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27/03/2017

On Monday, European stocks declined, following the global trend as market partisans fretted that Donald Trump’s failure to gain enough support to replace health care turned to be an indicator of troubles he might have in the future with other promised fiscal policies, including tax reform or infrastructure spending.

Nearing midday trade in Europe, the Euro Stoxx 50 dived 0.53%, France’s CAC 40 declined 0.46% and Germany’s DAX 30 slumped 0.84%.

Asian stocks concluded lower earlier, while American futures pointed to a lower start.

Safe-haven assets, including the Japanese yen as well as precious metals, gained demand, as the greenback takes a hit.

The US dollar index, normally tracking the greenback’s actual value against a trade-weighted basket of crucial currencies, decreased 0.61%, being worth 98.98.

Against the yen, the greenback dipped approximately 1% to its lowest value since November, while the common currency reached its highest value against the US dollar since December.

23/03/2017

On Thursday, European stocks were steady to decline in more cautious trade because markets were still jittery after the terrorist attack in London on Wednesday. Moreover, traders kept focusing on Donald Trump’s policies.

During European morning trade, the EURO STOXX 50 headed south 0.26% Germany’s DAX 30 lost 0.01%, while France’s CAC 40 slid 0.22%.

Market participants were especially concerned about Trump’s ability to gain enough support for his healthcare bill, expected to replace Obamacare.

Financial stocks were mixed because French lenders BNP Paribas as well as Societe Generale lost respectively 0.05% and 0.13%. Germany’s Deutsche Bank slumped 0.13%, Commerzbank soared 0.72%.

Among peripheral lenders, Intesa Sanpaolo surged 1.60% and Unicredit slid 0.21% in Italy. Besides this, Spanish banks Banco Santander and BBVA surged 0.51% and 0.35% respectively.

In London, FTSE 100 decreased 0.21%, suppressed by Kingfisher, whose stocks plummeted 2.29%.

22/03/2017

Reserve Bank of New Zealand is due to deliver its interest rate decision at 22:00 (MT time). The benchmark interest rate is a key factor determining the nominal exchange rate of the kiwi. So, traders devote special attention to the RBNZ’s announcements.
At the last meeting, the NZ central bank left its official cash rate unchanged endorsing a wait-and-see approach for its future monetary policy undertakings. For the time being, little has changed in respect of the domestic and international outlook. So, the RBNZ might decide to recourse from making any adjustments to their current monetary policy stance once again. NZD/USD and AUD/NZD will likely be very active during the time of the release and afterwards.

21/03/2017

On Tuesday, European stocks were mixed, as two surveys revealed that centrist Emmanuel Macron was considered to be the most convincing nominee in a debate between presidential candidates in France.

The benchmark Euro Stoxx 50 surged 0.22%, France’s CAC 40 rallied 0.28%, though Germany’s DAX 30 edged down 0.02%.

The apparent victory eased worries that right-wing as well as anti-euro candidate Marine Le Pen, who has pledged to leave the single-currency bloc if elected, would definitely win out in the French elections, simultaneously bringing the common currency to six-week peaks.

Additionally, market participants looked ahead to the February inflation data from Great Britain. Experts hope that the consumer price index in this country will reach its highest value since November 2013 in a return to the BOE’s 2% objective.

In London, the FTSE 100 decreased 0.06%, as traders waited for the inflation data.

18/03/2017

17/03/2017

On Friday, euro zone money markets demonstrated approximately an 80% probability that the European Central Bank could increase its deposit rate at its December gathering, soaring from 60% a week ago.

Surging expectations of a rate lift at the end of this year followed comments from ECB official Ewald Nowotny, telling that the major bank will decide later whether to lift interest rates after or before ending its bond purchase program.

Eonia bank-to-bank rates dated for the ECB gathering on December 14 kept to -0.27%, just 8 basis points higher than the Eonia spot rate of -0.35%.

This gap suggests that financial markets are pricing in approximately an 80% likelihood of a 10 basis point lift in the ECB's deposit rate by December, as the major bank's current bond-buying scheme is scheduled to come to its end. The ECB's deposit rate turns to be -0.40%.

Money market rates demonstrate a 90% chance of a rate lift in January, and they’re fully priced for a surge in March.

17/03/2017

The Bank of England kept its benchmark interest rate intact and also announced no change to its asset purchase facility program, as Britain’s major bank revealed on Thursday.

The BOE accounted that that it was holding the benchmark interest rate at about 0.25%, which is a widely expected move. Additionally, the major bank also informed that it was about to maintain the stock of asset purchases funded by the issuance of major bank reserves at £435 billion.

Minutes from the major bank's policy gathering revealed that eight members were in favor of leaving the major interest rate at the current record minimum of 0.25%.

By the way, dissenting member Kristin Forbes baked a 0.25% lift in the benchmark rate to 0.50%.

Market experts expected the Bank of England to vote 9-0 to keep its policy steady.

The currency pair GBP/USD was trading at 1.2320 from approximately 1.2260 ahead of the announcement. Meanwhile, EUR/GBP hit 0.8705, compared with the previous outcome of 0.8746 earlier.

15/03/2017

On Tuesday, the British pound dived to two-month minimums against the greenback, as the prospect of the UK triggering its exit from the European Union as well as a second Scottish independence referendum weighed.

The currency pair GBP/USD reached 1.2109, the weakest outcome since January 17.

The sag in the British currency came after the UK parliament gave its approval to Prime Minister Theresa May’s Brexit bill, providing her with the power to formally trigger article 50 of the Lisbon Treaty just to launch divorce proceedings with the European Union.

The British pound was also affected by Scotland’s push for a new independence referendum that deepened political uncertainty as for Brexit.

Britain’s sterling was also lower against the common currency, with EUR/GBP soaring 0.58% and getting to 0.8768, which is not far from Monday’s eight-week peaks of 0.8786.

The euro pared back some revenues after data demonstrating that German investor morale improved moderately in March as uncertainty over the outcome of key EU elections remained high.

14/03/2017

On Tuesday, gold tacked on in Asia, following positive figures from China on industrial output.

In New York, April delivery gold futures added 0.10%, hitting $1,204.25 a troy ounce. As for copper futures, they gained 0.15%, being worth $2.632 a pound.

Overnight, gold prices traded moderately higher, as political jitters from the EU backed demand for the number one precious metal, while the probability of an American rate lift later this week capped further revenues.

Gold stood firm during early morning trade on Monday, after market participants braced for a fresh round of political uncertainty from the European Union ahead of the Dutch parliamentary election on Wednesday. Though the risk of a Eurosceptic party emerging as victorious is quite slim, the Dutch election represents a relatively high volatile scenario as it goes ahead of the French elections.

Upside momentum in gold remained capped as political uncertainty kept playing second fiddle to hopes that the Fed will raise interest rates on Wednesday following the verdict of its two-day gathering on March 14-15.

14/03/2017

On Monday, European stocks started the trading week off flat with mixed signs, as market participants looked ahead to a busy week, which will include an interest rate verdict from the Fed, Great Britain, triggering of Article 50 to start negotiations with the EU over the Brexit, as the UK’s exit is known, while eyes turn to elections in Europe.

The benchmark Euro Stoxx soared 0.04%, French CAC 40 slid 0.02% and German DAX 30 tacked on 0.04%.

Market participants seemed unwilling to make huge moves in shares at the beginning of a week with several key events.

The Fed’s widely expected to raise interest rates in its policy verdict announcement on Wednesday in what would only be the third move aimed at normalizing monetary policy in almost a decade after the financial crisis started.

Elections in the Netherlands are considered to be a bellwether for the further spread of populism in Europe, especially ahead of next month's French election, and those in Germany set for September.

In London, the FTSE 100 ascended 0.01%, backed by revenues in the mining sector.

11/03/2017

DEAR CLIENTS! HERE IS IMPORTANT INFORMATION FOR YOU.

Here is important information for you. USA comes to daylight saving time on March 12, 2017. Due to this fact, starting from March 13, 2017, the trading time will be changed for the following trading instruments: WTI, BRN, XAGUSD, XAUUSD, Palladium, Platinum – the opening and closing time switches to 1 hour earlier. Forex Market – closing 1 hour earlier on Friday, March 17 and 24, 2017 (23:00 MT time).

European countries come to daylight saving time on March 26, 2017. After this happens, the trading schedule will return to it’s normal. MT time will become 1 hour shorter on March 26, 2017.
MT time will become 1 hour back on March 26, 2017.

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10/03/2017

US nonfarm payrolls (NFP) will be released at 15:30 MT time.
Billions of traders wait for this release every month. The indicator will show how many jobs were created in the US during in February. The US Department of Labor will also publish unemployment rate and average hourly earnings. The Federal Reserve is closely monitoring these figures while making its monetary policy decisions. As a result, the release has a great impact on the US dollar in all currency pairs.
Traders are wondering about the Fed’s rate hike timing this year. How soon the US central bank raises rates largely depend on the strength of America’s labor market data. Last time NFP exceeded forecasts (227K vs. 170K expected), but earnings and unemployment rate disappointed.
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