Another turbulent night for overseas stock markets with some measure of calm from some Fed board members as the possibility of a big 100bps rate rise at the next Fed meeting was played down, despite the big inflation readings. Wall Street wobbled nonetheless, not helped by poorer than expected corporate earnings while European stocks fell
Asian share markets are regaining confidence with Chinese tech stocks rebounding, despite the nearly 10% annualised inflation print overnight in the US. Today’s local unemployment dartboard has had no material impact on the Australian dollar, as the RBA remains well behind the curve as the Fed is ready to crack higher faster. The USD is
The latest US inflation print has come in very hot indeed, with a 9% reading that has spiked concerns that the Fed will raise rates even more aggressively than currently planned, with the Canadian central bank taking the cue, raising rates a full 100 bps overnight. Wall Street continued to fall amid growing hesitation on
Asian share markets are trying to stabilise amid the risk off mood on overnight markets as traders position for tonight’s all important US inflation print. In fact the USD is losing ground slightly against all the majors in anticipation of a possibly low print, although Euro remains at parity while the Australian dollar has put
Wall Street continues to fall amid growing inflation concerns as traders await the latest US data tonight with German data beforehand possibly giving the beleagured Euro a legup. The union currency is stuck at parity with the ever strong USD, with the near 20 year high in the USD Index holding as the Australian dollar
The trading week is just not improving here for Asian share markets as the risk off mood accelerates across all bourses, as Chinese shares slump due to COVID concerns and runs on bank deposits. The defensive USD is smashing Euro down to parity while the Australian dollar remains quite depressed as it barely holds above
Wall Street stalled and then stumbled overnight with more concerns mounting about aggressive rate rises by central banks. A key sign of that is the near 20 year high in the USD Index, with parity almost achieved against Euro while the Australian dollar was pushed down strongly below the 68 handle for a new two
A very mixed start for the trading week on Asian share markets following Friday night’s US non-farm payroll AKA unemployment print. The defensive USD is keeping Euro down while the Australian dollar remains quite depressed at the 68 cent level. Oil prices are pulling back slightly, with Brent crude hovering at the $105USD per barrel
Stocks stalled on Friday night with the suprisingly good US non farm payroll aka unemployment print on Friday night with mixed reactions in other risk markets. The USD fell back a little against most of the undollars, although Euro almost approached parity before bouncing back. Meanwhile the Australian dollar pushed a little higher above the
A modest bounceback on Asian share markets although other risk markets remain in a holding pattern as they await tonight’s all important US non-farm payroll AKA unemployment print that will set the tone for the rest of the trading month. The defensive USD is keeping Euro down while the Australian dollar has had a modest
Tonight’s US unemployment print for June (aka the non-farm payrolls or NFP) will set the tone for the rest of the calendar month in terms of risk taking and give more guidance to what the Federal Reserve will do at its next interest rate meeting. Futures are indicating at least a 70bps or 0.7% rise
The Reserve Bank of Australia released its latest monthly chart pack so of course, I have to take a squiz as they say and check out the latest chalk scratchings and dart throwing at a forecast abilities of the boffins at Martin Place. Let’s look at the most important economic indicator that actually doesn’t mean
Westpac is out with its latest Forex Focus report, trying to explain what is going on with the Australian dollar which fell to a two year low against the all-powerful USD after the “huge” 50bps rate hike by the RBA last week. Some highlights (full report at the bottom): The longer term technical picture of
Stocks have continued to rally post the latest FOMC minutes, in anticipation of tonight’s US unemployment print, with Wall Street and European markets both pushing much higher. The USD continued to rise however against all the undollars, with Euro approaching parity although Pound Sterling lifted off of near decade lows after Boris Johnson’s resignation. Meanwhile
The iron ore complex was able to rebound on Thursday with a near 2% increase in spot prices, while Dalian prices leaped 5% and futures nearly 2%: Meanwhile, iron ore inventories are up at Chinese ports, but just barely: On July 4, inventory of iron ore at 33 major Chines ports amounted to 115.7
A modest bounceback on Asian share markets today due to the upbeat overnight lead from Wall Street as the steep falls in commodity prices amid global recession fears can’t keep the equity traders away. The defensive USD is keeping Pound Sterling and Euro down, although both are lifting slightly before the European open, while the
What’s really going on in the oil market in the wake of the failed invasion of Ukraine by Russia that has jolted energy prices around the world? The pressure stretches around the globe when it comes to oil and the US petrodollar, with Iran now clearly in the crosshairs for a sweetened nuclear deal. From
Sobering but very clear reading from the latest mid year outlook report by Capital Group, the near $3 trillion funds management firm. President Rob Lovelace has an interesting take on the trajectory of the global economy: We are living through a pivotal time in history, marked by geopolitical realignment, high inflation, volatile financial markets and
With the release of the latest FOMC minutes overnight, which provided a more hawkish bent than the RBA’s scramble to “normalise” interest rates with a 50bps earlier this week, the Australian dollar remains under the pump versus the King of Currencies, the USD: The Aussie has fallen more than 5 cents (or 500 pips) since
Some hawkish minutes from the latest FOMC meeting and the latest ISM services PMI assuaged recession fears overnight after a wobbly start to the trading week, with Wall Street gaining modestly, while European stocks bounced back after a steep selloff previously. The USD continued to rise however against all the undollars, with Euro approaching parity
Iron ore prices slumped alongside other commodity prices yesterday, to its lowest level for the calendar year as more COVID concerns in China amid further lockdown worries just after Shanghai pushed through a two month event. Interestingly though, Dalian futures had a wild ride in yesterday’s trade as the spot price pulled back, with other
A sea of red across Asian share markets despite the somewhat positive overnight lead from Wall Street as traders react to the steep falls in commodity prices and growth fears. The defensive USD is keeping Pound Sterling and Euro at its heels, while the Australian dollar was essentially unchanged after being floored overnight post the
Commodity prices tanked overnight on global recession fears, with the S&P GCSI off by more than 5% overnight: The Baltic Dry Index lost nearly 3%, capesize sub-index (for iron ore and coal) is down 6%, but the big losses were reserved for energy prices: Brent crude oil lost more than 8%, taking it almost back
Not a fun night of action if you’re a commodity trader overnight as risk sentiment crumbled in the wake of recession fears across both sides of the Atlantic, with European shares dropping sharply while Wall Street returned from its long weekend almost unscathed. The USD rose strongly on the defensive mood against all the undollars,
The iron ore complex recovered with a 4% rise in spot prices, led by news that Brazil’s exports of the precious metal (sic) had taken a tumble, combined with another stoppage of the Simandou project in Guinea. Here are the latest prices: ING has the skinny on both Australian and Brazilian supply, as Chinese steel
