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South Korea FX Reserves down to 440.56B in September from previous 442.28B
South Korea FX Reserves down to 440.56B in September from previous 442.28B
Mexican Peso builds winning streak as USD/MXN drifts toward 18.00
The Mexican Peso (MXN) posted back-to-back bullish days as USD/MXN edges lower by about 0.34% on Monday amid softer-than-expected US data and a mediocre Nonfarm Payrolls report last Friday. The exotic pair trades at 18.08 after peaking near 18.26.
New Zealand NZIER Business Confidence (QoQ) climbed from previous 8% to 43% in 3Q
New Zealand NZIER Business Confidence (QoQ) climbed from previous 8% to 43% in 3Q
Singapore Dollar: MAS seen very slightly tightening – Standard Chartered
Standard Chartered’s Edward Lee expects the Monetary Authority of Singapore (MAS) to deliver another very slight tightening in October, raising the SGD NEER slope to 1.5% from 1.25% while keeping the band parameters unchanged.
Silver Price Forecast: XAG/USD builds base above $60, eyes $64
Silver (XAG/USD) price drifts higher by over 1.14% on Monday, even as US Treasury yields rise and the Greenback extends its gains by 0.26%, as per the US Dollar Index (DXY). XAG/USD trades at $61.13, after bouncing off daily lows of $60.36.
Chinese Yuan: Sideways with firmer bias against US Dollar - UOB
United Overseas Bank (UOB) strategist Quek Ser Leang reports USD/CNH slipped to 6.7008 before closing at 6.7041, with intraday price action expected to stay between 6.7000 and 6.7105. For the coming 1–3 weeks, he continues to see the pair confined to a 6.6950–6.7270 range.
Gold stalls below $4,150 as rising US yields offset Fed relief
Gold (XAU/USD) prices drift lower on Monday as a strong US Dollar and high US Treasury yields undermine the precious metal, which has failed to rally as investors expect a less hawkish Federal Reserve (Fed) and have priced out a rate hike this month.
Markets just priced out rate hikes on financial stress. This chart shows why 2022-23 says they’ll be wrong
Traders have taken about one quarter-point hike out of their European Central Bank (ECB) forecasts since mid-September, betting the ECB will stop raising rates because of a French debt selloff.
Japanese Yen weakens as wide yield gap supports US Dollar
The Japanese Yen (JPY) remains on the back foot against the US Dollar (USD) on Monday as the wide yield differential continues to favour the Greenback, while broader structural headwinds weigh on the Japanese currency. At the time of writing, USD/JPY trades around 158.10, up 0.17% on the day.
Forex Today: PMIs in Europe and Fedspeak will do the rounds
The US Dollar (USD) has picked up extra pace on Monday, reaching fresh tops on the back of persistent safe-haven demand, while fiscal concerns in Europe continued to weigh on the broader risk complex.
United States: Domestic rare earth production push – ING
ING’s report by Coco Zhang and Ewa Manthey explains how the United States is enhancing domestic Rare earth production. Federal support now includes grants, loans, equity stakes, purchase agreements and price floors for key products like NdPr oxide and magnets.
British Pound slides as France fiscal shock lifts the US Dollar
The Pound Sterling (GBP) dives more than 0.19% against the US Dollar (USD) at the beginning of the week, despite a dip in US services sector activity and elevated US Treasury yields. The GBP/USD trades at 1.3218 at the time of writing.
EUR/CHF Price Forecast: 100-day SMA limits immediate downside
EUR/CHF holds modest losses on Monday as growing fiscal concerns in France weigh on the Euro (EUR).