Im Gaza-Krieg zeichnet sich auch nach der versehentlichen Tötung von drei Geiseln durch israelische Soldaten kein Ende der Kämpfe ab. Israels Kriegskabinett steht zunehmend unter Druck.
Monatelang legten Klima-Aktivisten immer wieder Flughäfen lahm. Europas größte Airline-Gruppe will nun Schadenersatz. Und auch Verkehrsminister Wissing kündigt Konsequenzen an.
Wer ein Elektroauto kaufen will, kann dafür nur noch heute die staatliche Kaufprämie beantragen. Die Bundesregierung reagiert damit auf die Haushaltskrise.Markets:
This market had all the hallmarks of one that was looking to retrace coming into New York trade. There had been a huge move since the FOMC and it was a Friday. Everyone was waiting for some kind of pushback from Williams on Powell’s dovish comments. When he said „We aren’t really talking about rate cuts right now“ that was enough, even though the full context of that comment wasn’t materially different from Powell, it was enough.
The dollar jumped and stocks gave back pre-market gains. The dollar gave back most of that move in the following hour but the S&P Global services data was also strong and that was enough to keep the bid alive, especially after another round of weak eurozone data.
EUR/USD finished the day down 97 pips on steady selling after touching 1.10 yesterday but failing to break the November high of 1.1017. Cable had been flat heading into NY trade but ultimately finished down 91 pips.
Elsewhere the dollar wasn’t a strong as it gained a quarter-cent against the yen and traded choppy but eventually flat against the antipodeans. The Canadian dollar put in the top performance with the help of some hawkish comments from Macklem.
Have a great weekend.
This article was written by Adam Button at www.forexlive.com.
USD/CAD fell to a four-month low today despite some US dollar strength elsewhere. Bank of Canada governor Tiff Macklem helped along the move as he pushed back against rate cut talk.
„We have not started having that discussion (about cutting rates), because it’s too early to have that discussion. We’re still discussing whether we raised interest rates enough and how long they need to stay where they are,“ he said.
He did offer a nod that „conditions increasingly appear to be in place to get us (to 2% inflation“ but the loonie stayed strong.
Housing is a big risk to the Canadian economy in the months ahead as mortgages continue to renew but market-driven rates are down significantly and that diminishes the odds of a hard landing while also putting some money back in Canadians‘ pockets.
This week, RBC released its monthly spending tracker that showed Black Friday holiday spending was
up 7% from year-ago
levels. In November as a whole, they noted strong sales at clothing stores and an increase in retail sales overall, even after adjusting for inflation.
A potential tailwind for the loonie next year would be a soft landing combined with stimulus from China. That could meaningfully push up commodity prices and improve Canada’s terms of trade.
For now, I don’t think you can fight the momentum in the Canadian dollar. It rose on Friday despite softness in equities and a general ‚risk off‘ trade. Flows are going to dominate into year end but economic sentiment is improving and that should send USD/CAD down to 1.32.
This article was written by Adam Button at www.forexlive.com.
The slowdown in Europe compared to the US has been stark in the past few months. It’s clear the economies are on different paths, even if Lagarde is loathe to acknowledge it.
This article was written by Adam Button at www.forexlive.com.