Friday, August 22, 2014 12:50:49 PM - Markets open
VN-INDEX 620.89 +7.95/+1.30%
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UPCOM-INDEX 50.47 +0.27/+0.54%
Suffering sterling
Source: FxPro - 12/5/2012 3:45:00 PM
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Data/Event Risks

• GBP: The chancellor delivers his autumn statement, which used to be rather bland affairs, but are now like mini-budgets, which creates greater risks for FX volatility, depending whether going to be tough (weaker currency), or easy (stronger currency).

• EUR: Modest interest with the final services PMI data early on, with Span selling bonds today.

• USD: Fiscal cliff sentiment again dominates. Obama kicked the latest proposal from house speaker Boehner into the long grass, but Bloomberg interview gave some hints of scope for compromise.

Idea of the Day

A key day for sterling as the chancellor delivers his autumn statement (even though it’s snowing in parts of the UK) and the latest independent forecasts are published. Borrowing has exceeded targets this year as the economy has disappointed, so there appears to be little room for the Chancellor to cut taxes. In essence, this should keep expectations alive for more QE from the Bank of England next year. The link between QE and currency weakness has faded of late (sterling rose through last period of QE from BoE), but the backdrop is hardly positive for the currency (slow growth, higher inflation). EURGBP has been moving higher for past 5 sessions and key level to watch is 22nd October high at 0.81647, also 0.816489 (June high).

Latest FX News

• USD: As we’ve talked about this week, showing more sensitivity to fiscal cliff developments and struggling to gain from general ‘risk-off’ moves caused by this.

• CNY: Latest services sector HSBC PMI softened from 53.5 to 52.1. Strong showing from Chinese equities, but after a dismal in the second half of this year.

• EUR: Eurozone finance ministers failed to agree on the details of a banking union, but markets are getting used to such difficulties. Euro still doing well, partly from lack of other liquid alternatives to dollar.

• JPY: The yen back onto a path of weakening overnight after a period of short-covering. Dovish comments from BoJ deputy governor Nishimura helped push USDJPY to around 81.30 area.

• AUD:GDP data overnight for Q3 just a touch softer at 0.5%. Household consumption held firm at 0.8% QoQ. Aussie has held firm just below the 1.05 level.

• GBP:BRC shop prices index overnight showing high-street prices steady at 1.5%. EURGBP moving higher for past 5 sessions now, with 0.81647 key level on upside.

Fx Trading Matrix

Newer News
09:10 Asian Stocks Advance, Extending Weekly Gain, on U.S. Data
21/08 European Stocks Are Little Changed as Investors Weigh Fed
21/08 Gold Tumbles to Two-Month Low as Minutes Boost Rate-Rise Outlook
21/08 Most Asia Stocks Rise as Fed Signals Continued Support
21/08 S&P 500 Nears a Record on Bets Fed Will Support Economy
21/08 Fed Officials Said Job Gains May Bring Faster Rate Increase
20/08 Dollar Strengthens Before Fed Minutes as Metals Advance
20/08 European Stocks Are Little Changed Before FOMC Minutes
20/08 Surge in Putin Patriotism Masks Pain of Sanctions
20/08 Asia Stocks Little Changed Near 6-Year High; BHP Slumps
Older News
05/12 Europe stocks track Asia markets higher, Nokia up
05/12 China economy may grow 8.2 percent in 2013: top think-tank
05/12 HSBC to Sell Ping An Stake for $9.4 Billion to Thai Company
05/12 EU becomes biggest export market of Vietnam
05/12 Asian Stocks Lackluster, US Budget Worries Weigh
05/12 Oil Options Volatility Increases as Lawmakers Seek Budget Accord
04/12 Fitch: "fiscal cliff" significant risk to U.S. states
04/12 Yen Strengthens as Metals Decline Amid Stalled U.S. Budget Talks
04/12 Asian Markets Open Lower on Wall Street Falls
04/12 Oil Options Volatility Increases as Lawmakers Seek Budget Accord
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