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Overview
Monday’s session hinted at some near term relief in risk markets, but Tuesday proved more successful in this respect. Gains in global stocks seen as tentative at best, and looking at levels attained in the respective risk currencies, the FX market is not convinced. USD/JPY was pulled in both directions in Asia, as Nikkei losses (anticipated) were tempered by China actions to halt short positioning in the CNH. Tightening the spread against the CNY, we saw the onshore rate briefly in favour both overnight and in London. The JPY spot rate however, was well offered ahead of 118.00 despite near term stock market stability, holding comfortably below here through to the London close. GBP was again a big loser on the day. Although EUR/GBP struggled to match the Monday highs at .7554, Cable took out1.4400 with UK manufacturing/industrial stats showing contraction in Nov. Oil managed to hold off $30.0, but ongoing weakness pushed USD/CAD up to new multi-year highs a tick short of 1.4270 and EUR/NOK getting a little closer to 9.7500 (latter retrace dipped back under 9.6000). A brief hit on TRY on news of the Istanbul bombing.
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Editors’ Picks
AUD/USD: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD refocuses its attention to 1.1200 and above
Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Bitcoin displays bullish signals amid supportive macroeconomic developments and growing institutional demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
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