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Better US jobs data cements view that 25bp will enough - ING
According to Chris Turner, global head of strategy at ING, Friday’s better than expected US jobs data has cemented the view that a 25 basis point cut will be sufficient insurance from the Fed at its 31 July meeting.
“This will have disappointed some in the market looking for a more aggressive move and has served to flatten the US 2-10 year yield curve by close to 15bp over the last fortnight. This leaves risk assets feeling slightly short-changed and open to pockets of vulnerability. Beyond US-China trade, attention has now turned to trade tensions between Japan and Korea, where Japan has imposed restrictions on semiconductor exports to Korea, citing national security concerns - sounds familiar. Expect the dollar to consolidate further this week, with the next big input coming on Wednesday, when Fed Chair Powell testifies to the House and FOMC minutes are released. DXY may struggle to get past 97.70 resistance, though.”
AUD/USD does not rule out a test of the 0.6940 region - Commerzbank
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Market focus
- German factory orders unexpectedly fell in October
- BOJ's Harada says no need to take additional policy steps
- Eurozone construction activity continues to grow in November
- Eurozone GDP up by 0.2% during the third quarter, as expected
Forex is open 24 hours a day, 5 days a week (except national holidays), and it can be broken up to the following four regional markets: Australia and Oceania, Asia, Europe, and America. A Forex trading session opens at 23:00 GMT on Sunday in Japan and closes at 22:00 GMT on Friday in the USA.
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Pacific | Wellington | 19:00 | 04:00 | 22:00 | 07:00 | 22:00 | 07:00 |
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Pacific | Sydney | 21:00 | 06:00 | 00:00 | 09:00 | 00:00 | 09:00 |
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Asian | Tokyo | 23:00 | 08:00 | 02:00 | 11:00 | 02:00 | 11:00 |
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Asian | Hong Kong, Singapore | 00:00 | 09:00 | 03:00 | 12:00 | 03:00 | 12:00 |
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European | 06:00 | 15:00 | 09:00 | 18:00 | 9:00 | 18:00 | |
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European | London | 07:00 | 16:00 | 10:00 | 19:00 | 10:00 | 19:00 |
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American | New York | 12:00 | 21:00 | 15:00 | 00:00 | 15:00 | 00:00 |
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American | Chicago | 13:00 | 22:00 | 16:00 | 01:00 | 16:00 | 01:00 |