- European shares trade up to 1% lower as the chairman of the EBA warned that banks shouldn’t feel too safe even if they passed the stress test. The banking sector suffers the most. US stocks trade around 0.50% lower as well despite stronger US eco data. All in all, they keep up quite well amid the hawkish Fed.
- The Chairman of the European Banking Authority warned that even lenders that passed the AQR shouldn’t feel secure. Furthermore, he said that banks should be pushed to diversify sovereign bond holdings.
- EU sentiment indicators by the EC unexpectedly rose in October in a sign that the euro area has moved one step away from a renewed economic downturn. German inflation fell more than expected (see news)
- The Russian ruble snapped a long losing streak, the day before the country’s central bank was expected to raise interest rates to try to slow the currency’s slide. USD/RUB fell more than 4%.
- In the US, weekly jobless claims broadly stabilized at 287 000 in a sign that the recovery on the US labour market remains strong. The 4-week moving average of initial claims has only been lower once in the past 40 years compared to now. US Q3 GDP printed stronger than expected at 3.5% annualized (see news).
Recommended Content
Editors’ Picks
EUR/USD alternates gains with losses near 1.0720 post-US PCE
The bullish tone in the Greenback motivates EUR/USD to maintain its daily range in the low 1.070s in the wake of firmer-than-estimated US inflation data measured by the PCE.
GBP/USD clings to gains just above 1.2500 on US PCE
GBP/USD keeps its uptrend unchanged and navigates the area beyond 1.2500 the figure amidst slight gains in the US Dollar following the release of US inflation tracked by the PCE.
Gold keeps its daily gains near $2,350 following US inflation
Gold prices maintain their constructive bias around $2,350 after US inflation data gauged by the PCE surpassed consensus in March and US yields trade with slight losses following recent peaks.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.