit, whatever form it takes
Says that Brexit preparedness has improved but some risks still remain
If trade tensions rise it would hurt global economy further amid vulnerability seen
He's talking quite a bit on risks from...
Comments by ECB governing council member, Benoit Coeure, in Frankfurt
Stable inflation expectations is important for the economy
Need to consider and analyse developments in a broad set of inflation expectations
Recent market developments suggest current weakness in the euro area and global demand...
The firm is still expecting such a move even after last Friday's jobs report
Morgan Stanley argues that "a strong policy response is necessary to guard against risks of a further, sharper loss of economic momentum", while adding that the risks remain skewed to the downside and a significant hit to ...
Data on June 2019 inflation from China
CPI 2.7% y/y
expected 2.7% y/y, prior 2.7%
PPI flat at 0.0% y/y
expected 0.2% y/y, prior 0.6%
more to come
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GBP/USD falls to a low of 1.2486 on the day
Price is now inching back towards a test of key daily support around 1.2480 as the pound holds weaker to start the European morning. There aren't any fresh headlines driving the move lower in the quid today but the culmination of negative sentiment is no ...
Latest data released by the Japanese Machine Tool Builders' Association
The data is released a little earlier than expected and it continues to highlight weakness in Japan's manufacturing/factory activity. The reading measures the change in total value of new orders placed with Japan...
The U.S. dollar slipped against its major counterparts in the Asian session on Monday, as traders cautiously awaited congressional testimony by Federal Reserve Chairman Jerome Powell this week.
Powell testifies before Congress on monetary policy and the state of the U.S. economy on Wednesday and Thu...
National Australia Bank monthly business conditions and confidence data, for June 2019.
Due at 0130 GMT on July 9
priors 1 for conditions and 7 for confidence
The May 'confidence' result was a 7 point jump, reflecting the election result (and even that there was one … ie we weren't kept waiting wi...
The latest Reuters poll on the outlook for the Canadian dollar showed that the USD/CAD pair will fall over the coming year, as the Bank of Canada will refraining from cutting rates amid a recovery in the domestic economy while the Fed is expected to resort to monetary policy easing.
The aussie gained on headlines that China is considering purchasing more US agriculture products earlier
AUD/USD got about a 15-20 pips pop on the news as price challenged and broke above the 100-hour MA (red line) @ 0.6997 as well as offers around 0.7000.
The move higher came after the headlines...