Market News
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Indonesian Rupiah slips due to stronger US Dollar, soaring oil prices
USD/IDR gains ground for the third successive day, trading around 17,700 during the early European hours on Monday. The pair appreciates as the US Dollar (USD) gains support amid aggressive Federal Reserve (Fed) rate-hike bets for Wednesday’s decision following hotter US inflation reports.
USD/CAD Price Forecast: Edges higher above 1.3850, but bearish bias persists
The USD/CAD pair posts modest gains around 1.3875 during the early European trading hours on Monday. The US Dollar (USD) edges higher against the Canadian Dollar (CAD) amid rising expectations for a Federal Reserve (Fed) interest rate hike later on Wednesday.Â
British Pound: Growth distortions and rate risks – Commerzbank
Commerzbank’s Michael Pfister highlights unusually strong UK growth in the first quarter and weaker outcomes later in the year, driven largely by services. He argues this seasonal distortion complicates Bank of England policy signals, limiting conclusions from July’s robust data.
USD/JPY Price Forecast: Likely trade sideways ahead of Fed-BoJ policy meetings
The Japanese Yen (JPY) reflects a mixed performance against its major currency peers, but is significantly down against the US Dollar (USD), in the European trading session on Monday. As of writing, USD/JPY is up 0.44% to near 154.20.
Equities: Resilience versus rates and Oil shock – Danske Bank
Danske Research Team notes that equities advanced on Friday, leaving the broader market only about 1% lower for the week despite hotter US CPI, higher front-end yields and a sharp Oil rally. Cyclicals outperformed defensives and the VIX stayed below 16.
Silver Price Forecast: XAG/USD hovers above a key support in the $63.00 area
Silver (XAG/USD) shows minor losses at Monday’s early European session, amid a bearish near-term trend and with bears looking at a key support area around $63.00.
India WPI Inflation registered at 9.92% above expectations (9.89%) in August
India WPI Inflation registered at 9.92% above expectations (9.89%) in August
ECB’s Lagarde: The current shock is longer-lasting
European Central Bank (ECB) President Christine Lagarde said in an interview on Saturday that the current energy shock is longer-lasting.
Gold: Sideways near support before FOMC – OCBC
OCBC strategist Christopher Wong reports Gold rebounded after United States (US) Consumer Price Index (CPI) as 10-year US yields and Oil eased, reducing inflation pressure on bullion.
Switzerland Producer and Import Prices (YoY) increased to -0.7% in August from previous -2.1%
Switzerland Producer and Import Prices (YoY) increased to -0.7% in August from previous -2.1%
Switzerland Producer and Import Prices (MoM) above forecasts (0.1%) in August: Actual (0.7%)
Switzerland Producer and Import Prices (MoM) above forecasts (0.1%) in August: Actual (0.7%)
Brent: Middle East risks support prices – ING
ING analysts Warren Patterson and Ewa Manthey note Brent is up around 3% as Saudi Arabia’s East-West pipeline shutdown intensifies supply concerns following recent attacks.
Euro: Support at 1.1565 watched against US Dollar – UOB
UOB’s Quek Ser Leang highlights that EUR/USD slipped to 1.1568 before rebounding to close near 1.1598, with downside momentum still limited. Intraday, the Euro (EUR) is expected to test major support at 1.1565 but a clear break is seen as unlikely, with resistance at 1.1605 and 1.1620.