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Week Ahead: OPEC+, more inflation and manufacturing data
As a result of inflation and manufacturing data, fears started creeping into the markets of the dreaded “R” word – Recession.
Bank of Mexico hikes 75bps after higher inflation reading
Will USD/MXN continue lower? It may depend on whether the central bank decides to hike another 75bps at its August meeting!
US open: Stocks rise as recession fears are pushed aside for now
US stocks are rising despite recession fears lingering. The mood had improved even if the data hasn’t.
Forex Friday: EUR, CHF, JPY
In this week’s edition, we discuss the euro amid recession worries and review the yen and franc after last week’s policy decisions from BoJ and SNB
Forex correlation: how do currencies align with other assets?
How do forex pairs interact with each other – and with other asset classes such as commodities and equities? Find out in this piece.
European Open: DAX sits at key support ahead of the German IFO report
We’re watching how the DAX holds up for today’s IFO report – given it saw ‘no signs of a recession’ in May and markets now fear a global recession.
Norges Bank surprises and hikes 50bps
Concerns of a rising inflation with a tight labor market were the reasons for the greater magnitude in the hike.
European Open: Volatile trade for yen pairs, PMI’s up next
The Japanese yen was broadly higher overnight on comments from a former FX and a report showing foreign investors fled the bond market last week.
Central banks current monetary policy - Where to next?
Major central banks around the world, except for the BOJ, are in tightening mode on the back of increasing inflation.
What’s driving the global markets right now?
Everything you need to know about the current economic and monetary policy environment, and what it all means for financial markets
European Open: Sentiment falters ahead of the open
US futures and Asian indices partially handed back some of yesterday’s gains and oil touched a 1-month low as yesterday’s optimism shows early signs of petering out.
USD/JPY trades to new 24-year highs! Will it keep going?
The next move for the USD/JPY may depend on Japan fx intervention, comments from Powell, Japan CPI, or an overbought RSI.
Currency Pair of the Week: EUR/GBP
With ECB members on the wires this week trying to talk down fragmentation in the Eurozone, along with CPI from the UK, EUR/GBP could be volatile this week.
UK CPI Preview
How hot was inflation in May?
US open: Stocks rebound as sentiment improves but recession risks remain
US stocks are set to open higher today, on the first day of trading after the long weekend and after the steep losses last week.
Key takeaways from todays RBA communique and what it means for the AUDUSD
Following last week's mega moves by central banks, the calendar this week allows central bankers to finetune some of those shifts, starting with a plethora of communique from the RBA this morning.
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💥 Week Ahead: OPEC+, more inflation and manufacturing data #OPEC #OOTT #PMI #inflation #recession https://t.co/3AY9X17nFE https://t.co/gUF8ybYQlS
7:38 PM − 24 Jun 2022
FX: Aftershocks of central bank bonanza
Despite the macro calendar being light, it could be a busy week for FX markets
Commitment of traders report (COT): DXY net-long hits 5-year high
Traders aggressively increased their net-long exposure to the US dollar index (DXY) ahead of last week’s FOMC meeting.
Worse than expected US Manufacturing Production and Industrial Production top off a rough data week
Fed Chairman Powell said he does not see a spillover from the high inflation into the broader economy. Therefore, the Fed excepts to continue hiking rates.
Two trades to watch: Gold, EUR/USD
Gold falls ahead of Powell. EUR/USD falls towards 1.05 ahead of EZ inflation.
European Open: Volatile trade on the yen as the BOJ stand pat
There was some trepidation ahead of today’s BOJ meeting given the excitement of the FOMC and SNB this week, as evidenced by the yen’s volatile spike when the BOJ did nothing.
‘If’ the BOJ abandon YCC, hold onto your hats (USD/JPY)
The yen was stronger overnight as some began to speculate that the BOJ could alter (or abandon) their yield curve control target. We outline three potential scenarios.
SNB surprises everyone and hikes 50bps! USD/CHF falls 300 pips
The central bank also said the franc is no longer overvalued; however, they stand ready to intervene in the fx market if necessary.