Started by analysis.hotforex.com, forexegitimkitabi.com, binaryoptiontrader.info, Feb 09, 2022, 09:36 am
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The markets continue to gyrate wildly amid numerous crosscurrents. Inflation jitters, central bank tightening worries, supply, weakness in EGBs, and strength in risk appetite all weighed heavily on Treasuries. On other occasions, dip buying and geopolitical risks have supported bonds. Meanwhile, Wall Street rallied Tuesday on improving expectations on growth as covid restrictions are eased. Data included marginal widening in the December trade deficit, and declines in both the NFIB small business optimism and the IBD/TIPP economic optimism indexes.
European Open – The March 10-year Bund future is up 32 ticks, outperforming versus US futures, while in cash markets the 10-year Treasury yield has dropped back -2.2 bp. Bonds have found a footing for now and EGB yields are set to come off yesterday’s highs, but sentiment is likely to remain fickle ahead of US inflation data. In the Eurozone, markets will likely continue to test the ECB’s resolve, with the recent widening of spreads also reflecting speculation that the APP program could end early to pave the way for a rate hike in the third rather than the fourth quarter.
Germany’s trade surplus narrowed to just EUR 6.8 bln in December in seasonally adjusted terms, as a 4.7% m/m jump in nominal imports far outweighed the 0.9% m/m rise in exports. Virus developments will have weighed on production and exports at the end of the year, while the spike in energy and other commodity prices pushed up the nominal import bill. So not a total surprise with the underlying export trend still robust, despite the drop in exports to the UK last year – thanks to Brexit.
Today - Data is thin with just December wholesale data, but there is a heavy earnings slate today to provide a distraction. The slate includes Toyota, Walt Disney, CVS Health, GlaxoSmithKline, Equinor, CME Group, Uber, Honda, Manulife, Motorola, Twilio, IFF, Sun Life, Equifax, CDW, Seagen, Fox, Grab, MGM Resorts, and Arch Capital.
Biggest FX Mover @ (07:30 GMT) USOIL (-0.56%) Retests 87.40 extending the decline from 91.70. Fast MAs aligned lower, MACD signal line & histogram extend southward s below 0 and RSI and Stochastic are at OS barrier.
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