Primary Section
Deus Forex Machina
Macro Morning: Hard hats plz, this is a big week
This is possibly the most important week on the economic calender for the quarter with a raft of data coinciding with a number of markets around the world being very close to key levels which need to either hold or break. It all kicked off on Saturday with better than expected NBS Chinese Manufacturing PMI
Macro Morning: Volatility reigns
Markets continued to gyrate again last night as the conflicting signals of the economy and fed policy combined with market positioning and trader confusion about what is really going on. Whether it is Reuters or Bloomberg or Marketwatch or whoever else reporting the overnight action it all seems to be about the US GDP data that drove stocks
Macro Morning: Japanese fractures
Nothing much happened over the past 24 hours. European stock markets managed to close a little hgiher with the DAX up 0.94%, the CAC up 0.97% and stocks in Milan and Madrid up 1.55% and 1.20% respectively. The Nikkei had another mad trading day yesterday finding support under 14,000 for the 3rd session in a
Macro Morning: Australian dollar breaches 97 cents
There was little inconvenient truth in Ben Bernanke’s speech and then questions last night that has sent US 10 years yields 11 basis points higher to 2.03% , the S&P and Dow down 0.85% and 0.52% respectively and contributed to a wild old night on FX markets. In his prepared remarks Bernanke said that a premature tightening
Macro Morning: Ozi, Ozi, Ozi, down, down, down
The Australian budget wasn’t the reason why the Aussie dollar fell below 0.99 overnight but there was nothing in it that was or is going to support the Aussie. Indeed I’d argue that the hopeful nominal forecasts for a return to 5% GDP growth in a couple of years simply reinforces the notion that Australia’s
Macro Morning: RBA can break the Australian dollar
Markets were fairly quiet overnight relative to the fireworks and bullishness of Friday. No doubt the UK holiday had something to do with this but equally the lack of data in the US and the subdued nature of the Chinese, German and European Services PMI’s that were released yesterday while they didn’t exactly knock the
Macro Morning: Euro pain
It’s all about Europe overnight with the British GDP data printing better than expected at +0.3% for Q1 and 0.6% year on year. In Europe the truly appalling unemployment numbers for France where unemployed hit a new record of 3.25 million and Spain where the unemployment rate hit 27% or 6.2 million knocked the euro off