•  The recent escalation of US-China trade tensions kept exerting downward pressure.   •  A sharp fall in copper prices further dent sentiment and add to the selling bias.   •  A subdued USD price action, despite surging US bond yields, helped limit downside. The AUD/USD pair has managed to recover around 15-pips from Asian session low, albeit seemed struggling to gain any meaningful traction. The pair extended Friday’s rejection slide from 50-day SMA hurdle near
Brexit headlines, USD dynamics to keep the traders on the edge. However, tight trading will persist heading into the key Fed decision. The GBP/USD pair is seen extending its Asian side-trend into Europe, but returns to the red zone near 1.31 handle, despite US dollar selling, as Brexit jitters continue to weigh. The US dollar index failed once again near 94.35 region and reversed to 94.20 level amid ongoing US-China trade tensions while investors turn
According to Prakash Sakpal, Economist at ING, Thailand’s disappointing manufacturing data for August foreshadows a further slowdown in the country’s GDP growth in the current quarter. Key Quotes “The manufacturing index rose by only 0.7% year-on-year in August, undershooting the consensus estimate of 3.1% growth. This is the slowest rate of growth since April 2017.” “Meanwhile, July growth was revised up to 4.9% from the initial estimate of 4.6%. Manufacturing capacity utilisation also dipped to
After the Salzburg meeting ended terribly, attempts to kick-start the Brexit negotiations have started, notes the research team at Danske Bank. Key Quotes “German Chancellor Angela Merkel said the EU and the UK must lay out a ‘fundamental vision’ for the future relationship by November and that while trade should remain as frictionless as possible, it was difficult to avoid some control. Merkel also hinted that technological solutions may help resolve the Irish border issue.”
FX Strategists at UOB Group noted a surpass of the 113.00 handle is not ruled out in the near term horizon. Key Quotes 24-hour view: “USD close at 112.79 in NY, just below the day’s high of 112.83. The immediate bias is clearly on the upside and while a move above 113.00 would not be surprising, USD is likely unable to break clearly above the July’s peak near 113.15. On the downside, only a break
Next has announced profits of £311.1m for the six months to July 31, just below expectations of £315.3m. However the clothing retailer raised its full year profit guidance by £10m to £727m due to better than expected sales in August. Full price sales were up 4.5pc on last year. Despite the results, the fashion firm remained cautious about Brexit and the volatile UK market that is “subject to powerful structural and cyclical changes”. It has outlined
Analysts at TD Securities suggest that following OPEC’s refusal to pledge more oil production this weekend, energy traders will be looking towards President Trump’s comments on Iran as world leaders meet at the United Nations this week, in additional to the DOE’s weekly inventory data. Key Quotes “Considering this weekend’s attack on Iran’s military parade, we also suspect that the heightened level of tensions could well lead to fiery rhetoric that bolsters crude prices as
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The pair rebounds from earlier lows in the 1.1730 region. The greenback remains subdued albeit still above 94.00. ECB-speak, trade, risk trends driving sentiment in the pair. After briefly testing daily lows in the proximity of 1.1730, EUR/USD managed to get some traction and is now flirting with session tops in the 1.1760 zone. EUR/USD looks to ECB, data Spot is looking to add to yesterday’s small advance after once again failing to move further
Crude oil prices are set to continue rising after Brent crude vaulted over $US80 a barrel this week – and forecasters are not ruling out the price hitting $US100 a barrel. “It would be easy to imagine that oil could rise to $US100,” said HSBC chief economist Paul Bloxham. “We have a forecast that sees oil prices climbing. In 2020 we expect Brent crude to average $US85 a barrel. “We don’t think it would be