The Fed’s annual stress test results Thursday showed all thirty-five major finance firms passed the worst case scenario, but shareholders now await the result of the second round in next week’s CCAR test for dividend and buyback signals.
The Japanese Financial Services Agency (FSA) has ordered six domestic cryptocurrency exchanges to upgrade their internal auditing processes, causing a sharp sell-off across the market.
OPEC agree to raise production by 1mln bpd, which will represent a real production increase of roughly 600k bpd. CAD soft after lower than expected CPI report.
A much weaker May inflation report from Canada has the Loonie reeling this morning.
OPEC’s 174th ordinary meeting takes place today where expectations are for a relaxing of the current oil supply quota’s.
Eurozone PMI suggests that Eurozone growth has recovered despite stagnant manufacturing which has been hampered by increased trade war tensions.
Ripple (XRP) continues to press against recent support and a clean break would see the token move back towards multi-month lows.
Asian equity markets put in a mixed performance to round out their week. Global trade worries seem to be driving sentiment but local-index downgrades aren’t helping
The Japanese Yen looked past mostly in-line local inflation data for risk trends as the Nikkei 225 fell at market open. USD/JPY’s rise since late-May may be stalling.
After a couple days of consolidation, sentiment took a turn for the worst as the S&P 500 and US Dollar fell. The Yen may rise if Asian shares echo US losses with local CPI also on tap.
Sterling bulls have been provided with some hope following the BoE rate decision, after Chief Economist Haldane joined McCafferty and Saunders in voting for a hike.
Bank of England kept the Bank Rate at 0.5%, however a more hawkish vote split at 6-3 led to the surge in the Pound as markets repriced an August rate hike, which now sits at 45%
EURUSD fell to its lowest level since July 2017 at 1.1508 as Italian assets came under pressure after reports that two Eurosceptic members had been appointed to the finance committee
Oil goes into the OPEC meeting on the backfoot as US-China trade tensions and a stronger US dollar weigh. And the chart remains negative with lower prices likely in the short- to medium-term.
Both the Chinese Yuan and equities plunged this week. Looking forward, they may have different fates.
The week ahead holds several key data events on the docket, indices technical posturing beginning to show cracks in the lining again.
OPEC agreed to increase output by 1mln bpd to reduce 'over compliance' with the current output agreement. Oil price gains likely to be capped amid rising trade tensions .
What are the US and China fighting for in this trade war? How will the ‘war’ impact their economies, equities and the currency markets?
ASEAN bloc currencies like the Malaysian Ringgit and Philippine Peso are vulnerable to a rising US Dollar and escalating trade tensions. Meanwhile, the USD/SGD climb may stall.
Weak Chinese fundamentals and resumed US-China trade war have the Yuan at risk.
Data in the week ahead is relatively light in terms of ‘high’ impact events, but we still have the BoE to spark GBP and FTSE volatility.
OPEC’s 174th ordinary meeting is set to take place on June 22nd where expectations are for a relaxing of the current oil supply quota’s.
Crude oil traded to a one-week high on Friday, but the signs remain that bulls are going to have a difficult few weeks as speculation on production increases from OPEC builds.
ASEAN bloc currencies like the Singapore Dollar and Indonesian Rupiah look to the Trump/Kim summit and Fed rate decision this week. USD/PHP rise to a new 2006 high could use confirmation.
Next week’s calendar is packed with economic and political events that could drive the Yuan: FOMC meeting, US’ deadline of tariffs on Chinese goods, US-North Korea summit and Chinese fixed assets investments.
In the week ahead, the big event risks on the calendar are Wednesday’s FOMC meeting and Thursday’s ECB meeting, with the latter potentially having more market-moving potential.
Aside from a couple of domestic events, ASEAN bloc currencies like the Philippine Peso and Malaysian Ringgit look to risk trends next. USD/IDR is making downside progress amidst rate hikes.
In the week ahead, there are risks to markets but they won’t be from a light economic calendar; stocks tested as risk wilts, pullbacks or beginning of declines is the question.
The fundamental picture for the Canadian Dollar hints at more weakness but the technicals suggest otherwise. Will options-derived levels catch USD/CAD either way?