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Daily Market Comment – Vaccine rally eases but optimism prevails

Posted on November 17, 2020 at 9:47 am GMT

Vaccine hopes keep risk assets supported even as more US states clamp down Dow closes in on 30,000 as growth-to-value rotation accelerates Dollar steadier, euro shrugs off EU budget crisis, pound holds out for Brexit deal Oil moderates ahead of OPEC+ meeting as bleak short-term outlook curbs advances Moderna adds to vaccine euphoria The fight against the pandemic took another major step forward on Monday after Moderna became the latest pharmaceutical company to announce a vaccine for COVID-19. Moderna’s vaccine, [..]

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Vaccine spells trouble for Big Tech but old economy stocks surge – Special Report

Posted on November 12, 2020 at 12:56 pm GMT

Stocks around the world skyrocketed on news this week that the Covid-19 vaccine being developed by Pfizer and BioNTech is more than 90% effective in protecting against the virus. That’s a very impressive number when considering that it’s much higher than the most optimistic expectations and even more so when comparing it to flu vaccines, whose effectiveness is thought to be a lot lower at between 40-60%. Hence, it would be fair to say that the euphoria in the markets [..]

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US Open Preview – Sterling largely consolidates massive losses with PM May’s leadership on tightrope

Posted on November 16, 2018 at 12:28 pm GMT

Here are the latest developments in global markets: FOREX: The dollar was slightly up versus a basket of currencies, with the closely watched British currency being broadly higher. Still, the pound mostly consolidated Thursday’s sharp losses on the back of the Brexit drama that unfolded, and which still appears to have room to run. One exception was the yen, which came on the receiving end of safe-haven flows and thus the pound was unable to advance against it – pound/yen [..]

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US Open Preview – Bad day for the pound as May’s future hangs in balance; dollar capitalizes

Posted on November 15, 2018 at 1:03 pm GMT

Here are the latest developments in global markets: FOREX:  Although the British Cabinet approved the EU-UK divorce terms agreed between the sides on Tuesday, the deal threw British politics into chaos as Theresa May faces a possible vote of no confidence. Opposition to May’s Brexit plans is growing as the Brexit Secretary Dominique Raab as well as a few other ministers decided to resign on Thursday, expressing in that way their opposition to the deal struck. The news fuelled strong doubts [..]

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US Open Preview – Pound awaits Cabinet Brexit meeting; Powell’s speech in focus

Posted on November 14, 2018 at 12:39 pm GMT

Here are the latest developments in global markets: FOREX:  Questions about whether the UK Parliament would ever accept the draft divorce deal approved by the UK and the EU on Tuesday derailed investors’ mindset early in the European session, and ahead of a Cabinet meeting later today. While forecasts are for the Cabinet to accept the agreement, investors think that the Parliament will vote against it, especially if the deal involves an extension of the transition period beyond 2020. Pound/dollar slid to 1.29 before [..]

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US Open Preview – Euro slightly up before Italy’s budget deadline; Oil in the red

Posted on November 13, 2018 at 12:36 pm GMT

Here are the latest developments in global markets: FOREX: Three-month average earnings including bonuses grew by 3.0% y/y in September in the UK, while the ex-bonus measure jumped by 3.2% y/y versus 3.1% expected. The pound, though, showed little reaction to the data as the unemployment rate inched up by 0.1 percentage points to 4.1%. Still, pound/dollar managed to spike to 1.2961 before a pullback to 1.2944 (+0.86%) after  government sources supported that a Brexit deal is closer now than [..]

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US Open Preview – Dollar index registers fresh highs as pound and euro struggle; oil holds up

Posted on November 12, 2018 at 12:25 pm GMT

Here are the latest developments in global markets: FOREX: The dollar was overperforming early in the European session on Monday as political uncertainties in Europe and strong optimism on the US economy, persuaded traders to invest more in the greenback despite Trump’s Republicans losing control of the House of Representatives last week. The dollar index gained 0.60% to rise as high as 97.57, a level never seen since June 2017. Dollar/yen spiked to a five-week high of 114.20, but it soon returned to 113.91, near [..]

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US Open Preview – Pound drops momentarily below 1.30 on Brexit woes; oil set for fifth weekly loss

Posted on November 9, 2018 at 1:03 pm GMT

Here are the latest developments in global markets: FOREX: The British economy expanded by 1.5% y/y in the third quarter as expected, preliminary data showed. The UK’s trade deficit narrowed, and the manufacturing output was slightly better than forecast in September. However, the evidence on business investment was disappointing and today’s discouraging Brexit headlines were enough to push pound/dollar straight down to 1.2988 before a reversal to 1.3035 (-0.15%). Particularly, capital expenditures decreased by 1.2% q/q in Q3 compared to a 0.2% expected rise, printing the biggest loss since Q1 2016. [..]

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US Open Preview – Dollar remains bullish ahead of FOMC rate decision

Posted on November 8, 2018 at 12:56 pm GMT

Here are the latest developments in global markets: FOREX: Expectations that the Fed will continue to signal further monetary tightening when it keeps rates steady at the conclusion of the FOMC meeting later today probably helped the dollar index to move higher by 0.22% as the market took a breath after the US midterm elections. Dollar/yen traded up by 0.13% at 113.66, near one-month highs. Meanwhile in the Eurozone, the European Commission revised the bloc’s economic growth for 2019 downwards to 1.9% y/y from 2.0% before, and [..]

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US Open Preview – Dollar’s rivals gain as US Congress split flags political noise; RBNZ rate decision awaited

Posted on November 7, 2018 at 12:47 pm GMT

Here are the latest developments in global markets: FOREX: As was widely anticipated, Democrats took control of the House and Republicans retained the majority in the Senate in the mid-term US elections. The dollar index opened with a gap down on Wednesday, slipping to a 2-month trough of 95.67 before inching up to 95.81 (-0.52%). Dollar/yen edged lower by 0.20% to 113.19 along with US Treasury yields after hitting a fresh 1-month high at 113.81 earlier in the day. The 10-year [..]

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