The Australian Industry Group Australian Performance of Manufacturing Index (Australian PMI® ) slipped back into negative territory this month, following a brief stabilisation in July. The index decreased by 3.4 points, to 47.3 points in August (seasonally adjusted), indicating a mild contrac…
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Australian Manufacturing Slows in August
The Bank of Japan will maintain its existing stimulus policy and optimistic economic view on when it meets on Thursday, sources say, preferring to take more time to gauge whether a run of weak data is sufficient to threaten a fragile recovery. But signs of prolonged disruption from a sales tax h…
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Weak data to test BOJ’s rosy economic view, policy on hold
In the June 2014 quarter, seasonally adjusted export volumes fell 5.3 percent, while import volumes rose 3.6 percent, Statistics New Zealand said today. “Export volumes recorded their largest fall since the March 2008 quarter,” international statistics manager Jason Attewell said. “This was due t…
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New Zealand’s export volumes fall, while import volumes rise
Two years ago, Shinzo Abe’s election as Japan’s prime minister led to the advent of “Abenomics,” a three-part plan to rescue the economy from a treadmill of stagnation and deflation. Abenomics’ three components – or “arrows” – comprise massive monetary stimulus in the form of quantitative and…
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Abenomics, European Style
In its weekly FX picks to clients, Barclays Capital recommends staying short EUR/USD and EUR/GBP which are the 2 positions that Barclays holds since mid-August. “The marquee central bank meeting will be the ECB’s on Thursday, given President Draghi’s market-moving speech at the Jackson Hole Sym…
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Barclays’ Trades Of The Week: Stay Short EUR/USD & EUR/GBP
The EURUSD gapped to a new one-year low under 1.3200 to start last week, but rates merely consolidated in a tight range from there. The outlook for this week is similar to our outlook from the previous few weeks: the downtrend remains strong, as shown by the continually falling MACD, but the Slow…
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The Week Ahead: Week of September 1st, 2014
ISM Manufacturing PMI (Purchasing Managers’ Index) is based on a survey of purchasing managers in the manufacturing sector. Respondents are surveyed for their view of the economy and business conditions in the US. A reading which is higher than the market forecast is bullish for the dollar. Here …
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USD/JPY – Trading the US ISM Manufacturing PMI
Speaking this morning at a Socialist party gathering in La Rochelle said the ECB’s decision to cut interest rates in June was a “strong signal” but more was needed The ECB is finally acting to sustain growth but it must go even further No shocks here in the standard French rhetoric …
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French PM Valls says the ECB must go “even further” to correct the overvalued euro
Swiss National Bank President Thomas Jordan pledged to maintain the cap on the appreciating franc amid increasing global economic risks, according to an interview with NZZ am Sonntag. “The environment has deteriorated for Switzerland,” he said. “New geopolitical risks have arisen and the internat…
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SNB’s Jordan Says Franc Cap Needed as Risks Grow, NZZamS Reports
The week ahead is packed with events and data. The monthly cycle of purchasing managers surveys and the US jobs report are featured. There are also central bank meetings in six high-income countries and three emerging markets. Given the recent geopolitical development, in Ukraine, as well ISIS,…
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Busy Week Ahead, but ECB Meeting Stands Out
They were the kings of the late-1990s dot-com bubble … until, of course, the bubble burst. The dot-com crash was nearly 15 years ago. We thought it might be interesting to find out what happened to the startup founders who defined an era of unparalleled ambition and excess. These were the guys…
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Where are they now? The Kings Of The ’90s Dot-Com Bubble
U.S. auto industry sales in August will be about even with a year ago, not quite ending the summer in a sizzling fashion but still warm enough to continue the recovery from a recession now five years in the rear-view mirror. Analysts polled by Thomson Reuters expect monthly sales of about 1.5 mil…
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U.S. auto sales seen ending summer without a sizzle
U.S. auto industry sales in August will be about even with a year ago, not quite ending the summer in a sizzling fashion but still warm enough to continue the recovery from a recession now five years in the rear-view mirror. Analysts polled by Thomson Reuters expect monthly sales of about 1.5 mil…
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U.S. auto sales seen ending summer without a sizzle
EUR/USD started the week lower and could never recover. Expectations are higher for new policy measures from the ECB. Will Draghi deliver? Apart from the ECB, we have PMIs and some interesting German data . Here is an outlook on the highlights of this week and an updated technical analysis for EUR…
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EUR/USD Forecast Sep. 1-5
EUR/USD started the week lower and could never recover. Expectations are higher for new policy measures from the ECB. Will Draghi deliver? Apart from the ECB, we have PMIs and some interesting German data . Here is an outlook on the highlights of this week and an updated technical analysis for EUR…
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EUR/USD Forecast Sep. 1-5
Friday’s data revealed that the Canadian economy accelerated at the fastest pace in nearly three-years in Q2. The usual culprits supported the annualized +3.1% gain between April and June: exports, consumer spending and business investments (an area that Canada is falling well behind in to its…
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BoC To Remain With Neutral Stance
European Union leaders are set to hold an emergency summit on promoting growth and jobs on Oct. 7 at the suggestion of Italy, according to a draft of a statement to be issued after an EU summit on Saturday. Previous drafts before weak euro zone economic data in the past few days made no mention o…
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Worried EU leaders call jobs, growth summit for October 7: draft
Driven by the real and anticipated divergence in economic performance and trajectory of monetary policy, the long anticipated US dollar recovery has begun. As is evident in the positioning of the futures market, and confirmed by anecdotal evidence, speculative participants have amassed a…
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A Few Brief Comments on the Technical Condition of the Dollar
Having flip-flopped from forecasting EUR strength for the next 12 months in April (target 1.40), Goldman has rapidly ratcheted down its expectations for the flailing currency to 1.30 previously and now forecasts EURUSD at 1.20 in 12 months. As Goldman notes, “because we believe the dynamics of the…
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Goldman Slashes EURUSD Forecast To 1.20
The European Central Bank is prepared to alter monetary policy further and boost funding to banks to encourage lending, Executive Board member Benoit Coeure said in Ta Nea newspaper today. The Frankfurt-based institution “is ready to further adjust the direction of its monetary policy, if needed…
