The US dollar continued to slide yesterday and today in Asia, perhaps due to Fed Chair Powell pouring cold water on QE-tapering expectations on Wednesday. EU and US equities traded higher, perhaps for the same reason, but Asian stocks tumbled, maybe due to concerns over tight regulations in China, or end-of-month profit taking. Today, all lights could fall on the Eurozone inflation data, which we expect to reinforce the ECB’s dovish message.

POWELL’S REMARKS KEEP WEIGHING ON USD, EZ INFLATION UNDER THE RADAR

The US dollar continued to slide against all the other major currencies on Thursday and during the Asian morning Friday. …


Equities traded generally higher yesterday, while the US dollar was found lower this morning against its major counterparts, perhaps because, although the Fed acknowledge the economic progress towards its goals, at the press conference after the decision, Fed Chief Powell repeated its “long way to go” mantra. This may have disappointed those expecting to get hints over when policymakers are planning to start withdrawing monetary policy support.

USD SLIDES, EQUITIES REBOUND AS POWELL GIVES NO SIGNAL ON TAPERING

The US dollar traded lower against all but one of the other major currencies on Wednesday and during the Asian morning Thursday. …


Equities traded south yesterday, perhaps on worries over tight regulations in China, but also as investors stayed cautious ahead of the FOMC decision later in the day. Bearing in mind the continues surge in US inflation, it would be interesting to see whether the Committee will sound more hawkish, and hint on when it could start scaling back its QE purchases.

WILL THE FED SOUND HAWKISH AMID SURGING INFLATION?

The US dollar traded mixed against the other major currencies on Tuesday and during the Asian session Wednesday. It gained against NZD, AUD, and CAD, while it underperformed versus JPY, GBP, EUR, and CHF, in that order.

The strengthening…


Nach der Entscheidung der EZB in der vergangenen Woche wird diese Woche der Staffelstab an die FED weitergeleitet, wobei die Marktteilnehmer gespannt darauf sind, wann die Verantwortlichen planen, ihre QE-Käufe zurückzufahren, und vielleicht wann mit der Erhöhung der Zinssätze zu rechnen sein könnte. Was die Daten betrifft, so könnten die wichtigsten die CPIs Australiens, Kanadas und der Eurozone sein, die die Erwartungen an die Zukunftspläne der jeweiligen Zentralbanken dieser Länder prägen könnten.

Der Montag ist ein relativ entspannter Tag, wobei die einzige erwähnenswerte Veröffentlichung die deutsche Ifo-Umfrage für Juli ist. Der aktuelle Bewertungsindex dürfte von 99,6 auf 101,6 gestiegen sein…


Tras la decisión del BCE de la semana pasada, esta semana, la antorcha del banco central pasará al FOMC, y los participantes del mercado estarán ansiosos por saber cuándo los funcionarios planean comenzar a reducir sus compras de QE y quizás cuándo planean comenzar a subir los tipos de interés . En cuanto a los datos, los más importantes pueden ser los IPC de Australia, Canadá y la Eurozona, que pueden moldear las expectativas en torno a los planes futuros de los respectivos bancos centrales de esas naciones.

El lunes es un día relativamente ligero, y el único lanzamiento que…


Following last week’s ECB decision, this week, the central bank torch will be passed to the FOMC, with market participants eager to find out when officials are planning to start scaling back their QE purchases, and perhaps when they are planning to start raising interest rates. As for the data, the most important ones may be Australia’s, Canada’s, and Eurozone’s CPIs, which may shape expectations around the future plans of those nations’ respective central banks.

Monday is a relatively light day, with the only release worth mentioning being Germany’s Ifo survey for July. The current assessment index is expected to…


The US dollar slid, while equities gained on Wednesday and during the Asian session Thursday, perhaps due to further easing of concerns over the fast-spreading coronavirus. As for today, all the attention may fall on the ECB decision. Considering the subdued core inflation rate, the dovish remarks by several policymakers, and the change in their inflation objective, we believe that the Bank will highlight once again the need for extra-loose policy for longer.

EQUITIES GAIN ON EASING VIRUS CONCERNS, ECB TAKES CENTER STAGE

The US dollar turned south and underperformed against all but one of the other major currencies on Wednesday and during the Asian session Thursday. …


Major global indices rebounded yesterday, perhaps to correct Monday’s overstretched slide due to the renewed concerns that the fast-spreading Delta variant of the coronavirus could hamper the global economic recovery. Market participants may have just had second thoughts over how restrictive any potential new measures could be. Any new measures could be softer, as vaccination rates limit the severity of symptoms of new cases.

EQUITIES REBOUND AS SENTIMENT IMPROVES, BUT USD STAYS ELEVATED

The US dollar kept outperforming all but two of the other major currencies on Tuesday and during the Asian session Wednesday. …


El calendario de esta semana parece mucho más ligero que el anterior, y solo un banco central decide sobre la política monetaria, el BCE. Teniendo en cuenta la tasa de inflación subyacente moderada, los comentarios moderados de varios responsables de la política económica y el cambio en su objetivo de inflación, creemos que el Banco destacará una vez más la necesidad de una política más flexible durante más tiempo. Las actas de la RBA y los PMI preliminares de la zona euro, el Reino Unido y los EE. UU. también están en la agenda de esta semana.

El lunes es…


Der Wirtschaftszahlenkalender für diese Woche sieht relativ entspannt aus, da nur eine Zentralbank über die Geldpolitik entscheidet, die EZB. Unter Berücksichtigung der verhaltenen Kerninflationsrate, der zurückhaltenden Äußerungen einiger politischer Entscheidungsträger und der Änderung ihres Inflationsziels glauben wir, dass die Bank die Notwendigkeit einer längerfristigen extra-lockeren Politik erneut hervorheben wird. Auch das RBA-Protokoll und die vorläufigen PMIs aus der Eurozone, Großbritannien und den USA stehen in dieser Woche auf der Agenda.

Am Montag stehen keine nennenswerten Wirtschaftsdaten oder Veröffentlichungen auf dem Plan. Der einzige erwähnenswerte Tagesordnungspunkt ist eine Rede von BoE MPC-Mitglied Jonathan Haskel. Letzte Woche sagte BoE-Mitglied Michael Saunders, dass…

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