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Good morning. Foreign exchange markets are caught between conflicting forces as precious metals extend their decline and a sell-off in technology stocks shows signs of exhaustion. Gold and silver prices are tumbling once again, North American equity futures are setting up for modest gains at the open, and the dollar is advancing against most of its major peers amid choppy trading conditions.
The...
• Push-pull. A few equity market wobbles overnight. USD a bit firmer. NZD underperforms. AUD retraces its RBA rate hike induced uptick.• Macro events. ECB & BoE expected to hold rates steady tonight. US JOLTS also due. US jobs report has been delayed until next week.
Global Trends
There were a few market wobbles overnight as various forces pushed and pulled on sentiment. US equities slipped...
Foreign exchange markets are looking somewhat rudderless this morning after a technology-led selloff hammered the biggest US stocks yesterday and dampened global risk appetite. The dollar is extending its gains in thin trading, Treasury yields are modestly lower, and equity futures are pointing to another downward lurch at the open. The latest US government shutdown has ended, but key data releases...
Good morning. Foreign exchange markets are trading on a more stable footing as tumult in the precious metals complex eases and the White House leaves its social media accounts in a state of benign neglect. Gold and silver prices are up five and ten percent respectively from their lows, North American equity markets appear set for an advance at the open after yesterday’s higher close, Treasury yields...
• Metal vol. Large swings in gold & silver prices. Positive US data supported the USD index. AUD held up thanks to some relative outperformance.• RBA today. On net, a RBA rate hike looks more likely than not. But there is the chance of a surprise. What the RBA says about the future also matters.
Global Trends
Various financial markets continue to whip around with volatility continuing at the...
A slow-motion flight to safety is underway across the currency markets this morning, as a bloodbath in the precious metals complex extends into a second week. Equity futures are pointing to further losses at the North American open, the US dollar is climbing against all of its major rivals as traders exit risky positions across a range of asset classes, and commodity-sensitive currencies like the Australian...