Equity Indices Return to Their Highs While the US Dollar Firms
by
George Tchetvertakov
Financial markets have started the week in subdued fashion with some profit-taking seen in USD currency pairs, equities and commodities. Despite the noise, predominant trends remain in force going into key macro-data points later today.
The Japanese Yen continues its meteoric rise since the Bank of Japan’s unexpected monetary policy expansion last month.
Despite touching lows just above 113.80 yesterday, USD/JPY has since ramped higher within striking distance of the recent highs around 115.60.
Japanese macro data showed no major surprises, though a welcome boost to the current account surplus has barely affected JPY pairs.
In data published earlier, Japan's bank lending rose 2.4% year-on-year in October, while the September current account surplus widened to ¥963 billion yen year-on-year and the trade deficit for the same month came in at ¥714.5 billion year-on-year, up 0.1%. In early European trade, the US dollar index was marginally higher and trading close to 88.00.
Overnight, GBP/USD gave back gains against the dollar late last week after investors digested Friday's lukewarm US jobs report. On the whole, the US jobs report was sufficiently strong enough to dissuade fresh QE and easing speculation following the Fed’s tightening stance. The US Department of Labor reported that the US economy added 214,000 jobs in October, lower than prevailing expectations of a 230,000 increase. The US unemployment rate fell to a 6-year low of 5.8% from 5.9% in September.
Macro data released on Monday revealed that Italian industrial production fell 0.9% in September, disappointing market expectations of a 0.2% gain. The soft report raises concerns that Friday’s preliminary GDP figures will show Italy has fallen back into recession after a 0.2% contraction in Q2.
A separate investor confidence indicator, the Sentix Investor Confidence index, which estimates the health of the European economy by surveying 2,800 investors and analysts also underscored weakness in the Euro-zone. In October, the index declined to -11.9 from -13.7 in October (lowest since May 2013) which is technically an improvement. However, the index remains at 18-month lows as investor confidence remains muted.
The Japanese Yen continues its meteoric rise since the Bank of Japan’s unexpected monetary policy expansion last month.
Despite touching lows just above 113.80 yesterday, USD/JPY has since ramped higher within striking distance of the recent highs around 115.60.
Japanese macro data showed no major surprises, though a welcome boost to the current account surplus has barely affected JPY pairs.
In data published earlier, Japan's bank lending rose 2.4% year-on-year in October, while the September current account surplus widened to ¥963 billion yen year-on-year and the trade deficit for the same month came in at ¥714.5 billion year-on-year, up 0.1%. In early European trade, the US dollar index was marginally higher and trading close to 88.00.
Overnight, GBP/USD gave back gains against the dollar late last week after investors digested Friday's lukewarm US jobs report. On the whole, the US jobs report was sufficiently strong enough to dissuade fresh QE and easing speculation following the Fed’s tightening stance. The US Department of Labor reported that the US economy added 214,000 jobs in October, lower than prevailing expectations of a 230,000 increase. The US unemployment rate fell to a 6-year low of 5.8% from 5.9% in September.
Macro data released on Monday revealed that Italian industrial production fell 0.9% in September, disappointing market expectations of a 0.2% gain. The soft report raises concerns that Friday’s preliminary GDP figures will show Italy has fallen back into recession after a 0.2% contraction in Q2.
A separate investor confidence indicator, the Sentix Investor Confidence index, which estimates the health of the European economy by surveying 2,800 investors and analysts also underscored weakness in the Euro-zone. In October, the index declined to -11.9 from -13.7 in October (lowest since May 2013) which is technically an improvement. However, the index remains at 18-month lows as investor confidence remains muted.
UK Chancellor Jeremy Hunt Clashes with FCA over Controversial “Name and Shame” Policy
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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