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Sterling skidded against the dollar and the euro on Friday, after British Prime Minister Theresa May failed to give any concrete details for how Britain might retain preferential access to Europe’s single market. “Traders looked for hints around future access to the single market, and were disappointed not to find them in the prime minister’s speech.” Sterling...

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New Zealand election: National Party wins most votes but not enough to govern outright That means New Zealanders may need to wait for days or weeks before knowing who their next leader will be as the different political parties try to negotiate with each other to secure a majority. With nearly all votes counted, the National Party was leading with 46 per cent,...

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DOLLAR GAINS World stocks hit another record high on Monday and the dollar reached an eight-week peak against the yen on expectations the U.S. Federal Reserve will unveil plans this week to trim its bloated balance sheet. With no new actions by North Korea over the weekend, investors pushed Europe’s main share index to a six-week high. In currencies, the...

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North Korea threatens to 'sink' Japan, reduce U.S. to 'ashes and darkness' A North Korean state agency threatened on Thursday to use nuclear weapons to “sink” Japan and reduce the United States to “ashes and darkness” for supporting a U.N. Security Council resolution and sanctions over its latest nuclear test. The Korea Asia-Pacific Peace Committee, which...

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BoE: Early Q3 Data Stronger Than Committee Anticipated In August Report BoE: Some Withdrawal Of Stimulus Likely Appropriate In 'Coming Months' BoE MPC Vote 7-2 To Keep Rates On Hold At 0.25%, 8-0 To Keep Asset Purchase Target On Hold At GBP435 Bln BoE: All On MPC Agree Rise In Bank Rate Should Be 'Gradual' And 'Limited' majority of MPC think a lessening of...

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The dollar rose on Wednesday after a report showed U.S. producer prices rebounded in August and as traders turned their focus to consumer inflation data due on Thursday that will be closely watched by the U.S. Federal Reserve as it considers when to next raise interest rates. The index rose after the U.S. Labor Department said its producer price index for final...

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Main points The Consumer Prices Index including owner occupiers’ housing costs 12-month inflation rate was 2.7% in August 2017, up from 2.6% in July 2017. Rising prices for clothing and motor fuels were the main contributors to the increase in the rate between July and August 2017. Air fares also rose between July and August but the rise was smaller than between...

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On Monday, investors were also faced with news that another major storm, the category five Hurricane Irma, was headed for Florida, on the heels of Harvey’s destruction in Texas. Comments from Fed governor Lael Brainard that urged caution on lifting short-term interest rates while inflation remains subdued also underpinned the advance in US government debt. As...

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Changes to the ECB forecasts 2017 growth 2.2% vs +1.9% previously 2018 growth unchanged at 1.8% 2019 growth unchanged at 1.7% Inflation: 2017 inflation unchanged at 1.5% 2018 inflation 1.2% vs 1.3% prior 2019 inflation 1.5% vs 1.6% prior These forecasts are in line with yesterday's leaks. Draghi said inflation had yet to show signs of a sustained convincing...

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www.bankofcanada.ca Bank of Canada interest rate decision 1.00% vs 0.75% prior Prior overnight rate was 0.75% Economists narrowly expected a hold at 0.75% Future monetary policy decisions not predetermined Sees widespread strength in business investment and exports Recent economic data have been stronger than expected Consumer spending remains robust BOC...

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Dollar lower as employment disappoints Non-farm payrolls for August 2017 Prior was +209K (revised to 189K Estimates ranged from +139K to +226K Private payrolls 165K vs +172K expected Unemployment rate 4.4% vs 4.3% expected Participation rate vs 62.9% prior Wages data: Average hourly earnings +0.1% vs +0.2% m/m expected Average hourly earnings 2.5% vs...

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U.S. job growth likely slowed in August after two straight months of robust gains, but the pace of increase should be more than sufficient for the Federal Reserve to announce a plan to start trimming its massive bond portfolio. While the job gains would clear the path for the U.S. central bank to outline a plan to start shrinking its $4.2 trillion portfolio of...

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Jackson Hole was damaging but not a disaster for the U.S. dollar. The greenback traded lower against all of the major currencies with the EUR/USD rising to its strongest level since January 2015 and USD/JPY sinking back towards 109.00 before settling above that level. In some ways the move was surprising because Janet Yellen’s comments should have been positive...

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The event that investors waited all week for is finally here. Central bankers from around the world are gathering at Jackson Hole over the next few days for the Federal Reserve’s economic symposium. The topic is “fostering a dynamic global economy,” but the focus will be on Janet Yellen and Mario Draghi’s plans for monetary policy. Expectations are high for this...

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This past week was an important one for sterling and while there were both positive and negative economic reports, there’s no question that the latest round of U.K. data supports the case for slower monetary policy removal. Consumer prices declined in the month of July, leaving the year over year growth rate at 2.6%. However labor market conditions improved last...

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Between the ECB’s views on the currency, the terrorist attack in Spain and arrests in Finland, EUR/USD should be trading below 1.17. The tragedy in Barcelona is a harsh reminder of the ongoing geopolitical risks facing the region. From an economic perspective, these attacks increase allocations to anti-terrorism efforts, discourage tourism and deter consumers from...

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Market sentiment improved after North Korea said on Tuesday it had delayed a decision on a plan to fire missiles at the U.S. Pacific territory of Guam while it watches U.S. actions a little longer. At the same time, South Korean President Moon Jae-in said there will be no military action upon the Korean peninsula without Seoul's consent and that the government...

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Sterling is the most vulnerable to a deep correction as there was nothing positive in the most recent Bank of England Quarterly Inflation report and monetary policy announcement. The central bank voted 6-2 to leave interest rates unchanged, cut their forecasts for GDP and wage growth and expressed concerns about a “smooth transition to a new economic relationship...