Market Comment

Daily Market Comment – Yen flirts with intervention level, UK budget U-turn lifts pound

Dollar mixed as yen and euro struggle, pound extends rebound on budget hopes Stocks lack direction as Credit Suisse woes add to outlook worries US ISM and jobs data eyed as Fed reiterates inflation-busting policy stance Recession fears run high but UK’s Kwarteng offers some relief The third quarter got off to a subdued start on Monday as there was no respite for equity markets from the worsening economic landscape globally, though major currencies were able to bounce back amid a more cautious dollar and some positive headlines out of the UK.

Daily Market Comment – Fed officials fire another shot at stocks, sterling recovers

Fed warnings and solid US data deal another blow to equity markets  Dollar takes another step back as euro and sterling reclaim lost ground Russia set to annex Ukrainian territories, Fed vice chief deliver remarks Wall Street selloff A stormy quarter is drawing to a close.

Daily Market Comment – Bank of England intervenes to calm market stress

BoE announces emergency intervention in UK bond markets Global yields come crashing down, stock markets rally in relief Dollar surrenders some ground, but yen cannot capitalize properly BoE steps in  The Bank of England hit the panic button on Wednesday, announcing it will step into the UK government debt market to buy £65bn in bonds over the next two weeks to restore stability.

Daily Market Comment – Dollar goes ballistic, sterling licks wounds, stocks slide

Dollar reigns supreme over FX space as traders rush to safety Sterling stabilizes near record lows, gold threatens another break  Stock markets slide, valuations still too expensive for this regime Bonds implode, dollar shines A selloff in global bond markets has snowballed into a meltdown, sending shockwaves across every asset class.

Daily Market Comment – Pound rebounds on BoE bets; Dow enters bear market

Sterling rebounds as traders ramp up BoE bets Rate hike expectations keep hurting equities Oil and gold claw back some losses after hitting new lows Traders expect more than 100bps hike by the BoE The US dollar continued outperforming all its major counterparts on Monday, with the dollar index hitting a fresh 20-year high.

Daily Market Comment – Pound crashes, stocks pummelled after UK budget

Pound leads declines in FX markets, approaches parity, as UK budget sparks panic UK yields soar, Italian yields jump too as far-right win adds to uncertainty Dollar scales fresh highs, stocks sink but some signs of recovery today UK budget gets big thumbs down from investors Markets reacted in the worst possible way to the UK’s economic plan unveiled on Friday, sending the pound to rock-bottom levels against the US dollar, while dumping UK gilts.

Daily Market Comment – Yen skyrockets after intervention; SNB and BoE hike by less than expected

Japan intervention boosts yen, but will the effect last? Franc tumbles as SNB hikes by 75 and not 100bps BoE sees economy falling into recession this quarter Equities extend tumble, yields climb higher Japan comes to the yen’s rescue; will it succeed? The US dollar finished Thursday’s session slightly higher or near its opening levels against most of the other major currencies, with the exceptions being the Japanese yen and the Swiss franc.

Daily Market Comment – Fed hike, Powell’s recession warning roil markets; dollar shoots up

Dot plot signals Fed not done with 75 bps hikes, Powell warns of pain ahead S&P 500 goes back into bear market, dollar destroys everything in its path Yen slips past 145 after BoJ doesn’t flinch, but jumps after intervention SNB hikes by 75 bps, BoE expected to follow suit, gold see-saws Fed declares war on inflation, spooks markets The Federal Reserve delivered its third consecutive 75-basis-point rate increase on Wednesday and flagged more sharp hikes in the remainder of the year.

Daily Market Comment – Dollar at fresh highs ahead of Fed as Russia jitters sink euro

Russia-Ukraine tensions flare up, knocking the euro and boosting safe havens Stocks subdued but losses contained as investors await Fed decision Yields fall back slightly and gold climbs on Russia worries Tense mood amid Fed and geopolitical risks    The US dollar extended its gains on Wednesday, while stocks stayed largely in the red as investors weighed the risks from the Fed’s upcoming policy decision as well as the possible impact from Russia’s latest warmongering, which is adding to the uncertainty.

Daily Market Comment – Dollar takes a breather; loonie traders lock gaze on CPIs

Dollar’s rally pauses ahead of FOMC decision Equities rebound somewhat on short covering Canada’s inflation expected to slow more Gold rebounds, but gains stay limited Dollar pulls back, equities rebound ahead of FOMC The US dollar traded slightly lower against most of its major peers on Monday, stabilizing somehow during the Asian session today.

Daily Market Comment – Dollar reigns as big week for central banks kicks off

Dollar starts Fed week on the front foot amid elevated rate hike expectations Bank of England and Swiss National Bank also poised to deliver large hikes Yen stays subdued as Bank of Japan not expected to join in Overtightening fears weigh on stocks, oil and gold slip too Markets brace for more tightening, led by Fed Trading got off to a cautious start on Monday, with equities still reeling from last week’s brutal selloff, while the US dollar kept advancing on the anticipation that the Federal Reserve will stick to its hawkish rate path when it sets policy on Wednesday.

Daily Market Comment – Dollar stands tall ahead of upcoming Fed decision, equities resume slide

Dollar stays strong as bets of 100bps Fed hike remain on table US retail sales rebound, initial jobless claims fall Equities resume drop on hike bets and rising recession fears Oil slides on agreement to avert a rail strike Investors maintain bets of a 100bps Fed hike The US dollar stood tall against most of the other major currencies on Thursday and during the Asian session Friday, with traders maintaining their bets with regards to an even more aggressive Fed elevated.

Daily Market Comment – Yen defies intervention warnings, gold loses its shine

Threats of FX intervention don’t do much to boost the yen Currency pairs trapped in narrow ranges, stocks lick wounds Gold under heavy pressure, US retail sales coming up next Yen dismisses intervention The battle for the yen continues to rage in the FX arena, with Japanese officials using every trick at their disposal to stabilize the devastated currency.

Daily Market Comment – US inflation surprise pummels stocks, boosts dollar

US inflation comes in hot, fueling bets of a more forceful Fed  Stock markets tank, dollar fires up as terminal rates increase  Yen finds some support after Japan threatens FX intervention Inflation shock Hopes that the Federal Reserve is about to ease off the brakes got crushed yesterday under the boot of another shockingly hot US inflation report, sending shockwaves across global markets.

Daily Market Comment – Hopes of softer inflation report lift Wall Street, hurt dollar

Investors bet that August CPI data will confirm inflation has peaked in the US Wall Street rallies for a fourth day, dollar selloff accelerates Euro and pound maintain positive momentum despite doubts over energy plans Market optimism ahead of US CPI Risky assets were either extending or holding onto their gains on Tuesday as investors awaited the latest inflation report out of the United States due at 12:30 GMT.

Daily Market Comment – Yen selling resumes, euro engines fire up

Yen back under selling pressure as FX intervention hopes fade   Euro advances, buoyed by energy price cap and ECB signals Dollar down but not out, stock markets defend recent gains  Yen resumes slide It has been an excruciating year for the Japanese yen, which has lost almost 25% of its value against the US dollar, crushed by one of the greatest episodes of monetary policy divergence in modern history.

Daily Market Comment – Yen warnings, hawkish ECB knock down US dollar

Yen slide takes a pause after Japanese officials sound alarm bells Powell out-hawks Lagarde but euro catches a bid on broader dollar pullback Pound rebounds too as Britain mourns the passing of Queen Elizabeth II Wall Street extends recovery ahead of the Fed blackout period Yen intervention scare sparks dollar profit-taking The Japanese yen rallied against the US dollar on Friday after Bank of Japan Governor Haruhiko Kuroda joined in the chorus of alarm voiced by senior officials from the country’s finance ministry about the currency’s rapid depreciation.

Daily Market Comment – Euro eyes jumbo ECB rate hike; pound awaits Truss’ energy plan

Softer dollar bolsters euro as ECB anticipated to frontload rate hikes But pound remains pressured amid angst about Truss’ energy bailout Aussie dips after RBA’s Lowe makes dovish tilt; loonie firmer after BoC Wall Street in surprise bounce back as yields and oil prices take a plunge Euro flirts with parity ahead of ECB decision The energy crisis and the pace of monetary tightening look set to dictate market sentiment once again as a busy day looms with a policy decision by the European Central Bank, Fed Chair Jerome Powell is due to speak, and new UK Prime Minister Liz Truss will unveil her much-anticipated energy support package.

Daily Market Comment – Dollar smashes yen as forceful Fed bets increase

ISM PMI beats estimates, dollar/yen accelerates rally Wall Street returns wounded after holiday BoC to hike by 75bps, focus to fall on future moves ISM non-manuf.

Daily Market Comment – Pound gains in aftermath of UK PM election; euro rebounds as well

Sterling wakes up as Truss’s plans could fuel inflation Euro rebounds as well after hitting a two-decade low RBA lifts rates by 50bps and hints neutrality Asian shares cheer China’s pledge for more action Pound outperforms after new UK Prime Minister elected The US dollar took a break at some point yesterday, with the dollar index pulling back after hitting a new two-decade high of 110.



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