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Yesterday, the Euro was able to shrug-off Moody’s downgrade of Portugal with the buttress of a well-received Greek debt auction – the positive move was even further resistant to yesterday’s positive run in US equity earnings. As a result, EURUSD climbed quickly and was able to break the 1.2700 threshold. Nevertheless, we are not convinced that this rally has any real legs, as liquidity has been…

Markets continue to trade at their unhurried summer pace with no signs that we’ll encounter any directional momentum today. The highlight of yesterday’s trading day was the BoE MPC Posen addressing comments advanced by S&P regarding the UK’s cherished AAA sovereign rating. S&P asserted that UK debt levels were approaching levels incompatible with their AAA rating. Posen later addressed…

It seems like market participants are sleeping in this morning along with all of Spain. Markets opened with a yawn as low liquidity and directional USD buying set the morning FX trend. With no real market-moving data today, prices appear to moving counter to the little new information we did receive this weekend — we suspect this intraday trend to reverse mid-day. Asian regional indexes are…

A noticeable void of fresh news has created a lacklustre trading environment which continues to promote USD selling. Asian equity markets were higher across the board with Shanghai leading the charge up 2.31%. In addition, yields firmed and commodities rallied as investors concerns over a double dip or potentially a meltdown subsided. However, currently risk appetite seems shaky…

It’s been a slow week for economic data thus far, so it comes as some relief that today has finally given us something meaty to get our teeth into. Swedish headline CPI this morning dipped slightly below expectations at 0.0% MoM, 0.09% YoY, but it was somewhat of a mixed bag as underlying inflation ticked higher. Although the Riksbank recently hiked rates for the first time since the onset…

Risk trades are under threat one again after the few sparse economic releases of the week have so far managed to disappoint and the momentum of the recent rebound rallies starts to fade. This morning’s Eurozone final GDP reading confirmed a 0.2% QoQ pace of growth in Q1, but German factory orders in May significantly undershot estimates at -0.5% MoM (compared to consensus estimates of 0.3%)….

Another day sparse of economic releases presents itself, with this afternoon’s ISM non-manufacturing as the sole focus left ahead of this evening’s World Cup semi-final. The earlier release of Switzerland’s CPI print has provided some food for thought however; with the June reading coming in at a much lower than estimated 0.5% YoY (consensus 0.9%), down from last month’s 1.1% print. The…

Another day sparse of economic releases presents itself, with this afternoon’s ISM non-manufacturing as the sole focus left ahead of this evening’s World Cup semi-final. The earlier release of Switzerland’s CPI print has provided some food for thought however; with the June reading coming in at a much lower than estimated 0.5% YoY (consensus 0.9%), down from last month’s 1.1% print. The…

Currency markets are relatively quiet at the start of the week; US desks are likely to remain empty as the Independence Day holiday is observed, and the morning’s data releases already done and dusted which leaves us predominantly at the whim of headline risk and equity market moves. This morning’s Swiss retail sales posted an extremely robust 3.8% YoY increase (albeit in a volatile series)…

The ripping rally higher in EURUSD and a host of other EUR-crosses has had many market participants asking what on earth could have prompted such a reversal – and in the backdrop of yet another slump in global equity indices which has traditionally been the fuel for EUR-weakness. A simple and easy scapegoat would be to point the finger at the often treacherous trend-reversals effected by…