- Intensifying US-China trade war fears continued exerting some pressure on Monday. Positive trade-related comments by China's Vice Premier helped reverse an early dip. Investors now look forward to the US durable goods orders data for a fresh impetus.
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- Risk trades are getting a boost on the headlines here with USD/JPY jumping from 105.20 to 105.65 currently. The commentary here is feeding optimism back into markets but I reckon this is more in relation to proposed trade talks in September.
(Reuters) - Tropical Storm Dorian was likely to strengthen into a hurricane during the next two days as it churned westward in the Caribbean Sea, putting Puerto Rico, the Lesser Antilles and the Virgin Islands on alert, forecasters said on Sunday.
The storm, 465 miles (750 km) east-southeast of Barbados, packed 40 mph winds as it headed west at 14 mph. It was forecast to be near the central Lesser Antilles late on Monday or early Tuesday, the National Hurricane Center (NHC) said in a midday advisory on Sunday.
“Right now, it’s a tropical storm and we are expecting it to strengthen close to or reaching hurricane intensity as it approaches,” NHC meteorologist Michael Brennan told Reuters.
Dorian was expected to turn toward the west-northwest on Monday and continue on that path through Tuesday night, the NHC said.
As of Sunday afternoon, Barbados was under a...
OTTAWA—Canada’s unemployment rate rose in July as the economy unexpectedly shed jobs for a second straight month, fueling speculation over a possible Bank of Canada rate cut later this year.
The Canadian economy lost a net 24,200 jobs in July on a seasonally adjusted basis, Statistics Canada said Friday. Market expectations were for a net job increase of 12,500.
(Reuters) - Gold prices scaled a fresh six-year high on Monday, as the latest tit-for-tat tariffs by the United States and China in their year-long trade war battered global equities and boosted demand for safe-have assets.
24-hour view: “We cautioned last Friday that “the quiet consolidation phase over the past few days appears to be close to ending”. EUR subsequently dipped to 1.1050 before surging above the strong 1.1115 resistance and touched 1.1153. While the rapid rise appears to be running ahead of itself, there is scope for EUR to extend its gains to 1.1180. For today, the next resistance at 1.1220 is likely out of reach. Support is at 1.1115 but the more significant support is at 1.1080”.
Next 1-3 weeks: “We have held the same view since last Monday (19 Aug, spot at 1.1095) wherein there is scope for EUR to “retest the early August low of 1.1025”. After touching a 3-week low of 1.1050 last Friday (23 Aug), EUR staged a surprisingly robust rebound and extended its gain upon opening this morning. The 1.1160 ‘key resistance’ appears to have been breached and the 1.1050 low is likely a short-term bottom. The current movement is viewed as a corrective rebound that has room to extend...
- Treasury yields are still sharply lower to start the week despite some retracement in risk sentiment seen in USD/JPY and US equity futures. 10-year yields are down by about 9 bps now to 1.446% but the same kind of drop is seen across the curve so far today.
Responding to the UK Prime Minister (PM) Boris Johnson ‘s latest comments on the divorce bill amount on Sunday, the European Union (EU) Budget Commissioner Günther Oettinger said, “if UK doesn't pay 39m divorce money 'no court in the world' would rule in EU's favor. But UK 'would lose any credibility in future negotiations' with EU 'and other potential partners'.”
PM Johnson said that if Britain leaves the European Union without a deal, it will no longer legally owe the GBP 39 billion divorce bill agreed by his predecessor Theresa May.
The US-China trade war escalation and the latest negative Brexit headlines appear to have little to no impact on the sterling, as the Cable keeps its range around the 1.2275 level so far this Monday.
“USD/CHF crept higher all week, and then charted an outside day to the downside on Friday that wiped out the weeks gains, this places it on the defensive and attention is on key support is the .9716/.9659 band (location of the 13th August low, 25th June low, the January low and Fibo support). Below .9659 (last weeks low) targets the .9543 September 2018 low. Longer term we target .9211/.9188, the 2018 low”.
“Key resistance, remains the 200 day ma at .9955, and we continue to look for this to cap the topside”.
SYDNEY (Reuters) - Australia’s housing market seems to have come out of its doldrums with the hard-hit cities of Sydney and Melbourne set for their third months of gains as sales at auctions pick up remarkably.
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