Risk appetite recovers after the US unexpectedly suspends planned tariffs on Mexico indefinitely US dollar and global stocks boosted but Fed rate cut bets remain high following weak NFP report Disappointing Chinese data also limits risk-on as yuan hits fresh 2019 lows Markets lifted by surprise US-Mexico deal It was a positive start to trading on Monday as markets were greeted by some rare good news. President Trump unexpectedly suspended tariffs on all Mexican imports indefinitely late on Friday as [..]
Manufacturing PMIs out of China in the coming days will provide investors with the first indication of how the world’s second largest economy performed in May. The official manufacturing gauge is due first on Friday at 01:00 GMT, followed by the Caixin/Markit manufacturing PMI on Monday at 01:45 GMT. With no end in sight to the year-long trade dispute between the US and China, manufacturing activity is at risk of contracting again from the mounting uncertainty, while the yuan is [..]
Trade worries continue to ease after Trump calls latest escalation “a little squabble” Equities attempt a rebound on the back of the improving risk appetite But aussie and yuan held back from disappointing Chinese data Risk appetite recovers on Trump’s “little squabble” comments The US president, Donald Trump, sought to play down the latest spat with China on Tuesday, telling reporters “We’re having a little squabble with China because we’ve been treated very unfairly for many, many decades”. Trump also [..]
Growth in China decelerated to the slowest pace since 1990 last year, underlining the challenges the country faces amid sluggish global demand and a more protectionist United States. China’s leaders haven’t been sitting on their hands, however, as an abundance of policy measures have been initiated since last summer when the first wave of US tariffs struck. But with the fiscal and monetary loosening being stepped up amid a continuing downtrend in growth, is the government risking undoing the progress [..]
China will publish monthly trade numbers on Friday with exports seen to have fallen back in February after January’s unexpected surge. But with the country’s negotiators closing in on a trade deal with the United States and the government announcing further fiscal measures to stimulate growth in the economy, the trade figures may not generate much reaction even if it surprises to the downside. In January, exports jumped by 9.1% year-on-year as they were boosted from companies front-loading their shipments [..]
USDCNH had a strong bearish start on Thursday, with the price falling below a crucial support of the 38.2%Fibonacci retracement level of the upleg from 6.2350 to 6.9781, near 6.6949, creating a fresh seven-month low of 6.6861. From the technical point of view, the RSI is flattening in bearish territory, while the MACD also supports a bearish picture, since it continues to hold beneath the zero line and trigger lines. Should prices drop below the seven-month low, they could hit the support area between6.5980 – 6.6061, which [..]
USDCNH had a bearish start on Monday, with the price touching a crucial support at the six-month low of 6.7360. The price dropped beneath the 23.6% Fibonacci retracement level of the upleg from 6.2350 to 6.9781, however, currently, it is paring some of the lost ground. The RSI is pointing up near oversold levels, slightly above 30, indicating that the market could strengthen a little bit in the short-term until the index falls back below that threshold, while the MACD supports a bearish to [..]
USDCNH plunged to a new six-month low of 6.7360 in Friday’s session, creating three straight negative days. The price dropped beneath the 23.6% Fibonacci retracement level of the upleg from 6.2350 to 6.9781, however, currently, it is paring some of the lost ground. The RSI is pointing up near oversold levels, slightly below 30, indicating that the market could strengthen a little bit in the short-term until the index falls back below that threshold, while the MACD supports a bearish picture as well, since [..]
The coming week will be significant both in terms of data releases as well as for central bank meetings. November nonfarm payrolls out of the US will likely be the most anticipated report but it’s going to be a big week for the Australian dollar too as Q3 GDP numbers are due along with an RBA meeting. The Bank of Canada will be the other central bank holding a scheduled meeting, though the Canadian dollar will probably be paying more [..]
Chinese official PMI data for November are due on Friday at 0100 GMT. Aussie traders will be eyeing the numbers given Australia’s China-dependency, which has rendered the currency a liquid proxy for Chinese “plays”. More pivotal for the Aussie though is likely to be the outcome of the Trump-Xi weekend meeting on trade at the G20 summit. The manufacturing PMI, which is expected to attract the lion’s share of attention on Friday, is projected to remain at 50.2 in November, its lowest since July 2016. On [..]
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