FX News Today
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Stock markets remain supported by improving risk appetite, with investors hoping for progress in US-Sino trade talks.
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Japanese markets outperformed in catch up trade on returning from yesterday’s holiday and underpinned by a weaker yen.
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US lawmakers have reached an “agreement in principle” on funding for border security that would stop a second government shutdown on Friday.
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Brexit concerns continue to linger.
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Comments from ECB’s Lane, has underpinned speculation that Draghi will rule out another rate hike this year amid the expected downward revisions to growth forecasts.
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The front end WTI future is trading at USD 52.55 per barrel.3
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EURUSD went sub-1.1300 for first time in 6 weeks on generally firmer dollar.
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USDJPY rallied to 6-wk high of 110.64, underpinned by rally in global stocks.
Charts of the Day
Main Macro Events Today
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German President Weidmann speech – German President Weidmann is due to deliver a speech titled “The role of the central bank in a modern economy – a European perspective” at the University of South Africa, in Pretoria.
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BoE Carney speech – Due to speak about the economic outlook and global trade tensions, in London.
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Fed Chair Powell speech – Due to deliver a speech titled “Economic Development in High Poverty Rural Communities” at the Hope Enterprise Corporation Rural Policy Forum, in Mississippi.
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Fed Mester and George speech – Cleveland Fed hawk Mester will update the economic outlook and policy, while KC Fed hawk George will discuss “Charting America’s Economic Course.” Though both have been two of the most hawkish on the FOMC, each has recently indicated a pause is in order currently.
Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.
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Editors’ Picks
AUD/USD remains under pressure above 0.6400
AUD/USD managed to regain some composure and rebounded markedly from Tuesday’s YTD lows in the sub-0.6400 region ahead of the release of the Australian labour market report on Thursday.
EUR/USD faces decent contention around 1.0600
The knee-jerk in the Greenback reignited some buying interest in the risk complex and pushed EUR/USD to three-day highs near 1.0680, rapidly leaving behind the recent yearly low around 1.0600.
Gold eases despite risk-off mood
Gold trades in a relatively tight range near $2,390 in the second half of the day on Wednesday. In the absence of high-tier data releases, investors keep a close eye on headlines surrounding the Iran-Israel conflict.
Ethereum trades around the $3,000 support following a surge in validator queue
Ethereum (ETH) continued a sideways movement on Wednesday as investors seemed to be waiting for an upward or downward price catalyst. Despite the price stagnancy, the ETH validator queue - possibly fueled by the DeFi restaking boom - rose sharply.
Markets stabilize after Powell rules out rate hike, but the signs don’t look good
Markets are volatile right now; however, a relative calm has descended on the market and US. US stocks are down a touch, but the Vix is lower, US Treasury yields are lower, and the dollar is mostly lower vs. its G10 FX counterparts.