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USD/CNY rises above the January 2017 highs Next stop 7.00? The yuan is under pressure today, pushing USD/CNY to the highest levels since 2008. It’s very close but USD/CNY appears to have broken above 6.9649 and the January 2017 high. Bloomberg data is showing it above but Reuters says it hasn’t traded above. In either
TALKING POINTS – AUD/USD, NZD/USD, EMERGING MARKETS, RESOURCE NATIONALISM Resource nationalism is on the rise amid firming global growth Emerging markets vulnerable, face further risk of capital outflow Australian and New Zealand Dollars may suffer amid uncertainty Check out our Q4 forecasts to learn what will drive key asset price movements through year-end! COMMODITY PRICE
National Bank of Canada’s analyst, Krishen Rangasamy, explains that while world industrial production decelerated during the third quarter, trade volumes jump.  Key Quotes: “After grinding to a halt in Q2, global trade volumes bounced back sharply in the third quarter. Latest data from the CPB show trade volumes hitting an all-time high in August, well
MARKET DEVELOPMENT – ECB REMAINS CONFIDENT DESPITE GLOBAL UNCERTAINTY EUR: The Euro was initially firmer following the President Draghi’s press conference in which the President provided a relatively confident view on the Eurozone. While acknowledging that data had been weaker than expected, the ECB noted that the incoming information had been consistent with the central
European Central Bank monetary policy decision – 25 October 2018 Prior decision Main refinancing rate 0.00% Marginal lending facility 0.25% Deposit facility -0.40% Monthly asset purchases to continue at a pace of €15 billion until December Anticipates end of asset purchases in December End of asset purchases contingent on incoming data Will reinvest for extended
The AUD is surprisingly reporting gains amid risk aversion. The greenback is on the defensive as turmoil may force the Fed to soften is hawkish tone. Currently, the AUD/USD is reporting a 0.30 percent gain at the session high of 0.7080 despite the heightened risk aversion in the equities. Stepping back, the Australian dollar and
WI level at 2.971%.  Bid to cover  2.30X  The US treasury auctioned off US$39 billion of five-year notes at an average yield of 2.977%. That was above the WI level of 2.971% at the auction cutoff time.    the bid to cover came in at 2.30x which was lower than the last auction of 2.39x
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do
Julien Manceaux, Senior Economist at ING, notes that the French business confidence declined in October, with the main index reaching its lowest level since March 2017 at 104, according to figures published this week by INSEE and confirmed by preliminary PMI data. Key Quotes “At the same time, the PMI composite indicator rebounded slightly, from 54.0
German DAX down over 2% on the day The European shares are ending the session was sharp declines.  The fall was led by an over 2% decline in the German DAX. The provisional closes are showing: German DAX, -2.08% France’s CAC, -1.53% UK’s FTSE, -1.04% Italy’s FTSE MIB, -0.86% Spain’s Ibex, -0.80% Portugal’s PSI 20,