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Mon: US & Canadian Labour Day; German Trade (Jul), Swiss GDP (Q2), EZ Sentix (Sep) Tue: RBA Policy Announcement; Final Composite & Services PMIs (Aug), EZ Producer Prices (Jul), US Factory Orders (Jul) Wed: BoC Policy Announcement; German Industrial Orders (Jul), EZ & UK Construction PMIs (Aug), US ISM Services PMI (Aug), Canadian Trade Balance
Share: NZD/USD peaked at a daily high of 0.6015 and then plummeted to 0.5940. US NFPs from August showed a mixed picture, while the Manufacturing PMIs from the same month came in better than expected. The USD holds its ground despite investors betting on lower odds of a last hike by the Fed
ISM manufacturing Prior report 46.4 Prices paid 48.4 vs 43.9 expected. Last month 42.6 Employment 48.5 vs 44.2 expected. Last month 44.4 New orders 46.8 vs 47.3 prior Manufacturing has been in a recession for some time but there are some green shoots. I suspect this survey is going to be a mess for the
Share: Bullish-engulfing candlestick pattern on the daily chart suggests buyers are in control. The first major resistance at 1.3600, followed by several key levels up to 1.3804. Downside risks include a drop below 1.3489, potentially targeting the 200-DMA at 1.3462 and the 50-DMA at 1.3345. The Canadian Dollar (CAD) losses ground against the
US construction spending US construction spending for July % versus 0.5% expected total construction spending $1,972.6 billion versus $1,938.4 billion last month Construction spending year on year +5.5% vs +3.5% prior private construction +1.0% vs +0.5% prior residential construction +1.4% vs +0.9% prior Residential construction is down 5.5% y/y but that should rebound in the
Share: XAG/USD peaked at a daily high of $24.80 then settled near the $24.15 area. US NFPs and PMI figures from August beat expectations. Still, wages decelerated, and Unemployment rose. The USD strength drove the grey metal downwards. At the end of the week, the XAG/USD closed with losses but managed to hold some
It’s unclear what’s happening in the bond market today as US 30-year yields lead the way higher, up 8.5 bps to 4.288%. The front-end is more subdued with 2s flat at 4.85%, though well-above the post-NFP low of 4.76%. Given the dovish data today, it’s tough to explain why bonds are selling off. I wonder
Share: Saudi Arabia expected to extend its 1 million bpd output cut into October. Russia agrees with OPEC to cut exports next month. Positive business activity reports from China improve the oil demand outlook. US unemployment rate rises, wage growth slows, potentially pausing interest rate hikes. Western Texas Intermediate (WTI), the US crude
USDCAD daily Bank of America (BofA) analysts are suggesting that traders consider selling USD rallies, particularly against the Canadian Dollar (CAD), Japanese Yen (JPY), Israeli Shekel (ILS), and Indian Rupee (INR). The team identifies specific technical indicators that suggest a USD correction could be imminent. Key Points: General Outlook: BofA analysts suggest that Tuesday’s USD
