USD weakens as Supreme Court rules

22 June, 2018

Markets have maintained the themes from yesterday overnight with the USD showing weakness on the back of poor Philly Fed data. The US Supreme Court ruled yesterday that US States can require companies selling products through the internet to collect tax from those sales. Amazon, Ebay and Etsy share prices all fell dragging down US Indices and continuing the declines from the European session. The Nasdaq led the declines finishing down -0.88% while US 10 year yields dropped -4.2 Bps.

The Bank of England left their Interest Rate Decision unchanged at 0.5% yesterday with a vote of 6-3-0 against an expected 7-2-0. Haldane, McCafferty and Saunders dissented. BOE Asset Purchase Facility was maintained at £435B, unchanged from £435B previously. All the members agree that the Q1 slowdown was temporary and household spending and sentiment have bounced back strongly. The Bank won’t consider reducing QE until rates reach 1.5%. The reaction in GBP was from Haldane’s vote with GBPUSD up from 1.31333 to 1.32693.

US Continuing Jobless Claims (Jun 8) were 1.723M against an expected 1.730M from 1.697M previously which was revised up to 1.701M. Initial Jobless Claims (June 15) were 218K versus an expected 220K against 218K previously which was revised up to 221K. This data is showing that the number of new claims is stable while continuing claims remains very close to its lows as workers are recruited to jobs.

Philadelphia FED Manufacturing Survey (Jun) was 19.9 against an expected 29.0 from 34.4 previously. This data surprised to the upside last month beating the expected 21.1 but the current reading shows this metric has erased the gains to reach a 10 month low. GBPUSDcontinued its move higher from 1.32139 to 1.32693 after this data release.

US House Price Index (MoM) (Apr) came in at 0.1% against an expected 0.3% from 0.1% previously which was revised up to 0.2%. This data was expected to increase from last month’s reading after declining from the reading in March of 0.8%, however it failed to do so and matched the previous number instead. A fall under 0.0% would be of concern since the data has remained above that level since 2011. USDJPY moved up to 110.314 before resuming its selloff to 109.845 in the following hours.


Source link  
Emerging markets rebound seems over

Asian markets have turned to a decline with a renewed force. After the rebound of last week, the index MSCI Asia ex Japan loses 1.2% and is only...

Rebound in Asian markets intensifies

On Friday morning, the demand for risks on the Asian bourses continues to recover. MSCI for Asia ex Japan is adding more than 1.2% this morning, having...

Reasons to rebound EM indices

Asian markets are adding after reaching 14-month lows the day before. Positive markets are supported by the reports about China's invitation to trade...


Strong data supports U.S. markets

Stocks of the Emerging Markets remain under pressure on Wednesday morning, with positive sentiments prevailing in American markets following...

Pound press dollar on news about Brexit

Michael Barnier, the EU's top negotiator on Brexit, called a reaching of the agreement on the deal within next 6-8 weeks realistic. This news supported...

Brent reversed from resistance level

Brent Crude Oil recently reversed down sharply from the major, multi-month resistance level 79.50 (which has reversed the price multiple times from the...


EM Markets sale-off spreading to DM

The current weakness on the developing countries financial markets is the longest since 2008. The similarities go further than that: as well as 10 years ago...

The price for trade uncertainty

The markets are cautiously on buy for American stocks, and the dollar adds on fears that trade conflicts are seriously stifling the business sentiment...

Chinese markets under pressure

The British pound maintains its position at 1.3020 on Thursday morning after rising by 1.2% from 1.2870 on Wednesday on the tone softening of the EU...


In the past 24 hours Bitcoin has gained 1.17% and reached $6350.16368978. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has gained 0.7799% and is now at $1.1681. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 16.58% and is now at $211.068253609. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Daily Forex Market Reviews


Forex Currencies Forecasts


Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets90%
2FXTMFXTM88%
3HYCMHYCM87%
4Alfa-ForexAlfa-Forex86%
5FxProFxPro85%
6FIBO GroupFIBO Group84%
7OctaFXOctaFX83%
8HotForexHotForex82%
9FXCMFXCM79%
10AvaTradeAvaTrade77%
  


Share: