International Energy Agency: Off Balance
Despite a record drawdown from US oil inventories and the fact that Saudi exports to the US are at a 30 year low, the International Energy Agency (IEA) is backtracking their prediction of a global oil market rebalancing because of an increase in OPEC oil production. This comes as the agency, famous for underestimating demand, […]
Uber Withdraws From Russian Market, Merges Local Operations With Yandex
Uber and Yandex, the “Google of Russia”, have agreed to merge their ride-sharing businesses in Russia and in five markets across Central Russia, a deal in which Uber cedes control of the market to the Moscow company after years of fierce competition. Diversified internet giant Yandex is the dominant player in Web search, maps and […]
USDJPY: Remains Bearish With Eyes On More Downside Pressure
USDJPY: The pair continues to retain its downside pressure on correction. On the downside, support comes in at the 113.00 level where a break if seen will aim at the 112.50 level. A cut through here will turn focus to the 112.00 level and possibly lower towards the 111.50 level. Its daily RSI bearish and […]
Krona Surges! I Found Some Inflation In Sweden
Earlier this month, the Riksbank removed the easing bias from their outlook. They had too. Do you remember why? Well, it’s because Sweden’s monetary policy is inextricably tied up with ECB policy. The Riksbank is beholden to Draghi. This meant that as Draghi plunged ever deeper into the accommodative Twilight Zone, the Riksbank had to follow him […]
Morning Call For Thursday, July 13
OVERNIGHT MARKETS AND NEWS Sep E-mini S&Ps (ESU17 +0.08%) this morning are up +0.14% and European stocks are up +0.61%, both at 2-week highs after Fed Chair Yellen signaled yesterday that the Fed will be in no rush to raise interest rates as they wait to see if inflation picks up later this year. Signs […]
Low Volatility Isn’t Limited To US Stocks
The US stock market’s ongoing run of low volatility has inspired a torrent of commentary as the crowd struggles to make sense of the trend. Analysts at JP Morgan, for example, recently wrote that “a very low supply of economic surprises currently is by itself enough to explain the low level of market volatility.” Meanwhile, a strategist […]
EUR/USD And GBP/USD Forecast – Thursday, July 13
EUR/USD The EUR/USD pair initially tried to reach at the 1.15 level but failed. Janet Yellen’s speech in front of Congress was a little less hawkish than expected, although it certainly seems as if the Federal Reserve will raise interest rates. This bit of uncertainty could hamper risk appetite, and with that being the case […]
Gold Prices Eye Key Resistance As Day 2 Of Yellen Testimony Looms
Gold prices rose after markets concluded that Fed Chair Janet Yellen adopted a dovish posture in testimony before a House of Representatives panel yesterday. She seemed wary of recently slowing inflation and suggested that rates won’t need to rise much further to get to a neutral setting. That sent the US Dollar lower alongside Treasury bond yields, boosting the […]
Global Stocks Hit New All Time High After Dovish Yellen, Strong Chinese Trade Data
The hawkish tone and global bond tantrum unleashed by central bankers at the Sintra ECB forum two weeks ago is now a distant memory, and after Janet Yellen surprised markets with an unexpectedly dovish (in the market’s interpretation) testimony yesterday, overnight global shares hit their fourth all-time high in less than a month as concerns […]
Indian Indices Finish The Day At Lifetime Highs
After opening the day on a positive note, Indian share markets continued their uptrend and ended their day on a positive note. Gains were largely seen in the capital goods sector, banking sector and FMCG sector leading the gains. At the closing bell, the BSE Sensex stood higher by 233 points (up 0.7%) and the NSE Nifty closed higher by 76 points (up 0.8%). The BSE Mid […]
