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Forexlive RSS Breaking news feed

An encouraging sign from China perhaps?

Posted: 05 Jan 2022 01:38 AM PST

This comes after the latest round of mass testing saw just 35 new COVID-19 cases reported today, down from 95 the day before. That said, local authorities did mention earlier in the week that any easing of lockdown measures will only come when 'zero social transmission' is achieved. So, we'll have t

Eurozone December final services PMI 53.1 vs 53.3 prelim

Posted: 05 Jan 2022 12:59 AM PST

Composite PMI 53.3 vs 53.4 prelim Euro area economic growth stumbled in December as the pandemic flares up, largely weighed down by Germany. The region's biggest economy saw activity slump to its lowest in 18 months amid a surge of COVID-19 infections and tighter restrictions. The downturn in

Germany December final services PMI 48.7 vs 48.4 prelim

Posted: 05 Jan 2022 12:54 AM PST

Composite PMI 49.9 vs 50.0 prelimThe resurgence in virus cases and tighter restrictions weighed on new business and overall activity in December, leading to a contraction in the services sector. Growth expectations did improve, reflecting optimism for later this year but present activity will see so

France December final services PMI 57.0 vs 57.1 prelim

Posted: 05 Jan 2022 12:49 AM PST

Composite PMI 55.8 vs 55.6 prelimThe French services sector retained a strong performance at the end of last year, with business activity expanding at the second-fastest rate since June. New business growth did ease amid omicron worries but overall activity remains robust amid solid demand. Markit n

Italy December services PMI 53.0 vs 55.9 prior

Posted: 05 Jan 2022 12:44 AM PST

Prior 55.9Composite PMI 54.7Prior 57.6The reading indicates a cooling of growth momentum, as new work expanded at a slower pace while export orders dipped last month. Of note, inflationary pressures remained severe and that will add to cost burdens to both businesses and consumers. Markit notes that

Spain December services PMI 55.8 vs 59.8 prior

Posted: 05 Jan 2022 12:14 AM PST

Prior 59.8 Composite PMI 55.4 Prior 58.3 Omicron worries are to blame as activity and new business expanded at lower rates. Meanwhile, business confidence slumped to an 11-month low while price pressures continued to persist. Put together, that is a noticeable hit on sentiment and the

European equities more tentative at the open today

Posted: 05 Jan 2022 12:07 AM PST

Eurostoxx +0.1%Germany DAX +0.2%France CAC 40 +0.1%UK FTSE flatSpain IBEX +0.1%Overall sentiment is still rather tentative, with US futures pointing slightly lower. Tech continues to be the laggard after the drop yesterday. S&P 500 futures are down 0.1%, Nasdaq futures down 0.3%, and Dow futures hol

Hong Kong to ban flights from US, UK to curb omicron spread

Posted: 04 Jan 2022 11:59 PM PST

To ban flights from 8 countriesThat includes US, UK, Australia, Canada, Philippines, France, Pakistan, IndiaMajor events to be cancelled from 7 Jan to 20 JanIndoor dining venues to close at 6pm starting from FridayEntertainment venues, gyms, bars, karaoke, night clubs to close from FridayThe new res

France December consumer confidence 100 vs 97 expected

Posted: 04 Jan 2022 11:44 PM PST

Prior 99; revised to 98 The headline shows a slight rise in consumer morale, matching the long-term average of 100. But the details reveal some light increase in fears on unemployment and that price pressures are still elevated.

Eurostoxx futures +0.1% in early European trading

Posted: 04 Jan 2022 11:26 PM PST

German DAX futures flatUK FTSE futures -0.2%Spanish IBEX futures -0.1%This follows the more positive showing in the opening two days this week. The tentative mood here mirrors that of US futures, in which S&P 500 futures are down 0.2%. Tech is still the laggard after the drop yesterday with Nasdaq f

Trade ideas thread - European session 5 January 2022

Posted: 04 Jan 2022 10:12 PM PST

Looking at the charts, USD/JPY and bond yields are perhaps the two key spots to watch at the moment.The former is looking for validation in keeping a break above 116.00 while the latter is being rather pensive in establishing a topside breakout of its recent wedge pattern.But those are not the only

PMIs the highlight in Europe in the day ahead

Posted: 04 Jan 2022 09:31 PM PST

There are minor changes in the major currencies space so far today, with the overall market mood being rather tentative. The dollar had a decent showing but owes much to a surge in USD/JPY, which has calmed down. This comes as 10-year Treasury yields also test the upper bound of its recent wedge pat

Japan December consumer confidence index 39.1 vs 39.2 prior

Posted: 04 Jan 2022 09:00 PM PST

Prior 39.2 Slight delay in the release by the source. Little change to the headline reading but the details show that there was improvement in the categories for overall livelihood and income growth. That is offset by a steeper drop in employment. Meanwhile, 88.5% of households surveyed antic

Report that "U.S. Oil Market Braces for a $4.6 Billion Wave of Selling"

Posted: 04 Jan 2022 08:33 PM PST

Here is the link to the piece from Bloomberg, main point being:S&P GSCI Index and the Bloomberg Commodities Index resetFor WTI, that means investments tracking both benchmarks could be ready to pull almost 60 million barrels worth of futures contracts from the market, according to Societe Generale e

ForexLive Asia FX news wrap: Minor FX moves only

Posted: 04 Jan 2022 07:53 PM PST

ING on oil - "no surprises from OPEC+" The IMF will release its World Economic Outlook a week later than planned Japan's Sony Group will establish a new electric vehicles company Bridgewater founder Dalio prefers China investments over US Fear the global semiconductor chip shor

ING on oil - "no surprises from OPEC+"

Posted: 04 Jan 2022 07:30 PM PST

Not a lot of change foir the oil price during the session here. It follows Brent settling at its highest since late November on the OPEC+ announcement (400k boost as expected).ING:There were no surprises from OPEC+ yesterday. The move provides some comfort to the market as it signals that they are c

The IMF will release its World Economic Outlook a week later than planned

Posted: 04 Jan 2022 07:18 PM PST

Managing Director Kristalina Georgieva said last month that the IMF was likely to further downgrade its global economic growth projections in January to reflect the emergence of the Omicron variant of the coronavirus.The latest forecasts, issued in October of 2021, had global economic growth of 5.9%

Japan's Sony Group will establish a new electric vehicles company

Posted: 04 Jan 2022 06:58 PM PST

Info via Reuters: Japan's Sony Group would launch the new company, Sony Mobility Inc., in the spring of 2022 Sony has already announced a prototype vehicle that is being tested on public roads No further detail, give it time though. There are plenty wanting to nip at the heels o

Bridgewater founder Dalio prefers China investments over US

Posted: 04 Jan 2022 06:49 PM PST

Some forthright views from Dalio, in summary: printing of money and buying of debt assets has driven interest rates so low that cash and bonds are stupid to own, "There is great internal conflict going on in the United States now, which makes it a risky place," he wrote. "For example, it is

Fear the global semiconductor chip shortage could get even worse - fire in key factory

Posted: 04 Jan 2022 06:22 PM PST

Beginning with: "At this point it is too early to make any statement on the damage or whether the incident will have any impact on the output plan for this year," ASML said, adding that it would take several days to assess the damage and it would update markets as soon as it can. So, not hitt

China Evergrande to hold meeting with bondholders on January 7-10

Posted: 04 Jan 2022 05:41 PM PST

A little more detail: Trading in Evergrande bonds will be halted from January 6 ahead of the meeting the property group said.Chinese property sector woes are a slow-motion train wreck. 

Australian data - ANZ Job Advertisements for December -5.5% m/m (prior +9.9%)

Posted: 04 Jan 2022 04:40 PM PST

ANZ saying the drop in Dec comes after a huge surge in employment in November ... but:But it's also possible that businesses have become more hesitant to hire due to the spread of Omicron and the consequent uncertainty around consumer behaviour and worker availabilityOn the potential for wage growth

Japan December Monetary Base grows 8.3% y/y, below expected

Posted: 04 Jan 2022 03:56 PM PST

The data release has had negligible yen impact but posting it for those interested (its also at our Economic Calendar). From the calendar:The Monetary Base released by the Bank of Japan is the "Currency Supplied by the BoJ" including all the JPY in circulation, encompassing notes and coins as well a

North Korea appear to have fired off a ballistic missile

Posted: 04 Jan 2022 03:17 PM PST

South Korean military say that North Korea has fired an unidentified projectile towards the East Sea. Japan Coast Guard say it could be a ballistic missile. The East Sea is the Sea of Japan:

Société Générale are eyeing 1.1380 and 1.1230 in EUR/USD

Posted: 04 Jan 2022 03:17 PM PST

SG say that a break of 1.1380 resistance is essential for what they see as an extended "bounce" upmove.  On the downside, analysts there are looking at a move under 1.1230 for another leg lower in the EUR downtrend.  Daily bars (candles) show what SG is referring to:
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