The Hong Kong Monetary Authority (HKMA) bought Hong Kong dollars again, during New York trading hours Wednesday Bought HK 5bn-odd The HKdollar had weakened to its lowest permitted in the band (7.85) The HKMA says they will intervene if that happens, so they did The Hong Kong Monetary Authority act as the central bank in HK
A move above could solicit more buying. Here is why… The EURUSD is inching back toward the 200 week MA at the 1.1356 level. As posted earlier, the price moved below the 100 week MA last week. This week it has seen a break of the 200 week MA (first time below since November 2017).
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The pair tests fresh daily lows in the 110.90/80 band. The down move in spot echoes the fall in US-10 year yields. US Retail Sales expanded more than expected in July. After reaching fresh multi-day tops in the 111.45/40 band in early trade, USD/JPY has now retreated to the area of daily lows around 110.90.
Heat map takes on the color red The US stocks are opening in the red. The Heat Map of the winners and losers in the S&P has little pockets of green but the vast majority is all red. Turkey, emerging market contagion, flight to safety, trade, earnings are all a worry. The snapshot as I
Institue of International Finance’s chief economist recently crossed the news wires saying the emerging market capital flows following Turkish lira drop were indicative of a potential for contagion, as reported by Reuters. Key quotes Obstacles for IMF program for Turkey are quite high as it would require higher interest rates, credit tightening. Meanwhile, according to Turkish officials,
• Lingering fears about Turkey’s financial crisis exerted some fresh selling pressure around equities and was seen benefitting the Japanese Yen’s safe-haven appeal. • The pair retreated sharply from a one-week high level of 111.43 and broke below a short-term ascending trend-channel formation on the 1-hourly chart. • A follow-through weakness below
GBP/USD bears show no mercy as Cable reached a new 2018 low below the 1.2700 figure. GBP/USD is trading below its 50, 100 and 200-period simple moving averages on the 15-minute chart suggesting a strong bearish bias as the market is down for the 12th day in a row. There seems to be little significant
Tries to go higher fizzle The GBPUSD has been in more of a waffle for most of the day, but with the trend moving lower, the benefit of the doubt is on the hands of the buyers, and at the highs today, they could not extend much above swing levels in the 1.2722-32 area. The
“Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months,” the Board of Governors of Federal Reserve System said on Wednesday. Key quotes “Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of
Moved below the level yesterday and has stayed below The EURUSD moved below the 200 week MA yesterday at 1.1356. That was the first look below the level since November 2017. Last week, the price fell below the 100 week MA at 1.1460. That was the first time since May 2017 (blue line in the
• Upbeat US monthly retail sales data provide a minor lift in the last hour. • Downward revisions of previous month’s figures kept a lid on additional gains. • Sliding crude oil prices weigh on Loonie and remain supportive of the bid tone. The USD/CAD pair held on to its daily gains and was
EUR/USD almost reached the 1.1300 earlier in Europe as EUR/USD hits a new 2018 low yet again. EUR/USD bears objective is to breakout below 1.13000 in order to target 1.1250 May 24, 2017 high and 1.1178 June 27, 2017 low. On the flip side bulls will try to break above 1.1347, intraday swing high in
July 2018 US advance retail sales highlights Ex autos ++0.6% vs +0.3% exp Prior ex autos +0.4% (revised to +0.2%) Ex autos and gas +0.6% vs +0.4% exp Prior ex autos and gas +0.4% (revised to +0.2%) Control group +0.5% vs +0.4% exp Prior control group +0.3% (revised to +0.2%) The control group is the spot to
Empire manufacturing index for the month of August 2018 The empire manufacturing index for the month of August came in better than expected at 25.6 vs 20.0 expected. Forty-two percent of respondents reported that conditions had improved over the month, while 16 percent reported that conditions had worsened. employment index 13.1 versus 17.2 in July new
The USD is back higher today The market took a turn toward earnings after China tech firm Tencent reported disappointing earnings. Turkey doubled tariffs on US cigarettes, cars and alcohol (ouch). The turkish lira actually is higher today as they fight vs give in. The result is the flight to safety trade is on with
Talking Points: – USD/TRY has extended its retracement, but not because of improving conditions between the US and Turkey, but rather because the Turkish government is making it harder for foreigners to short the Lira. – A weak earnings report by a major Chinese financial institution has done more to move emerging markets today than
Trading the News: U.S. Advance Retail Sales Updates to the U.S. Retail Sales report may spark a bearish reaction in the U.S. dollar as household spending is expected to increase 0.1% in July versus the 0.5% expansion the month prior. A marked slowdown in private-sector consumption may dampen the appeal of the greenback as it
GBP/JPY trades near the 100-hour MA again ForexLive The pair has been holding steady so far in trading this week after an attempt to move towards the 140.00 handle on Monday failed to materialise into any major follow through. The daily close on Monday also stayed above the 11 August 2017 support @ 141.25. And
TALKING POINTS – US DOLLAR, YEN, TURKEY, STOCKS, UK CPI, POUND US Dollar, Yen rise as market sentiment sours anew in APAC trade Aussie and New Zealand Dollars fall alongside stocks, Turkish Lira British Pound may overlook UK CPI as BOE eyes Brexit uncertainty Haven-seeking capital flows buoyed the US Dollar as risk appetite soured
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