Forexlive RSS Breaking news feed

Forexlive RSS Breaking news feed

No quit from the dip buyers as S&P 500 storms back

Posted: 21 Jan 2022 08:03 AM PST

We're on the rollercoaster now and there's no telling where it will take us. The S&P 500 has nearly erased a +60 point decline and is largely unchanged. I think some of this is trying to figure out what's happening with Ukraine-Russia but the are a multitude of other factors in play:

USD/RUB nears 77.00 with all eyes on Ukraine

Posted: 21 Jan 2022 06:52 AM PST

USD/RUB is an interesting case study right now because there are strong real-money flows into the ruble from oil, gas and other commodity sales. At the same time, there's the massive possible pending possible capital flight due to war and sanctions.  The war worries are winning out at the moment, wi

Major indices trading lower in early US trading

Posted: 21 Jan 2022 06:43 AM PST

The major indices are trading lower in early US trading with the S&P and NASDAQ having its worst week since October 2020, and those broad indices having their worst month since March 2020.A snapshot of the market currently shows:Dow industrial average -37 points or -0.12% at 34676S&P -21 points or -

US equity futures point to a soft start, especially for Netflix

Posted: 21 Jan 2022 06:22 AM PST

The past two days were the first time in more than 20 years that the Nasdaq has erased an intraday gain of 1% and closed lower on back-to-back days, according to Bespoke. The price action late in the day was ugly and it continued after hours . Nasdaq futures are down 157 points and S&P 500 futures a

Someone has to be stocking up on oil on Russian war fears

Posted: 21 Jan 2022 05:56 AM PST

Morgan Stanley is out with a call for $100 oil in the second half of the year today, warning about undersupply. "The key oil products markets (gasoline, jet fuel and gasoil/diesel) all show strong crack spreads, steep backwardation and inventories that have fallen to low levels. None of this signals

Canada December new house price index 0.2% versus 1.0% estimate

Posted: 21 Jan 2022 05:30 AM PST

New home price index has risen sharply in 2021 Prior +0.8% NHPI 0.2% versus 1.0% estimate slowest pace since June 2020 prices rose 11.6% year over year prices were up in 16 of 27 metropolitan areas, unchanged and 10 and down one in another For the calendar year,

Canada November retail sales +0.7% vs +1.2% expected

Posted: 21 Jan 2022 05:29 AM PST

December advance flash estimate -2.1% Prior was +1.6% Ex autos +1.1% vs +1.3% expected Prior ex autos +1.3% Ex autos and gas +0.5% vs +1.5% prior New auto sales +0.1% vs +2.8% prior Building material and garden equipment +3.0% vs +3.2% prior E-commerce -3

Russian foreign min: Our concerns are about weapons and military experts going to Ukraine

Posted: 21 Jan 2022 04:17 AM PST

NATO is now working against Russia We will understand whether we are on the right track after we receive a written response from the US Blinken has confirmed US readiness to help implement Minsk Accords on Ukraine We explained that Russia has no plans to attack Ukraine I

ForexLive European FX news wrap: That sense of apprehension

Posted: 21 Jan 2022 03:43 AM PST

Headlines:Commodity currencies hold lower as risk stays more defensive on the dayOil looks to be faltering at the final hurdle this weekUK December retail sales -3.7% vs -0.6% m/m expectedChina premier Li says will not resort to flood-like stimulusPBOC calls on lenders to extend more credit to compa

A case of déjà vu for US stocks?

Posted: 21 Jan 2022 02:49 AM PST

S&P 500 futures flatNasdaq futures -0.3%Dow futures +0.1%This has a familiar ring to it as per the last two sessions in Europe (19/1 and 20/1). US futures are looking a fair bit less dire as we approach the handover to US trading, but will it falter at the end of the day as it has previously?Risk se

China premier Li says will not resort to flood-like stimulus

Posted: 21 Jan 2022 02:40 AM PST

Will appropriately step up policy support for the economyThese are typical remarks and ones that we have heard before but context matters. This comes after the PBOC cut rates earlier in the week and also moved to cut the SLF by 0.1% from 17 January. As such, it hints at a pause in terms of added eas

Morgan Stanley raises Brent forecast to $100 from $90 previously

Posted: 21 Jan 2022 01:36 AM PST

The firm notes that:"The oil price required to trigger sufficient demand erosion appears higher than we estimated. Hence, we raise our Brent forecast to $100/bbl by 3Q, up from ~$90/bbl before."Well, that certainly might come but it's still very early in the year and a lot can change in the months a

Commodity currencies hold lower as risk stays more defensive on the day

Posted: 21 Jan 2022 01:31 AM PST

It's all about the risk mood still so far today and with equities looking sluggish once again after yesterday's drop, there isn't much comfort for risk trades on the day. The yen and franc are staying bid in European morning trade, with pressure seen on commodity currencies once again. USD/JPY is ho

German health minister warns that daily COVID-19 infections could triple by mid-February

Posted: 21 Jan 2022 12:23 AM PST

Health minister, Karl Lauterbach, said that under an optimistic scenario, daily infections could hit 400,000 by mid-February. However, if booster shots were less protective, that figure could climb to as high as 600,000 infections per day.At this stage, hospitals are still coping and that is arguabl

Fitch downgrades China Aoyuan Group to 'Restricted Default'

Posted: 21 Jan 2022 12:19 AM PST

On the downgrade, Fitch notes that:"Aoyuan announced that it will not make payments on the remaining principal and the last instalment of interest of the January 2022 notes, and the latest instalment of interest under the 2023 notes and the 2024 notes upon expiry of the applicable 30-day grace perio

European equities open lower to kick start the day

Posted: 21 Jan 2022 12:15 AM PST

Eurostoxx -1.2%Germany DAX -1.3%France CAC 40 -1.4%UK FTSE -1.2%Spain IBEX -1.4%As mentioned earlier, this owes to some catch up to the late drop in Wall Street yesterday but also as the risk mood is more dour so far on the day. That said, US futures have trimmed earlier losses with S&P 500 futures

China Cabinet adviser says confident China can achieve economic growth around 5.5% in 2022

Posted: 20 Jan 2022 11:37 PM PST

I guess that outlines what we can expect from China, at least in terms of numbers, this year. We'll see how this outlook changes depending on the pandemic situation in the country but more often than not, when China puts out a figure like that, they will stick to it.The Cabinet adviser also says tha

Eurostoxx futures -1.5% in early European trading

Posted: 20 Jan 2022 11:06 PM PST

German DAX futures -1.3%UK FTSE futures -1.0%Spanish IBEX futures -1.1%It's a bit of a double whammy for European stocks as they have to play some catching up to the late drop in Wall Street yesterday, while facing the more sour mood in markets today as well. The negative tone here underscores the r

UK December retail sales -3.7% vs -0.6% m/m expected

Posted: 20 Jan 2022 10:59 PM PST

Prior +1.4%Retail sales -0.9% y/yPrior +4.7%Retail sales ex fuel -3.6% vs -0.5% m/m expectedPrior +1.1%Retail sales ex fuel -3.0% y/yPrior +2.7%That is a big miss on retail sales but the bright side is that, overall volumes were still seen 2.6% higher than pre-pandemic i.e. February 2020 levels. Tha

Trade ideas thread - European session 21 January 2022

Posted: 20 Jan 2022 09:55 PM PST

It's all about risk sentiment as we look to close out the week and the lack of "belief" by dip buyers this week is a little unnerving for stocks. The charts for the Nasdaq and S&P 500 are looking shaky, with the former in particular perhaps pointing to a steeper fall potentially.I would still say th

UK retail sales the sole focus of economic releases in Europe today

Posted: 20 Jan 2022 09:34 PM PST

It is all about the risk mood today as equities are faltering and we're seeing bonds start to be bid amid a flight to safety. It's a bit of a convenience for bond flows as well considering the selloff to start the year, so perhaps some money is taken off too. This comes as the charts are starting to

Oil looks to be faltering at the final hurdle this week

Posted: 20 Jan 2022 09:27 PM PST

Oil has had a solid run of gains in the past few weeks and in the early stages of this week, it looked immune to the deteriorating risk sentiment in equities. But we're starting to see some catch up now and you can pin it to numerous factors i.e. geopolitical risks receding, technical exhaustion, or

Risk on the defensive ahead of European trading

Posted: 20 Jan 2022 09:07 PM PST

For once, stocks are trending lower as bonds are more bid in trading this week. 10-year Treasury yields are marked sharply lower to 1.77%, retreating further from the highs this week of 1.90%. But the latest move today appears to be one that is related to risk aversion as equities are being hammered

Equities continue to stay in a rough spot as the week winds down

Posted: 20 Jan 2022 08:58 PM PST

The early enthusiasm in US stocks yesterday faded completely by the end of the day and that's the second time this week that dip buyers have failed to muster a solid showing. That isn't encouraging whatsoever in terms of sentiment and I fear the technicals are also hinting at a much steeper decline

ForexLive Asia FX news wrap: EUR staged a bit of a bounce

Posted: 20 Jan 2022 07:54 PM PST

Washington and Moscow's top diplomats will meet Friday in Geneva - over Ukraine Bank of England rate hike on 3rd February (Reuters poll) European Central Bank President Lagarde is speaking Friday China's SAFE says fluctuations of the yuan play a key role as an automatic stabiliser
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