Market News
Stay on top of the major news, data and analysis moving forex and global financial markets.
European Central Bank: Inflation keeps three rate hikes in play - Nordea
Nordea’s Ole Håkon Eek-Nielsen and Jan von Gerich expect the European Central Bank (ECB) to deliver three additional 25bp rate hikes, taking the deposit rate to 3%.
Norwegian Krone: Dovish turn risks NOK appeal – Societe Generale
Societe Generale notes Norway’s central bank kept its policy rate unchanged at 4.25% and softened its hawkish tone. The bank still anticipates one further rate increase, but removed explicit guidance for a near-term hike.
US Dollar: Lower short-term yields weigh on the Greenback – MUFG
MUFG’s Lee Hardman notes the US Dollar (USD) is trading on a softer footing as Fed rate hike expectations are scaled back following weaker labour data and a mixed United States (US) Producer Price Index (PPI) report.
Oil: War-driven price effects and inflation – UBS
UBS economist Paul Donovan discusses how the Gulf war has lifted Oil prices and pushed consumer price inflation above target in major economies.
United States Retail Sales contracted by 0.6% MoM in July
Retail Sales in the United States decreased to $763.6 billion in July, a 0.6% decline compared to the previous month, the US Census Bureau reported on Friday. This print reversed the 0.2% expansion recorded in the previous month and came in below market expectations (+0.1%).
United States Retail Sales (YoY) fell from previous 6.7% to 5% in July
United States Retail Sales (YoY) fell from previous 6.7% to 5% in July
United States Retail Sales Control Group down to -0.4% in July from previous 0.5%
United States Retail Sales Control Group down to -0.4% in July from previous 0.5%
United States Retail Sales ex Autos (MoM) below forecasts (0.2%) in July: Actual (-0.3%)
United States Retail Sales ex Autos (MoM) below forecasts (0.2%) in July: Actual (-0.3%)
Canada Wholesale Sales (MoM) came in at 2.8%, above expectations (2.7%) in June
Canada Wholesale Sales (MoM) came in at 2.8%, above expectations (2.7%) in June
United States Retail Sales (MoM) came in at -0.6%, below expectations (0.1%) in July
United States Retail Sales (MoM) came in at -0.6%, below expectations (0.1%) in July
Canada Manufacturing Sales (MoM) above forecasts (-0.1%) in June: Actual (0.1%)
Canada Manufacturing Sales (MoM) above forecasts (-0.1%) in June: Actual (0.1%)
Federal Reserve: Communication reset at Jackson Hole – TD Securities
TD Securities’ Oscar Munoz argues that Chair Kevin Warsh’s communication strategy has undermined market confidence in the Federal Reserve’s inflation-fighting resolve.
Euro little changed against Pound Sterling as ECB, BoE outlooks stay in focus
EUR/GBP is little changed on Friday, extending the sideways pattern seen through most of the week as traders show a muted reaction to second-quarter Gross Domestic Product (GDP) data from both the Eurozone and the United Kingdom (UK). At the time of writing, the cross trades around 0.8543.