Latest trading commentaries...
Nerves ahead of US job number
Mark O'Sullivan, Currencies Direct
The Greenback continues to suffer as market hopes of additional US Fed stimulus including additional quantitative easing puts increasing pressure on the currency. There may also be some indecision to buy USDs before tomorrow’s Non-Farm Payrolls.
Swiss authorities persevere with franc strength
Mark Deans, Moneycorp
Spot the flaw in this business plan: manufacture a product for $300 per unit; attach a retail price of $450; struggle to sell a tenth of production; call it a day and hold a clearance sale at $99; watch the product fly off the shelves; restart "one last run" of production at $300 "to meet unfulfilled demand", and ship it out for the shops to sell at $99. Brilliant.
PMIs further fuelling the eurozone slowdown story
Michael Derks, FxPro
The final manufacturing PMI data for the eurozone was revised lower from the preliminary reading, taking the series down to 49.0, from 49.7 previously.
MOF spends big to prevent yen strength
Michael Derks, FxPro
Apparently the Japanese MOF’s determination to prevent the currency from strengthening much further is greater than many had expected. According to a statement released yesterday, the BOJ sold JPY 4.51trln (USD 59bln) in the forex market last month, by far the largest intervention for over seven years.
Will September see a let up in volatility?
Simon Denham, Capital Spreads
September is under way and seems to be commencing placidly. Historically, September has been a mixed month for the FTSE with the bias to the downside with the number of months showing a loss just ahead of the number posting a gain and when there have been declines; on average they’ve been pretty spectacular.
No surprise month-end moves this time
Richard Driver, CaxtonFX
There was no surprise month-end moves this time, yesterday’s session was a case of sideways trading among the majors, though the euro has weakened significantly this morning. Major news from the session saw some much needed positive data from the US economy in the form of Chicago PMI and factory orders data.
Swiss government announces stimulus package only half of what had been expected
Mark Bolsom, Travelex
Economic data continues to weaken and is prompting a rush for the safe haven US dollar and Swiss franc. The franc was the biggest mover in markets yesterday as the Swiss government announced a stimulus package that was half of what had been expected.
Non-Independent Investment Research
Andrew Timothy Robinson, Saxo Bank
ISM Manufacturing, the first of two U.S. heavyweights to come our way this week, Nonfarm Payrolls being the other tomorrow, has analysts fearing we are about to see the first contraction in the manufacturing sector in two years.
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