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BoC recap: Risks are shifting as Oil prices and US trade actions complicate outlook
The Bank of Canada (BoC) left its overnight interest rate unchanged at 2.25% on Wednesday, as widely anticipated, but delivered a more cautious message as inflation risks increased and the recovery became harder to assess.
Dow Jones Industrial Average borrows its rebound from the bond market
The Dow Jones Industrial Average trades near 53,000 and roughly 250 points higher, having opened just above 52,750, dipped to a session low beneath the rising 50-day Exponential Moving Average (EMA) near 52,700, and recovered the whole of that ground.
Indian Rupee: September gains face structural tests – Societe Generale
Societe Generale strategists highlight that the Indian Rupee’s (INR) strong start to September is reflected in a move back below the 100dma, raising questions about whether Reserve Bank of India (RBI) intervention has helped the currency turn a corner despite a hawkish Fed and higher Oil prices.
United States Dollar Index loses ground on possible Yen intervention
The US Dollar Index (DXY) trades on the back foot on Wednesday as a sharp rise in the Japanese Yen (JPY) forces the Greenback to reverse its earlier intraday gains. At the time of writing, DXY trades around 99.55, down 0.11% on the day, after reaching 99.86, its highest level since August 14.
Russia Unemployment Rate rose from previous 2.2%Â to 2.3% in July
Russia Unemployment Rate rose from previous 2.2%Â to 2.3% in July
Euro: Downside risks build against US Dollar as oil rises – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret note EUR/USD has slipped to the upper 1.15s, with sentiment turning bearish despite supportive yield spreads. They link the renewed deterioration to rising Oil prices and concerns over Euro area terms of trade.
Australian Dollar: Strong GDP and carry support – BBH
Brown Brothers Harriman’s (BBH) Elias Haddad notes AUD/USD fell toward 0.7125 on broad US Dollar (USD) strength, even as Australia’s Q2 GDP beat expectations at 0.4% q/q and 2.1% y/y.
Euro tumbles against the Yen as intervention fears hit crosses
The Euro (EUR) tumbles against the Japanese Yen (JPY) on Wednesday amid growing speculation that Japanese authorities may have intervened in the FX markets, as most Yen pairs collapsed to fresh two-week lows, with EUR/JPY bottoming at around 183.64 from a daily high of 185.75.
British Pound slides against Japanese Yen as suspected intervention rattles markets
GBP/JPY falls nearly 1% on Wednesday as the Japanese Yen (JPY) strengthens across the board. At the time of writing, the cross trades around 214.43 after hitting an intraday low near 213.70, its lowest level since August 10.
Denmark Currency Reserves declined to 693.6B in August from previous 699.6B
Denmark Currency Reserves declined to 693.6B in August from previous 699.6B
Euro: Headwinds from Fed and energy – ING
ING’s Chris Turner highlights growing headwinds for the Euro as higher energy prices and a more hawkish Federal Reserve push EUR/USD lower.
United States EIA Heating Oil Stocks Change down to -0.033M in August 28 from previous 0.027M
United States EIA Heating Oil Stocks Change down to -0.033M in August 28 from previous 0.027M
United States EIA Distillate Stocks Change increased to 0.796M in August 28 from previous -2.228M
United States EIA Distillate Stocks Change increased to 0.796M in August 28 from previous -2.228M