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Ueda Lifts Yen, Stocks Slump, Gilts Under Pressure Post-Budget

October 31, 2024
Overview: The main move in the foreign exchange market today is the recovery of the yen following what was seen as hawkish comments by BOJ Governor Ueda. Otherwise, the tone is one of consolidation. The equity market sell-off today may be weighing on the Scandis and dollar-bloc currencies amid risk-off impulses. Emerging market currencies are mixe…
Ueda Lifts Yen, Stocks Slump, Gilts Under Pressure Post-Budget Ueda Lifts Yen, Stocks Slump, Gilts Under Pressure Post-Budget Reviewed by Marc Chandler on October 31, 2024 Rating: 5
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Eurozone Growth Surprises, Lifts Euro, while UK Budget is Awaited

October 30, 2024
Overview:  The US 10-year yield is off around a dozen basis points off yesterday's high and European growth in Q3 was better than expected. This appears to have encouraged some dollar liquidation today. The greenback is softer against the G10 currencies, but the Canadian dollar and sterling. The much-awaited UK Autumn budget will be announced …
Eurozone Growth Surprises, Lifts Euro, while UK Budget is Awaited Eurozone Growth Surprises, Lifts Euro, while UK Budget is Awaited Reviewed by Marc Chandler on October 30, 2024 Rating: 5
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Consolidative Tone in FX Ahead of Key Events and Data

October 29, 2024
Overview: A consolidative tone is emerging in the foreign exchange market as the week's key events begin tomorrow:  UK budget, eurozone and US Q3 GDP, and the US ADP private sector jobs estimate, and quarterly refunding. Outside of the Norwegian krone, which is up nearly 0.5%, the other G10 currencies are largely +/- 0.1%. The yen, Swiss franc…
Consolidative Tone in FX Ahead of Key Events and Data Consolidative Tone in FX Ahead of Key Events and Data Reviewed by Marc Chandler on October 29, 2024 Rating: 5
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Japan's LDP Loses Majority, Sending Yen Lower, and Oil Gaps Lower on Middle East Developments Japan's LDP Loses Majority, Sending Yen Lower, and Oil Gaps Lower on Middle East Developments Reviewed by Marc Chandler on October 28, 2024 Rating: 5
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Week Ahead: Buckle Up--Turbulence Coming

October 26, 2024
The US dollar extended its dramatic recovery against the major currencies for the fourth consecutive week. The dollar's rally seems to stand on two-legs. The first shift in the expected trajectory of Fed policy, which has been partly encouraged by relatively firm economic data, both surveys and real sector reports. The derivatives market has f…
Week Ahead: Buckle Up--Turbulence Coming Week Ahead: Buckle Up--Turbulence Coming Reviewed by Marc Chandler on October 26, 2024 Rating: 5
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FX Becalmed Ahead of the Weekend and Next Week's Big Events

October 25, 2024
Overview: The dollar is trading quietly, with a slightly firmer today. There has been little follow-through selling after yesterday's setback. The Canadian dollar and sterling are faring best. The yen is a little softer after Tokyo's CPI came in lower as expected due to the government's energy subsidy. The election for the lower house …
FX Becalmed Ahead of the Weekend and Next Week's Big Events FX Becalmed Ahead of the Weekend and Next Week's Big Events Reviewed by Marc Chandler on October 25, 2024 Rating: 5
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Turn Around Tuesday Comes Late

October 24, 2024
Overview:  It is ironic that a few months ago, many wanted to sell the dollar because the Republican president and vice president candidates said they wanted a weaker dollar. With the election drawing near and the race very tight, there has been a surge in the betting markets of a Trump-Vance victory, and this has corresponded with the dollar'…
Turn Around Tuesday Comes Late Turn Around Tuesday Comes Late Reviewed by Marc Chandler on October 24, 2024 Rating: 5
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Continued Backing Up of US Rates Extend the Greenback's Gains

October 23, 2024
Overview: The persistent rise in US rates continues to help fuel dollar gains. The euro has been sold through $1.08 and the greenback has jumped over 1% against the yen to JPY152.75. It finished last week closer to JPY149.55. So far, Japanese officials have been fairly quiet, but this seems likely to change. The US two-year premium over Germany ha…
Continued Backing Up of US Rates Extend the Greenback's Gains Continued Backing Up of US Rates Extend the Greenback's Gains Reviewed by Marc Chandler on October 23, 2024 Rating: 5
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Greenback Consolidates

October 22, 2024
Overview:  US interest rates remain firm and the dollar is mostly consolidating against the G10 currencies, in a muted "Turn Around Tuesday." The greenback is straddling the JPY151 area, its best level since the end of July. Despite bearish price action yesterday, the euro, sterling, and Australian dollar have seen limited follow-through…
Greenback Consolidates Greenback Consolidates Reviewed by Marc Chandler on October 22, 2024 Rating: 5
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