Market News

European shares enjoyed a recovery on Thursday, snapping their longest losing streak since October 2016 as the cyclicals sectors which had driven a market-wide sell-off made a comeback.

Investors appeared to be biting their nails while waiting for U.S. tax reform updates, yet the Aussie managed to pocket some gains thanks to lower joblessness.

Asian shares shrugged off a lackluster start and pushed higher, while the dollar edged up as investors priced in more U.S. rate hikes after upbeat economic data.

A cautious approach to monetary policy may be prudent during times of uncertainty like today, but caution has its limits because the trade-off can be financial instability, says BOC’s Wilkins.

The Greenback tried (and failed) to regain some of its pips despite a relatively good set of economic reports from Uncle Sam.

South Korea and Canada have signed a standing bilateral currency swap agreement that will allow both countries to provide liquidity for the counterparty to support domestic financial stability, the Bank of Korea said on Thursday.

Oil prices dropped on Wednesday after the U.S. government reported an unexpected increase in crude and gasoline stockpiles, but an increase in refining runs and a drawdown in distillates helped prices bounce off session lows.

The dollar trimmed losses against a basket of major currencies on Wednesday, after data showed a surprise rise in retail sales last month as well as an uptick in underlying inflation, cementing expectations for an interest rate hike in December.

The head of the U.S. Senate Finance Committee proposed major changes to a Republican tax reform plan, adding a repeal of Obamacare’s health insurance mandate and making corporate tax cuts permanent while ending individual cuts in 2025.

U.S. consumer prices barely rose in October as the boost to gasoline prices from hurricane-related disruptions to Gulf Coast oil refineries was unwound, but rising rents and healthcare costs pointed to a gradual buildup of underlying inflation.

Today’s morning London session was rather busy, with lots of themes playing out. However, the most noteworthy are CAD and GBP weakness, as well as NZD strength.

Base metals slid sharply on Wednesday as data from China stoked fears of a slowdown in the world’s top commodities consumer, with falls in oil and global stocks indicating broad-based risk aversion amongst investors.

 A fall in commodity stocks and continued profit taking sent European shares to an eight-week low on Wednesday, but Airbus rallied after winning its biggest order.

The euro popped above the 1.18 line for the first time in three weeks on Wednesday as investors resumed buying European equities while the dollar found itself on the back foot for a second day as U.S. bond yields decline.

Shanghai nickel and zinc tumbled alongside steel on Wednesday, extending losses from the previous session, as traders cut exposure to the sector following cooling industrial production growth and property sales in China.

G’day, forex mates! Another Australian jobs report is coming up, which means that AUD will likely get a volatility infusion. And if you want to trade this top-tier event and need to get up to speed, then it’s time to read up.

Risk aversion was the name of the game during the Asian session, as bearish reports made it easy for traders to take profits on their higher-yielding bets.

Oil prices fell more than 1 percent on Wednesday, continuing Tuesday’s slide after the International Energy Agency cast doubts over the past few months’ narrative of tightening fuel markets.

British Prime Minister Theresa May’s blueprint to leave the European Union emerged unscathed on Tuesday from a first day of debate in parliament on legislation to sever ties with the bloc.

The euro continued its ascent fueled by stronger than expected GDP growth while the dollar found more sellers as doubts about the U.S. tax plan lingered.