FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Data Plays Second Fiddle to Ebb and Flow of Risk Sentiment

FOREX
  • Data releases and speakers have played second fiddle the ebb and flow of risk sentiment early Friday, with a sour open for European equities helping dictate proceedings. A gap lower at the cash equity open was triggered by weakness across the European banking sector, with the likes of Credit Suisse and UBS hit particularly hard after a report that the US Dept of Justice could be investigating the banks for evidence that they aided Russian oligarchs in skirting Western sanctions.
  • As a result, concerns about the stability of one of Europe's largest banking sectors have worsened, leading to underperformance across risk proxies and high Beta FX.
  • Souring risk sentiment has led to outperformance of the USD and JPY, helping put the USD index higher for a second session and within range of the 50-dma pivot of 103.4421.
  • PMI data from across the Eurozone saw mixed results, with composite indices beating expectations thanks to a healthier services sector, although manufacturing continues to weigh on overall sentiment.
  • Focus for Friday trade turns to prelim February durable goods data and the prelim March PMIs for the US. Markets also see the first post-FOMC decision Fed speakers, with Bullard due to speak from St. Louis. ECB's Centeno, Nagel and BoE's Mann also make appearances.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.