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On Friday, what started out as a good day for the risky assets & EUR quickly became an outright collapse. Fitch has been very chatty in recent days and the prospect of an S&P downgrades for Eurozone sovereign had been lingering over the markets for a while. First came a disappointing Italian bond auction. Then speculation that Greece was near to announcing critical restructuring of Greek…

Risk correlated assets continued to make gains in Asian session due to the optimism sprung from yesterdays well received Spanish and Italian auctions. EURUSD traded up to 1.2879 while AUDUSD after a brief dip charged to 1.0362. Asia’s regional indices were broadly higher with the Nikkei up 1.36% and Hang Seng 0.57% yet shanghai failed to contribute to the feel good atmosphere falling -1.34%….

Ahead of today’s big events the ECB and lesser extent the BoE Asian session was subdued. China economic data provide not surprise as December CPI and PPI printing practically in line with expectations at 4.1% and 1.7% y/y respectively. That’s say risk appetite remained low after yesterdays late day Eurozone negative headlines. The wires lit up with reports from senior EU banking sources that the…

Asian session was quiet as markets began bracing themselves for tomorrow’s ECB meeting. Risk appetite was muted as equity indices painted a mixed picture. EURUSD provided a solid U-shaped path trading from 1.2770 to 1.2730 then back to 1.2780. The correlation between EURUSD and its interest rate differential remains high so any directional price action will probability wait till tomorrow ECB…

Risk appetite returned in Asian session as regional equities rallied. Yet FX markets coasted in constricted ranges. EURUSD rallied softly from 1.2762 to 1.2799 while USDJPY slid a merger 15 pips to 76.78. AUDUSD was able to climb to 1.0323 supported by the China’s decent trade balance coming in at $16.52bn vs. $8.8bn exp. In other Chinese data imports printed at 11.8% y/y vs. 18.0% exp,…

The pessimism surrounding the European crisis and spillover effect into the EUR looks to have entrenched itself last week. Traders have been quick to fade any risk rally either in FX or equities, quickly reversing any optimism. On the other hand, the USD continued to find supporters in seemingly a win – win environment for the greenback. EURUSD started on weak footing falling to 1.2666 led…

It’s another non-farm payrolls Friday, and in typical fashion the FX markets are subdued with few participants willing to commit to big bets ahead of the risk event. Despite dropping to new 15-month lows in the Asian session, EURUSD has managed to recover its losses early in the European session, and is now loitering around the 1.2800 mark.   The December non-farm payrolls are due at 13:30…

Mounting tensions in the Persian Gulf continue to worry the market; distracting at least some of the focus away from European debt problems, but certainly not helping risk appetite recover in the new year. As concerns intensify that the stand-off between Iran and the US could turn nasty, worried investors are pushing commodities prices higher, with oil staying well supported above $100 per…

Risk appetite has stabilized today and the overall mood appears constructive as December’s round of PMI surveys has been encouraging overall. In particular, the manufacturing components released yesterday pointed to a much stronger than expected performance at the end of last year. Switzerland posted the most impressive upside surprise, with December’s reading hitting 50.7 compared to forecasts…

With a vast majority of the world’s markets taking an extra day to recovery from the New Year festivities, FX price action was subdued. USD was broadly offered across G10 and EM was Asian equities firmed. USDJPY continued to sell-off trading down to 76.77 from 76.97. Oil has come back into focus as Iran has issued some hawkish comment pre-European open. Reuters citing Fars News Agency has the…