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China effects on FX

It’s noticeable how China has been hitting the headlines with greater frequency in recent weeks. There was the money market crisis towards the end of June, together with reports earlier this week of growing concerns regarding the rise in government borrowing. Furthermore, the much talked about slowdown (which is in many ways welcome and needed) is starting to bite. But how does this manifest itself in the FX market? What is going on in China right now is relevant for several reasons. In the ...

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04 Jul | FxPro Daily Briefing

FxProUpdates

FX divergence

In the seemingly dull and tectonic world of central banking, we’ve seen some big shifts today in Europe, which have had a big impact on currencies, even though interest rates and bond purchasing programs were unchanged. Very belatedly, both the European Central Bank and Bank of England are now both trying to guide markets and take them on as well. When a central bank cuts rates to zero (or very close to it), its options start running out. This is why we’ve seen a plethora of “non-conventional” ...

FxProUpdates

Far from over for gold

I last blogged on gold in April (see “Golden Rules Gone”), suggesting that the means that had been used to justify continued gains had gone. In other words, gold appeared like the proverbial cartoon character, running in thin air beyond the cliff edge, waiting for gravity to take over. The question to ask now is whether we’ve hit the ground. Even though gold had the worst quarter for over 80 years, it’s hard to argue that we’re going to see much of a recovery in the second half of the year. For ...