Forex news for NY trading on April 24, 2019
- EU may now wait until Monday to announce decision on length of Brexit extension
- Corbyn says he supports a general election but wants to know EU stance first
- WTI crude oil futures settle at $56.23
- After the tumble yesterday, Bitcoin consolidates near the lows
- It increasingly looks like Boris is going all-in on an election
- Labour will reject Johnson's offer of an early election
- ECB will run out of eurozone bonds to buy around end of 2020 - report
- US sells 7-year notes at 1.657% vs 1.664% WI
- UK Labour parliamentary business manager says will back election once no-deal Brexit ruled out
- Boris Johnson to propose Dec 12 election
- Pence: Trump admin not seeking to de-couple from China
- European equity close: Solid day of broad gains
- Atlanta Fed GDPNow tracker for third-quarter growth remains steady at 1.8%
- KC Fed October manufacturing index -3 vs -2 prior
- US September new home sales 701K vs 702K expected
- Markit Oct prelim US manufacturing PMI 51.5 vs 50.9 expected
- Draghi Q&A: Today's proposal to maintain stance was approved unanimously
- ECB's Draghi: Downside risks are prominent, inflation muted
- US September prelim durable goods orders -1.1% vs -0.7% expected
- US initial jobless claims 212K vs 215K estimate
- The JPY is the strongest and the NZD is the weakest as NA traders enter for the day
- ECB leaves key rates unchanged in October meeting
- China reportedly willing to buy $20 billion of US agricultural products in year one
A snapshot of other markets is showing:
- Spot told is up $11.32 or 0.76% at $1503.41
- WTI crude oil is up $0.22 or 0.39% at $56.18
US stocks in the US are ending with mixed results The Dow stocks fell, but the broader S&P and Nasdaq closed higher with the Nasdaq leading the way. After the close Intel beat but Amazon did not and lowered expectations. Intel is up 7-8% in after hours trading while Amazon is getting crushed.
The final numbers for the day for the North American and European show most indice higher but with the exception of the Dow and Russell 2000.
IN the US debt market, the yields are off the low levels for the day. The 30 year is ending a fraction of a basis point higher. The other points on the yield curve are ending lower by less than 1 basis point.
In the forex market, the JPY and the USD are ending as the strongest of the major currencies. The NZD is the weakest followed by the GBP.
Economic data today saw durable goods data in the US coming in weaker, weekly claims data steady at strong levels, The new home sales were about as expected, but the Markit PMI data (P) did beat expectations at 51.5 vs 50.9. Having said that, there was some sanguine comments about the trends in employment that are worth eyeing going foward (they see NFP slipping below 100K).
ECB President Draghi gave his final press conference aftet the ECB kept policy unchanged (remember they did ease conditions in September and increased QE). He did continue to say that the "risk remain to the downside", and urged that "governments with fiscal space should act in a timely manner" (but Germany is not listening). He also said that "headline inflation is likely to decline further". Christine Lagarde will be taking over on November 1
The UK political merry-go-round continued as uncertainty prevails. The EU was thought to give out an extension date tomorrow. That may be delayed until next week. PM Johnson is looking to go all-in by callling for a general election. But Labour wants assurances that the EU will grant the extension to end of January.
The story can change again and again but what happens if there is an election and there is a hung parliament. will the finish line ever get crossed?
It is all so fluid, but the market took down the GBP today because....well it deserved it.
The USD meanwhile moved up today along with the JPY probably on some safety flows with all the uncertainty in the EU.
Put your seat belts on. The ride will remain bumpy.
