Tag Archive: Germany
Sterling Buoyed by Labor Market Report Ahead of US CPI
Overview: The US dollar is enjoying a mostly firmer bias ahead
of today's CPI report. Sterling is the strongest among the G10 currencies after
a more resilient than expected labor market report. The dollar extended its
gains against the Japanese yen to a new high since last November, but the
market seems cautious as it approaches JPY150, where large options expire today.
On the other hand, emerging market currencies are mostly faring better. The...
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The Greenback is in Narrow Ranges to Start the Week
Overview: The foreign exchange market is quiet. The
Lunar New Year holiday shut most Asian markets. That, coupled with the light
news in Europe, have served to keep the dollar in narrow ranges against the G10
currencies. The Swedish krona, Norwegian krone, and Japanese yen are posting
minor gains against the greenback. The New Zealand dollar, which was strongest
major currency last week (1.4%) is off by almost 0.5% today, making it the
weakest...
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Greenback Consolidates Two-Day Surge
Overview: The US dollar is consolidating its the
two-day surge since the jobs data at the end of last week. The Reserve Bank of
Australia did not rule out additional rate hikes, and although the derivatives
markets do not think it is likely, the Australian dollar is the best performer
in the G10 today with a small gain. An unexpectedly strong German factory
orders report failed to help the euro much and it languished near yesterday's
low. Sterling...
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Greenback Surges as Rates Back Up
Overview: The US dollar is bid across the board and posting its best session of the month. It is up between about 0.5% (Canadian dollar) to almost 1.0% (Australian dollar) among the G10 currencies. Among the emerging market currencies, only the Russian ruble is holding its own.
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Consolidation Featured
Overview: After dramatic intraday price swings after
the US jobs data and service ISM figures before the weekend, the dollar is
consolidating today in mostly narrow ranges. The prospect for a March cut by
the Federal Reserve finished last Friday virtually unchanged (73% vs 70%) and
is about 66% chance today. There was interest in Dallas Fed's Logan's
suggestion that the tapering of QT be discussed, though it seems to simply
confirm what many has...
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Consolidative Tone Emerges Ahead of Tomorrow’s US Jobs and EMU CPI
Overview: After gaining for the past couple of
sessions to open the New Year, the dollar is mostly softer today. The yen is
the main exception. The greenback was bid above the JPY144 area where
chunky options expire today. Most emerging market currencies are also firmer
though there are a few exceptions in Asia, like the South Korean won and Thai
baht. Still, the general tone is consolidative ahead of tomorrow US jobs data
and the eurozone's CPI....
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Canadian Dollar Plays A Little Catch-Up, Rises to best Level in Nearly Seven Weeks
Overview: The US dollar is narrowly mixed against
the G10 currencies. The Canadian and Australian dollars lead the advancers,
while the Scandis are pacing the losers off 0.1%-0.2% in quiet turnover. Most
the freely accessible emerging market currencies are sporting softer profiles
today, the Chinese yuan is among them. However, most Asia Pacific currencies,
are firmer. Benchmark 10-year yields were softer in the Asia Pacific region in
mostly a...
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Dollar Consolidates Amid Rate Volatility
Overview: The dollar is consolidating its
recent moves as interest rate swings continue. The US two-year yield has traded
in a nearly 28 bp range in the first two sessions this week, and near 4.88%
now, it is 18 bp lower since last Friday's close. The 10-year yield is slipping
below 4.50%. It reached almost 4.70% on Monday and had fallen to almost 4.40%
yesterday. Part of this reflects the shift in overnight rate expectations. The
implied yield of...
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US CPI Front and Center, but Can Congress Avert a Government Shutdown?
Overview: The dollar is somewhat better offered
today ahead of the October CPI report. The US House of Representatives may hold
a vote today on a continuing resolution to avoid a partial government shutdown
at the end of the week. Narrow ranges have prevailed. Most emerging market currencies
are firmer, though paradoxically, the South Korean won is the weakest, despite
a strong equity market rally (~1.2%), encouraged by the first in increase in...
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Food Prices Drive China’s CPI Lower while the Greenback is Mostly Firmer in Narrow Ranges
Overview: The dollar is mostly firmer against the
G10 currencies and has been confined to tight ranges through the European
morning. Outside of the China's deflation and Japan's monthly portfolio flow
data that showed Japanese investors bought the most amount of US Treasuries
(~$22 bln) in six months in September, the news stream is light. Most emerging
market currencies are trading with a softer bias today. The Philippine peso is
the strongest...
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The Dollar’s Recovery has been Extended, but it may Give North American Operators a Better Selling Opportunity
Overview: The dollar's sell-off last week was
extreme and it recovered yesterday and through the European session today. The
Australian dollar has been hit the hardest. It is off more than 1% today after
the RBA lifted the cash rate by 25 bp (to 4.35%). Still, the US dollar's gains
have stretched intraday momentum indicators, suggesting the upside correction
may be nearly over. The greenback's moves appear to have been driven by
interest rate...
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DZ BANK startet eigene Crypto Verwahrung
Deutschland’s DZ BANK hat eine neue Plattform für die Abwicklung und Verwahrung digitaler Finanzinstrumente in Betrieb genommen.
Damit gehört das genossenschaftliche Institut zu den ersten Kreditinstituten, die auf Basis der Blockchain-Technologie ein solches Angebot für institutionelle Kunden auf den Weg gebracht haben. Die DZ BANK ist mit einem Volumen von über 300 Mrd. EUR nach BNP Paribas und State Street die drittgrößte Verwahrstelle in...
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Divergence Continues to Underpin the Greenback
Overview: The divergence reflected in the flash PMI
readings seen yesterday underpinned the dollar, which is firmer in mostly quiet
turnover. The initial Australian dollar gains scored in response to the
slightly less decline in Q3 CPI have been unwound. The greenback also remains
within striking distance of JPY150 where there are still some large options and
some apprehension over possible BOJ intervention. Hungary's larger than expected
rate cut...
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Markets Remain on Edge
Overview: The markets remain on edge. The press
reports US President Biden is planning an imminent trip to Israel while Iran
warns of "multiple fronts" against Israel if the attacks on Gaza
continued. The dollar, which was offered yesterday, is better bid today. Still,
the capital markets are relatively quiet. Even the Swiss franc, which was the
strongest G10 currency last week (~0.9%) is slightly heavier today. Among
emerging market...
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Bonds Extend Recovery
Overview: Broadly speaking, the dollar's
recent pullback was extended today but the momentum appears to be slowing,
perhaps ahead of tomorrow's US CPI report. The Dollar Index slipped to its
lowest level since September 25 before steadying. The greenback is mixed as the
North American market is set to open. The dollar bloc and Swedish krona are the
underperformers. The Swiss franc is the best, up about 0.2%, while the yen and euro are little...
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War in Israel Spurs Flight to Dollars, Yen and Gold, While Driving up the Price of Oil
Overview: There are three main developments. First,
the market is digesting the implication of the US employment data, where the
optics were strong (336k increase in nonfarm payrolls compared with 170k median
forecast in Bloomberg and Dow Jones surveys) but some details were
disappointing (like the third consecutive decline in full-time posts,
seasonally adjusted). Second, Chinese mainland market re-opened after a six-day
holiday). Chinese stocks...
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US Employment Data to Determine Whether the Greenback’s Rally since mid-July is Over…Maybe
Overview: One key issue for market participants is
if the dollar's pullback is the beginning of something important or is largely
position adjusting ahead of today's US jobs report. We suspect that the
dollar's rally that began in mid-July is over, though a strong employment
report that boosts the chances of a Fed hike before year-end could quickly
demonstrate the folly of making claims ahead of what is still one of the most
important reports in...
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Looming US Government Shutdown Stems the Dollar’s Surge
Overview: The increasingly likely partial US federal
government shutdown has spurred a bout of liquidation of long dollar positions.
The psychologically important JPY150 level was approached, and the euro was
sold through $1.05 yesterday, and the greenback has come back better offered
today. It is lower against all the G10 currencies. It is mixed against the
emerging market currency complex, with central European currencies and South
African rand...
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Funding Overview Blockchain Germany 2023
The CV VC German Blockchain Report 2023 highlights Germany’s remarkable achievements in the blockchain sector, unveiling a 3% increase in blockchain funding and an all-time high share of global funding.
Covering data from Q3 2022 to Q2 2023, the report reveals that the German blockchain sector experienced an impressive 3% year-over-year increase in funding, totaling $355 million across 34 deals. In contrast, all continents saw YoY funding declines,...
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Greenback Bought on Pullback
Overview: The dollar was bought after yesterday's
pullback spurred by Japanese and Chinese comments and the tighter capital
controls from Beijing requiring permission to buy more than $50 mln. The
economic and monetary policy divergence continues to underpin the greenback. It
is firmer against all the G10 currencies and is mostly inside yesterday's
ranges. Most emerging market currencies are lower, led by central European
currencies. The Chinese...
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