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EURUSD extends higher today but backs off after break of 1.1000 fails

June 22, 2023

The EURUSD moved above the 1.1000 level and the swing high from early May (May 10 to be exact) at 1.1006. The high price it …

Technical Analysis

The NZD is the strongest and the JPY is the weakest as the NA session begins

June 22, 2023

As the North American session begins, the NZD is the strongest and the JPY is the weakest. The USD is mixed ahead of the Fed …

Central Banks

ECB’s Nagel: Tight labor market could result in persistent inflationary pressures

June 22, 2023

Rates have not peaked and eventual peak must be held for an extended period until inflation is broken Once we’ve reached peak rates or near-peak …

Central Banks

BOE surprises with 50 bps rate hike, bringing bank rate to 5.00%

June 22, 2023

Prior 4.50% Bank rate vote 7-2 vs 7-2 expected (Dhingra, Tenreyro voted to keep rates at 4.50%) Continuing to monitor closely the impact of the …

Sentiment

France 40 IG Client Sentiment: Our data shows traders are now net-long France 40 for the first time since Jun 02, 2023 when France 40 traded near 7,273.40.

June 22, 2023

Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger France 40-bearish contrarian …

Central Banks

SNB’s Jordan: The view that policy would be better by not tightening today is false

June 22, 2023

Most likely we will have to tighten monetary policy again But we can also take a more gradual approach A gradual approach is appropriate at …

Central Banks

SNB’s Jordan: We cannot rule out further monetary policy tightening

June 22, 2023

Monetary tightening has strengthened Swiss franc Still, underlying inflation pressure has risen further There is a danger inflation may become entrenched above 2% Inflation caused …

Central Banks

SNB raises policy rate by 25 bps to 1.75%, as expected

June 22, 2023

Prior 1.50% Rate hike is to counter inflation, which has increased again over the medium-term Additional rate hikes cannot be ruled out to ensure price …

Central Banks

BOJ’s Noguchi: Exchange rate should move stably reflecting fundamentals

June 22, 2023

Yen decline last year was too rapid Weak yen hurts households via rising prices but benefit firms via increase in overseas profits, rise in inbound …

Central Banks

Bank of Japan board member Noguchi spoke earlier – recap

June 22, 2023

The headline comments from Bank of Japan board member Asahi Noguchi are here: Bank of Japan’s Noguchi says Japan’s economy is to recover moderately Reuters …

Central Banks

European Central Bank officials Panetta and de Guindos are speaking today

June 22, 2023

There are always more speakers than those I manage to list. They’re a slippery bunch. Here’s what I have for the session ahead: 0915 GMT/0515 …