XAU-USD jumped more than 1.5% on Friday in response to the actual Non-Farm Payrolls data missing expectations in the US. The yellow metal closed last week at $1173.06. The reading for January showed that the US economy only added 151,000 jobs versus the consensus forecast of 190,000 and a lot lower than December’s reading of…
After Friday’s labor report from the US, the greenback today is once again under some pressure. While new private sector jobs growth fell in January, missing analysts’ expectations, the unemployment rate dipped to an 8-year low. Analysts say that the labor sector remains in solid recovery mode as evidenced by rising wages and an improved…
Credit Suisse analyst Dan Galves sees macro worries, negative sentiment on auto stocks, and declining oil prices as understandable reasons why Tesla shares have sold off recently. However, he also thinks the concerns on Model X production, which he notes have been the subject of several recent bearish comments from other analysts, as overdone and…
OVERNIGHT MARKETS AND NEWS March E-mini S&Ps (ESH16 -1.31%) are down -1.12% at a 2-week low and European stocks are down -2.11% at a 15-1/2 month low on global economic concerns. Weakness in crude oil and in copper pushed energy producers and mining stocks lower, while the cost of insuring the debt of European financial companies rose as the Markit…
(from my colleague Dr. Win Thin) EM assets for the most part fared well last week, and positive sentiment should carry over into this week. China reported January foreign reserves over the weekend, and they fell less than expected to $3.231 bln. China markets are closed this week for the New Year holiday. While there should…
Q4 heading for 5.6% earnings decline.
The Bank of Japan’s introduction of negative interest rates is one of the most significant events to hit the FX market recently. By taking this action, the BoJ has basically said that its bond-buying operations have reached their limit and they need to find other ways to support the economy. The likely channel is through…
GBPUSD: Having declined on further weakness during Monday trading session, GBPUSD looks to weaken more on bearishness. On the downside, support lies at the 1.4350 level where a break will turn attention to the 1.4300 level. Further down, support lies at the 1.4250 level. Below here will set the stage for more weakness towards the…
The biggest event of the weekend, if not the month, was China’s FX reserve outflow update, which at $100BN was slightly better than the $120BN expected (it pushed China’s reserves to the lowest in nearly 4 years) but it was in the “no man’s land” between the BofA best case scenario ($37.5BN), and the GS worst case…
When I entered the fixed income business 26 years ago next month (and when I took over a fixed income trading book two years later), the fixed income business was a simple place. One judged credits on fundamentals, long-term rates on inflation expectations and forecast monetary policy by the thickness of Alan Greenspan’s brief case (the…
