Why the currency market could get more interesting

24 Feb 2021
What to look for
We think the currency market is going to get more interesting in the days and weeks ahead. Why? Well, we're seeing a whole lot of US dollar weakness on the back of more dovish communications from the Fed Chair that suggest that forward guidance goal post could keep getting pushed down the
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ForexLive European FX news wrap: Risk rebounds after early stutter

24 Feb 2021
Forex news from the European trading session - 24 February 2021
Headlines:
Markets:
- NZD leads, JPY lags on the day
- European equities higher; E-minis up 0.4%
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Risk ramps higher ahead of North American trading

24 Feb 2021
US futures in positive territory, at the highs for the day
After a bit of a hiccup earlier in the day, owing in some part to the selloff in Hong Kong stocks, the market is running with the reassurance from Fed chair Powell yesterday.
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US MBA mortgage applications w.e. 19 February -11.4% vs -5.1% prior

24 Feb 2021
Latest data from the Mortgage Bankers Association for the week ending 19 February 2021
-  -5.1%
- Market index 790.6 vs 892.6 prior
- Refinancing index 3,848.1 vs 4,337.0 prior
It looks like the housing market is not taking too kindly to the higher rates as both purchases and refinancing activity took a heavy dip in the past week. After
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Fedspeak on tap for North American trading later today

24 Feb 2021
We'll be hearing from a couple of Fed policymakers today with Powell set to testify in Congress for a second day
Here's the agenda:
1500 GMT - Fed chair Powell testifies before the House select committee
I wouldn't expect anything new from Powell that we haven't already heard of yesterday. But again, it will serve as a reminder
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Japan reportedly to decide on Friday whether to end state of emergency measures

24 Feb 2021
Kyodo News reports on the matter
The report cites remarks by Japanese prime minister, Yoshihide Suga, in saying that the decision will be taken on Friday as to whether or not they will end the state of emergency measures in place that is set to run through to 7 March.
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Heads up: BOE speakers scheduled for today

24 Feb 2021
The BOE will be due to testify before the Treasury Select Committee on monetary policy later today
Here's the agenda:
1200 GMT - BOE's Haldane speaks in a seminar
Haldane will be making a speech in a flagship seminar on the changing world of work, wellbeing and management. As such, I wouldn't expect much policy remarks, if any
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US futures back to flat levels on the day as investors brush aside early pessimism

24 Feb 2021
S&P 500 futures and Nasdaq futures turn flat
Of note, Nasdaq futures have erased a 1% drop from the tail-end of Asian trading as sentiment improves in European morning trade so far.
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Franc meltdown continues as risk tones keep calmer in European trading

24 Feb 2021
EUR/CHF climbs to 1.1050 levels, nearing the October 2019 highs
The meltdown in the franc over the past two days is also helped by the turnaround in sentiment with US equities rebounding strongly after Fed chair Powell's testimony yesterday, and also as European investors are brushing aside the risk averse tones earlier.
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Switzerland February Credit Suisse investor sentiment 55.5 vs 43.2 prior

24 Feb 2021
Latest data released by Credit Suisse and CFA Society Switzerland
- 43.2
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