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Forexlive RSS Breaking news feed

Eurozone Q2 GDP second estimate +2.2% vs +2.2% q/q prelim

Posted: 16 Nov 2021 02:12 AM PST

Latest data released by Eurostat - 16  November 2021 The preliminary report can be found . No change to the initial estimate, thus just reaffirming a modest expansion in terms of overall activity in the last quarter.

$100 oil is probably coming - Trafigura CEO

Posted: 16 Nov 2021 01:34 AM PST

The CEO of trading giant Trafigura Group, Jeremy Weir, says that the oil market is "very, very tight" Adding that "there are no freely available barrels" and while additional supply is needed, it is unclear if and when that will arrive; speaking at a commodities summit.

Fitch downgrades Kaisa from 'CCC-' to 'C' on missing interest payments

Posted: 16 Nov 2021 12:10 AM PST

Kaisa downgraded yet again On the downgrade, Fitch says that it "reflects the likelihood that Kaisa missed the interest payments on its senior unsecured notes and entered the consequent 30-day grace period before non-payment constitutes an event of default".

European equities open at fresh record highs to start the day

Posted: 16 Nov 2021 12:07 AM PST

Fresh record highs for the Stoxx 600, DAX, CAC 40 After the gains yesterday, European indices are off to a good start on the day as equities are not letting up whatsoever since the start of November trading.

China foreign ministry says Biden and Xi agreed to maintain close communication

Posted: 15 Nov 2021 11:46 PM PST

The typical post-meeting communique There is nothing out of the ordinary from the Biden-Xi meeting aftermath so far but that perhaps is a good thing. No one expected much, if any, progress whatsoever as both sides continue to stand their ground but at least they are still trying to give out the appearance that relations are

France October final HICP +3.2% vs +3.2% y/y prelim

Posted: 15 Nov 2021 11:45 PM PST

Latest data released by INSEE - 16 November 2021 The preliminary report can be found . No change to the initial estimates as this reaffirms surging price pressures in the French economy, similar to the rest of the region.

Eurostoxx futures +0.1% in early European trading

Posted: 15 Nov 2021 11:09 PM PST

Tepid tones in early trades This mirrors the lack of appetite in US futures, which are pretty much flat across the board as well going into European morning trade. Investors are likely to keep more tentative, awaiting the US retail sales data release later in the day.

UK October jobless claims change -14.9k vs -51.1k prior

Posted: 15 Nov 2021 11:00 PM PST

Latest data released by ONS - 16 November 2021 The number of payrolled employees is seen up 160,000 from September to 29.3 million persons. That said, the number of job vacancies in the three months to October has risen to a new record of 1,172,000 (up 388,000 from the pre-pandemic period).

NZDJPY in focus

Posted: 15 Nov 2021 10:44 PM PST

NZDJPY  The NZDJPY is worth looking at for three reasons. .  In a very simple playbook the RBNZ are managing high inflation and good employment. The RBNZ have the highest cash rate among major central banks and look set to increase rates further. ANZ are forecasting the RBNZ to raise interest rates to 2.0% neutral rate by the

Trade ideas thread - European session 16 November 2021

Posted: 15 Nov 2021 10:35 PM PST

Daily thread to exchange ideas and to share your thoughts Bond yields shot higher after a slow start yesterday and are keeping elevated today despite a slight retreat. 10-year Treasury yields are holding just above 1.60% for now.

Economic data coming up in the European session

Posted: 15 Nov 2021 10:19 PM PST

UK labour market report in focus Major currencies are keeping little changed for the most part, with the dollar still in a good spot technically with EUR/USD having broken below 1.1400 yesterday.

There is no breakthrough to report on Biden-Xi meeting - senior US official

Posted: 15 Nov 2021 09:51 PM PST

Reuters with the headlines, citing a senior US administration official - Nothing new established on Taiwan in terms of guardrails - Biden stressed importance of China fulfilling trade agreement commitments Different day, same story. A whole lot of talk with nothing really being said and no real takeaways essentially. Well, were we really expecting anything else? *snooze*

Biden told Xi that US will stand up for its interests, values together with its allies - US statement

Posted: 15 Nov 2021 09:30 PM PST

The US shares its communique on the meeting between the two leaders - US opposes unilateral efforts to change the status quo of Taiwan - Biden expressed concerns about China's behaviour in Xinjiang and Hong Kong The messaging is a bit of a far cry from the Chinese interpretation that the "US does not back Taiwan's independence". There's

Biden told Xi that US does not support Taiwan independence, says Chinese state media

Posted: 15 Nov 2021 09:05 PM PST

Further details being revealed by Chinese state media   

Morgan Stanley says the semiconductor chip shortage for the auto industry is nearly over

Posted: 15 Nov 2021 08:52 PM PST

MS say that Malaysian semiconductor fabrication plants are back to 100%. "auto chip shortage is now in the rear-view mirror I hope they are correct. I'd like to hear it from auto producers too though. Toyota, at least, is upbeat though:

An oil ICYMI - Saudi, UAE signal yet again that OPEC will not succumb to US pressure to pump faster

Posted: 15 Nov 2021 08:48 PM PST

Comments from UAE Energy Minister Suhail Al Mazrouei in an interview in Abu Dhabi, where he's attending the ADIPEC oil and gas conference. - "That should be enough" These remarks were backed up by the Saudi Energy Minister Abdulaziz bin Salman

China statement says Xi and Biden spoke about strategic, fundamental issues

Posted: 15 Nov 2021 08:45 PM PST

Chinese statement following the virtual summit between China President Xi and US President Biden.  'Fundamental' issues is likely referring to fundamental differences the two have over the status of Taiwan (at a guess). China sees the island of Taiwan as a part of China, not an independent state. The US sees Taiwan as an independent democracy. 

The Xi-Biden virtual summit has concluded - awaiting the two 'readouts'

Posted: 15 Nov 2021 08:36 PM PST

Awaiting any statements that follow the private part of the meeting.  The public part was earlier, rally just the met-and-greet. Remarks from that are here:

ForexLive Asia FX news wrap: Biden and Xi virtual summit underway

Posted: 15 Nov 2021 07:59 PM PST

Forex news for Asia trading on Tuesday 16 November 2021 China's President Xi and US President Biden met Monday evening (US time) / Tuesday morning (China time) for a virtual summit. While we await readouts from each side the initial 'meet and greet' reports were encouraging, with both sides making positive remarks (see bullets above). This, of course, is hardly surprising, the public part of the

Yuan adding on extra strength following comments earlier

Posted: 15 Nov 2021 06:48 PM PST

Onshore yuan is hitting its highest since about June this year.  I posted earlier on comments on the higher prospects for yuan strength here: Follow through happening as I post. This the offshore yuan, CNH, also on the up (lower USD/CNH):

Yen crosses making gains

Posted: 15 Nov 2021 06:05 PM PST

USD/JPY is testing towards 114.30 which is helping yen crosses higher in Asia.  AUD/USD was resilient overnight in the face of USD strength and its higher on the session also, towards 0.7365.

Goldman Sachs outlook for the US economy and Fed policy

Posted: 15 Nov 2021 05:55 PM PST

For the Federal Open Market Committee, Goldman Sachs see what they describe as a "seamless" transition from tapering to rate hikes - They expect the first rate hike 'liftoff' in July 2022

Xi's comments heading into the summit with Biden

Posted: 15 Nov 2021 05:20 PM PST

The virtual meeting began about half an hour ago. Chinese state media have reported comments from China's president Xi prior to heading in: Pretty bland stuff, which is normally the case at these top-level meetings. 

The Xi - Biden summit has begun

Posted: 15 Nov 2021 04:51 PM PST

A virtual meeting between the heads of the two countries.  Heading in, Biden comments:
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