Author: Ryan Littlestone
1

End of month and profit taking hit the pound and euro at the London fix

Cable undoes all the good work while the euro heads to 1.10 I can't say I'm surprised in the moves as we've got the big risk event and end of month to contend with. That's been a powerful enough concoction to see traders taking profits in GBPUSD ahead of the FOMC

View More

Author: Ryan Littlestone
3

US EIA crude oil inventories -4.203m vs -1.88m exp

DOE EIA crude oil inventory report 29 July 2015 - Prior 2.468m - Cushing -212k vs +250k exp. Prior 813k - Gasoline inventories -363k vs +250k exp. Prior -1.725m The expected number in the headline was Bloomberg's secondary estimates following the API data which showed a 1.9m drawdown. Their prior forecast was for a 850k build

View More

Author: Ryan Littlestone

June 2015 US pending home sales -1.8% vs 1.0% exp m/m

Details of the June 2015 US pending home sales data report 29 July 2015 - Prior 0.9%. Revised to 0.6% - 11.1% vs 11.1% exp y/y. Prior 8.3%. Revised to 7.9% - Index 110.3 vs 112.6 prior. Revised to 112.3 Not the sort of housing date the Fed wants to see on their data drive but it's the least important housing number out of the three main ones. The index pending home sales index also comes off the highest for 9 years in May, which gives it some better context

View More

Author: Ryan Littlestone

US stocks have a quiet open

US stock market open 29 July 2015 - S&P +1pts to 2095  - Dow +11pts to 17641 - Nasdaq +9pts to 5098  US 10 year yields 2.27% +2bp

View More

Author: Ryan Littlestone

Canada conference board cuts 2015 GDP forecast

Canada's conference board gets the knife out to growth - Cuts 2015 GDP to 1.6% - 15.5% drop in business investment in Q1 was major factor in tipping economy into small contraction No reaction in the loonie

View More

Author: Ryan Littlestone

US Treasury Sec Lew says China shouldn't take too long restructuring economy

Jack Lew on the speaking circuit - Markets go up, markets go down and China is undergoing change - Risk is China takes too long to restructure it's economy - US kept pressure on China regarding FX reform The rest is waffle on Greece, Iran but he does add that the decision on putting a woman on a $10 bill will be coming soon

View More

Author: Ryan Littlestone
14

My easy guide to trading the FOMC

USD looks well bid (again) as we head to the Fed Yesterday on my talk to the ACT course attendees I spoke about bias and how, at the early stages of planning a strategy, it's good to know the bias of a currency. It doesn't matter what you think of a country's fundamentals, whether the data is made up lies, whether the central bank members are crooks or whatever. The price action bias tells you the path of least resistance. That's a very big clue in the 50/50 choice on whether a currency goes up or down, and at the end of the day that's what we want to know, will it go up or down?

View More

Author: Mike Paterson
13

Preview: What to expect from the FOMC later today

Here's the views of 20, yep count 'em, of the biggest banks ahead of the FOMC decision and statement at 18.00 GMT today, courtesy of our friends at efxnews.com

View More

Author: Mike Paterson

ECB keeps ELA unchanged for Greek banks

Emergency Liquidity Assistance remains at same level As usual the ECB do not officially comment on this but drifts the info out through sources EURUSD still treading water around 1.1060 but EURGBP dipping below 0.7070

View More

Author: Mike Paterson

EU says "intense work" is progressing in Athens

EU spokesperson Andreeva talks at EC daily briefing. Bloomberg reporting - EU satisfied with "smooth, constructive" co-operation by Greece Have they heard those earlier comments from Tsipras and ?

View More

Author: Mike Paterson

UK CBI reported sales index July 21 vs 29 exp

Latest distributive trades reading just out but not a price mover - 29 prev GBPUSD 1.5635 EURGBP 0.7076 The Confederation of British Industry (CBI) Distributive Trades Survey (DTS) measures the health of the retail sector. The reading is compiled from a survey of about 150 retail and wholesale companies. It includes measures of sales activity across the distributive trades. It is a leading indicator of consumer spending. The figure is the difference between the percentage of retailers reporting an increase in sales and those reporting a decrease.

View More

Author: Mike Paterson
1

More from Tsipras: Has no regrets for what has happened in last 5 months

Greek PM still talking - deal with creditors was a painful compromise - effect of bailout talks on Greek economy are reversible - EU conservatives still hold Grexit scenarios Tsipras in defiant mood but is it going to help reach a much needed agreement?

View More

Author: Mike Paterson
8

Cable continues to climb as USD demand fades

GBPUSD has now broken up through 1.562-25 resistance and posted 1.5640 as the earlier US$ buying runs out of steam All eyes on the FOMC and we're seeing some jockeying for position with the main event still some hours away

View More

;