Forexlive RSS Breaking news feed

Forexlive RSS Breaking news feed

UK November flash services PMI 58.6 vs 58.5 expected

Posted: 23 Nov 2021 01:30 AM PST

Latest data released by Markit/CIPS - 23 November 2021 However, the standout detail in the report is that the latest increase in average cost burdens was the fastest since this index began in January 1998.

No word that OPEC+ will be changing output policy for now

Posted: 23 Nov 2021 01:24 AM PST

Not much indication just yet that OPEC+ will respond to the anticipated SPR release by US and its allies There was talk earlier in the day that going into next week's meeting but reputable oil journalist, Amena Bakr, has said that there hasn't been any word that the bloc is planning to "change" output policy

Eurozone November flash services PMI 56.6 vs 53.5 expected

Posted: 23 Nov 2021 01:00 AM PST

Latest data released by Markit - 23 November 2021 However, as mentioned , it belies the ongoing concerns on the outlook and that is arguably the more important detail to be wary about. Markit notes that:

European equities pressured lower so far on the session

Posted: 23 Nov 2021 12:51 AM PST

Stocks not impressed by the French and German PMI beats For some indices, this is so far set to be the worst session in almost two months if the losses stick around. But the mood music isn't playing out too well for equities at the moment with US futures also extending declines on the day.

French and German PMI readings only as good as they are on paper

Posted: 23 Nov 2021 12:41 AM PST

The PMI beats in France and Germany today come with some caveats While services and manufacturing output saw an improvement in November, it comes after a period of sluggishness over the past four months and there are little signs that this latest bounce is going to be a meaningful or lasting one.

Germany November flash manufacturing PMI 57.6 vs 56.9 expected

Posted: 23 Nov 2021 12:30 AM PST

Latest data released by Markit/BME - 23 November 2021 Of note, manufacturing output is seen improving to a two-month high - same goes for services output. That offset some of the hit to new business and client demand, which was impacted by supply issues once again. Markit notes that:

France November flash services PMI 58.2 vs 55.5 expected

Posted: 23 Nov 2021 12:15 AM PST

Latest data released by Markit - 23 November 2021 The details still reveal persistent supply chain disruptions and that is keeping price pressures elevated with input cost inflation keeping close to October's 17-year peak.

European equities open lower to start the day

Posted: 23 Nov 2021 12:04 AM PST

Softer tones as the session gets underway There is a slight element of catch up to losses in US stocks overnight but the overall risk mood so far today is also leaning towards being more defensive. US futures are down 0.3% across the board and that reflects more cautious sentiment in the market.

Eurostoxx futures -0.7% in early European trading

Posted: 22 Nov 2021 11:11 PM PST

Softer tones in early trades - German DAX futures -0.6% - UK FTSE futures -0.4% - Spanish IBEX futures -0.5% This comes after a yesterday all before as rates climbed on Powell's renomination as Fed chair, so there is some element of catch up involved ahead of the open today.

What you need to know when trading the JPY

Posted: 22 Nov 2021 10:48 PM PST

4 things to know The Bank of Japan has a strong bearish bias. WIth Japan struggling with deflationary pressures for years and a large QE program the outlook for the Bank of Japan remains tilted to the downside.

Some Kaisa bondholders said to tap adviser to help recover payments

Posted: 22 Nov 2021 10:35 PM PST

Reuters reports It is said that some offshore bondholders of Kaisa who did not receive coupon payments this month have tapped investment bank Moelis & Company to advise them on how to go about the situation, citing a source with direct knowledge on the matter.

German health minister Spahn reaffirms that lockdown measures cannot be ruled out

Posted: 22 Nov 2021 10:28 PM PST

Remarks by German health minister, Jens Spahn

Trade ideas thread - European session 23 November 2021

Posted: 22 Nov 2021 10:22 PM PST

Daily thread to exchange ideas and to share your thoughts EUR/USD is working its way towards 1.1200 while USD/JPY is threatening a run above 115.00. The latter in particular is interesting to watch as it outlines the technical potential for the greenback and perhaps yen pairs (if the mood is right) in the weeks ahead.

Economic data coming up in the European session

Posted: 22 Nov 2021 09:15 PM PST

PMI data in focus in Europe The big news overnight was the reappointment of Powell as Fed chair and the market reaction was quite notable as the dollar surged higher while bonds were offered.

Moody's says Biden's Build Back Better will boost growth with little inflationary influence

Posted: 22 Nov 2021 08:49 PM PST

Moody's net favourable on Biden's US Build Back Aetter act  - will enhance long-term sustainable growth  - will have little influence on inflation - $1.7 trillion spending bill will boost economic growth, employment, and productivity in the US

Goldman Sachs is wary of further yen weakness

Posted: 22 Nov 2021 08:34 PM PST

As noted earlier,  USD/JPY above 115 for the first time since 2017 Goldman Sachs are not overly keen on further yen weakness though, preferring EUR as a funding option:

ForexLive Asia FX news wrap: USD/JPY above 115 for the first time since 2017

Posted: 22 Nov 2021 07:48 PM PST

Forex news for Asia trading on Tuesday 23 November 2021 There was a bout of US dollar strength pretty much across the major FX board in the Asian morning but much of it has retraced. Not so for USD/JPY though, which moved above 115 for the first time in 4+ years and has steadied above the figure, albeit not by much.

Fitch expects China's engineering and construction sector will keep growing in 2022, but at a slower pace

Posted: 22 Nov 2021 07:23 PM PST

The ratings agency expects engineering and construction growth to continue next year. But at a slower pace due to ongoing property market stress. Headlines via Reuters 

US President Biden is speaking on Tuesday - on the economy and lowering prices for the American people

Posted: 22 Nov 2021 07:07 PM PST

I posted on this yesterday, Biden will "deliver remarks on the economy and lowering prices for the American people".  Timings available now: We already got the Fed Chain announcement out of the way on Monday - 4 more years for Powell and Brainard to Vice-Chair. 

Despite US pleas OPEC cannot pump much extra oil

Posted: 22 Nov 2021 06:42 PM PST

A piece from Reuters on capacity constraints limiting oil output, worth a read.  OPEC+ is so far sticking to its plan of gradually raising output by 400,000 barrels per day each month since August. But, even this level of production boost is out of reach, OPEC+ production was 700,000 bpd less than planned in both September

Update - USD higher across the majors board

Posted: 22 Nov 2021 06:19 PM PST

The US dollar is posting gains pretty much across the board with a lower EUR, AUD and yen notable.  Apart from what has already been posted there is no fresh news. 

Goldman Sachs expect two Federal Reserve rate hikes in 2022, & equities higher

Posted: 22 Nov 2021 05:47 PM PST

Goldman Sachs look to the futures market as support for their Federal Open Market Committee view: Equity impact: From a longer piece. GS targeting S&P500 at 5100 at end-'22

Estimate the US government could fund itself through to mid-January in absence of debt ceiling agreement

Posted: 22 Nov 2021 05:22 PM PST

Last week US Treasury Secretary Yellen nominated December 15 as the drop-dead date.  However,  research firm Wrightson ICAP said in a note to clients that based on the Treasury's debt issuance plans, the department should be able to go well past that deadline. 

Wall Street Journal: Samsung plans to build a $17 billion chip-making plant in Texas

Posted: 22 Nov 2021 05:06 PM PST

Chip production is expected to start around the end of 2024. Will create around 1,800 jobs. The Journal citing unnamed people familiar with the matter, (may be gated).  

Further rumours of a US SPR release - Tuesday the latest chatter

Posted: 22 Nov 2021 04:00 PM PST

Unnamed sources saying the US release from its strategic petroleum reserve will be announced on Tuesday 23 November 2021  - In the form of a loan from the SPR Earlier post today on this here:
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