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FxProUpdates

Moving on from G20

The weekend meeting of G20 finance ministers and central bank governors created a lot of noise, but little in the way of consensus regarding the way ahead or on policy action. That was to be expected really. It’s hard to get 20 countries to agree on anything at the best of times, but when there are so many differing challenges facing the world, then it was never the case that they were going to come up with a solution at this weekend’s meeting in China. On exchange rates, they included the ...

FxProUpdates

Positioning ahead of G20

Interesting moves from China overnight as G20 Finance Ministers and Central Bank governors meet in Shanghai today and tomorrow. We’ve seen the yuan weaken this week for the first time in a month, with the PBoC describing its current monetary policy stance “prudent with a slight easing bias”. This is an interesting shift and the timing it also pertinent ahead of the G20 meeting. Previously, the tendency was for the yuan to strengthen into such meetings, to ease some of the criticism that the ...

FxProUpdates

The growth slowdown

China is stumbling into this weekend’s G20 meeting of Finance Ministers and Central Bank governors, with stocks down more than 6% overnight, money market rates rising and the currency weakening further. The IMF has called for further action to support growth, which has disappointed on many fronts so far this year. There is also an underlying risk that the US economy grinds to a complete halt in the first quarter. Talking of growth, we have the second estimate of UK GDP at 09:30 GMT today. For ...

FxProUpdates

FxPro cTrader app for iOS was updated

Dear Traders, We are pleased to inform you that the FxPro cTrader application for iOS has been updated. This latest update includes: • General bug fixes and stability improvements; • Light and dark theme, both have a new improved design, the current theme can be changed in Settings; • Add symbols to your Watchlist by selecting from the Symbol Tree or a search result. Reorder symbols by using drag and drop in the editing mode; • Symbol status icons show whether the symbol is open for trading. ...

FxProUpdates

Sterling suffering

The pattern of trading over the past 24 hours in sterling is of a currency unloved. Cable weakened into the European close yesterday and unusually for the Asia session, was also the weakest performer overnight. This strongly suggests that longer-term and overseas investors are turning away from sterling and more generally UK assets as the uncertainty of the EU referendum in June of this year bears down. It is also indicative of overseas investors that are either hedging and/or lightening up on ...

FxProUpdates

Letting the Brexit Dust Clear

Yesterday was all about sterling, with the biggest one day move on cable since March 2009, with the GBP USD exchange rate also reaching levels last seen during that time. The options market was also very volatile, with implied volatilities on cable seeing the largest one day jump for 10 months as the market took on board the likelihood of a volatile few months ahead as the UK gears up for a referendum on EU membership that remains too close to call. It’s likely that the Brexit debate will ...

FxProUpdates

Long Brexit road ahead for sterling

There is no doubt about the standout currency this morning, with sterling having gone up the escalators into Friday’s close and down the lift-shaft as the start of the Asia session. Friday’s up-move came on the back of the late evening deal between the UK and the EU on the UK’s revised relationship with the EU. But with yesterday showing the influential London Mayor (and perceived successor to UK PM Cameron) coming out in favour of the UK leaving, then sterling took a more bearish view. Between ...

FxProUpdates

Make or Break for Brexit

By the end of today, we should have a decent idea whether the UK is set to have a referendum on EU membership this year and also the deal on the table in terms of the UK’s revised relationship with Europe. This matters for sterling, which has certainly shown strong signs of concern so far this year. In January, it was one of the weakest currencies on the majors as the uncertainty weighed. But there could be more of this to come should the referendum date be confirmed either today or early next ...

FxProUpdates

A less chilled RBA

RBA Governor Stevens said before Christmas we all had to ‘chill’ over the Christmas and new-year period and see what the data said thereafter. So far, the data has held up OK, but the latest employment data overnight has fallen to the soft side, the rate rising to 6.0% (from 5.8%) and full-time employment falling by the most since October 2013. The Aussie was initially weaker on the data, but found some buyers below the 0.7150 level, which is where it’s hanging now. For now, it’s a bit of a ...