Market News
Stay on top of the major news, data and analysis moving forex and global financial markets.
ECB recap: A hawkish hike despite downside growth risks
The European Central Bank (ECB) increased the Deposit Facility Rate to 2.50%, the Refinancing Rate to 2.65% and the Marginal Lending Facility to 2.90%, effective from September 16.
Japanese Yen: Defensive Yen as BoJ turns hawkish – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret highlight that USD/JPY is edging higher as the Japanese Yen trades defensively after its sharp late-August rally. The Bank of Japan’s messaging is described as unequivocally hawkish ahead of a widely anticipated 25 bps hike on September 18.
United States EIA Heating Oil Stocks Change climbed from previous -0.033M to 0.01M in September 3
United States EIA Heating Oil Stocks Change climbed from previous -0.033M to 0.01M in September 3
United States EIA Gasoline Stocks Change increased to 1.269M in September 3 from previous -1.173M
United States EIA Gasoline Stocks Change increased to 1.269M in September 3 from previous -1.173M
United States EIA Distillate Stocks Change increased to 2.087M in September 3 from previous 0.796M
United States EIA Distillate Stocks Change increased to 2.087M in September 3 from previous 0.796M
United States EIA Crude Oil Stocks Change registered at -0.391M above expectations (-1.4M) in September 3
United States EIA Crude Oil Stocks Change registered at -0.391M above expectations (-1.4M) in September 3
United States 4-Week Bill Auction up to 3.775% from previous 3.7%
United States 4-Week Bill Auction up to 3.775% from previous 3.7%
Canadian Dollar firms as US Dollar loses momentum, Oil prices extend rally
USD/CAD pares earlier gains on Thursday as the US Dollar (USD) loses momentum after staging a modest recovery, despite US Producer Price Index (PPI) data showing that producer inflation picked up again in August. At the same time, higher Oil prices offer support to the Canadian Dollar (CAD).
Copper: Tariff uncertainty and max CTA length – TD Securities
TD Securities analysts Ryan McKay and Bart Melek report that Copper’s recent rally has been driven mainly by supply-side factors linked to tariff-induced inventory depletion.
Silver slides below $65 as US PPI reinforces Fed rate-hike bets
Silver (XAG/USD) extends its sharp decline on Thursday, trading around $64.35 per ounce at the time of writing, down 4.39% on the day.
British Pound under pressure as hot PPI puts Fed hike in play
The Pound Sterling (GBP) loses traction against the US Dollar (USD) on Thursday after the latest US producer inflation report, which exceeded estimates, prompting investors to price in a more hawkish Federal Reserve (Fed). At the time of writing, GBP/USD trades at 1.3525, down 0.17%.
British Pound: Consolidation against US Dollar before UK data and BoE – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret note GBP/USD is little changed as it extends its recovery from last week’s lows, with risk set to rise on upcoming United Kingdom (UK) trade and industrial data.
United States: Higher August forecast with methodology shift – TD Securities
TD Securities economists Eli Nir and Oscar Munoz raise their August core PCE forecast after stronger PCE-relevant components in the August PPI report. They now expect core PCE at 0.24% m/m and 3.3% y/y, with headline PCE at 0.33% m/m and 3.8% y/y.