China official PMIs February: Manufacturing 35.7 (expected 45.0) Non-manufacturing 29.6 (expected 51.0)
29 Feb 2020
China's economy was hit hard right from the Lunar New Year holiday and the weeks after from the coronavirus outbreak.
- deaths now number >3,000 in China
Manufacturing 35.7, this is the lowest ever recorded for this indicator.
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- deaths now number >3,000 in China
Manufacturing 35.7, this is the lowest ever recorded for this indicator.
ForexLive Americas FX news wrap: Powell issues surprise statement
28 Feb 2020
Forex news for North American trade on Feb 28, 2020:
Markets:
- Gold -$59 to $1585
- WTI crude down $1.83 to $45.26
- US 10 year yields down 11 bps to 1.15%
There are no easy answers in a tick-by-tick play-by-play at a time like this. Fear and greed dominate. The surprise news of the day was a statement
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Markets:
- Gold -$59 to $1585
- WTI crude down $1.83 to $45.26
- US 10 year yields down 11 bps to 1.15%
There are no easy answers in a tick-by-tick play-by-play at a time like this. Fear and greed dominate. The surprise news of the day was a statement
US stock futures continue to rally after the close
28 Feb 2020
Futures finish 1.2% higher
The rally that started in the final 15 minutes of trading continued into the after-hours and futures are up 1.2% on the day. That's nearly +5% from the intraday low.
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The rally that started in the final 15 minutes of trading continued into the after-hours and futures are up 1.2% on the day. That's nearly +5% from the intraday low.
CFTC Commitments of Traders: Euro shorts continue to grow, yen shorts jump
28 Feb 2020
Forex futures positioning data for the week ending February 25, 2020:
I think this is a clue as to why the pound was so weak late in the week. Everyone is heading to the sidelines to get a clear look at the virus and that meant closing out long GBP and short EUR positions; along with
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I think this is a clue as to why the pound was so weak late in the week. Everyone is heading to the sidelines to get a clear look at the virus and that meant closing out long GBP and short EUR positions; along with
US stocks catch a big bid in the final 15-minutes of trading to limit the damage
28 Feb 2020
Dramatic move late
The S&P 500 finished the day down just 24 points at 2954 in a big win for the bulls late in the day.
The index gained more than 70 points in the final 15 minutes of trading in a huge bid, that was likely helped by month-end rebalancing. The huge rallies in bond
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The S&P 500 finished the day down just 24 points at 2954 in a big win for the bulls late in the day.
The index gained more than 70 points in the final 15 minutes of trading in a huge bid, that was likely helped by month-end rebalancing. The huge rallies in bond
Cable jumps on the Powell put, USD/JPY continues to fall
28 Feb 2020
It's a put on the dollar
Fed cuts don't matter for the stock market anymore. It's a biological crisis, not an economic one. Rates at zero will be great when officials finally get on top of the virus and the tide turns, but they're not a reason to buy right now.
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Fed cuts don't matter for the stock market anymore. It's a biological crisis, not an economic one. Rates at zero will be great when officials finally get on top of the virus and the tide turns, but they're not a reason to buy right now.
US 5-year yields are threatening the 2016 low
28 Feb 2020
5-year yields in focus
It's tough to overstate how dramatic the moves in bonds have been this weekend. US Treasury yields continue to crater.
I think they're a clearer sign of where the market thinks the Fed is going than anything else. US 5-year yields are down another 16.6 (!) basis points today in a continued swan
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It's tough to overstate how dramatic the moves in bonds have been this weekend. US Treasury yields continue to crater.
I think they're a clearer sign of where the market thinks the Fed is going than anything else. US 5-year yields are down another 16.6 (!) basis points today in a continued swan
Watch out for the China PMIs on the weekend
28 Feb 2020
If you can believe them... that is
On Saturday China will release the official manufacturing and non-manufacturing PMIs. The consensus is the manufacturing number is a drop to 45.0 from 50.0 in January.
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On Saturday China will release the official manufacturing and non-manufacturing PMIs. The consensus is the manufacturing number is a drop to 45.0 from 50.0 in January.
A 50 basis point cut from the Fed is now 70% priced in for the March 18 meeting
28 Feb 2020
A single cut is totally priced in
The Fed funds futures market continues to imply that a cut is fully priced in but now it's a question of 25 basis points or 50 bps.
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The Fed funds futures market continues to imply that a cut is fully priced in but now it's a question of 25 basis points or 50 bps.
Trump admin weighing pushing for tax cut to address virus fallout - WaPo
28 Feb 2020
Report in the Washington Post
Any cuts would have to get through the House and that's a tall -- if not impossible -- order unless both sides are willing to do some major horse trading. It's all politics.
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Any cuts would have to get through the House and that's a tall -- if not impossible -- order unless both sides are willing to do some major horse trading. It's all politics.