News

Total rigs down -3 on the week The weekly rig count from Baker Hughes is out for the week of November 22: Total rigs, 803 versus 799 estimate and 806 last week Oil rigs, 671 versus 669 estimate and 674 last week Gas rigs, 129 versus 128 estimate and 129 last week The price of crude oil is currently trading at $57.94. That

Another quick reminder to the new series of data that will be released ForexLive I gave a more detailed walk through to the release in the link above yesterday. But essentially it just means that Markit/CIPS will adopt a similar approach to the EU PMI readings when releasing the UK PMI readings from today onwards

Editor of China Global Times Hu Xijin Meanwhile the editor of the China Global Times, Hu Xijin is also tweeting in regard to the US Hong Kong bill: The signing of the bill could jeopardize US China negotiations. From the US perspective politician see the meddling of China in Hong Kong’s autonomy of significant concern.

Markit and CIPS will be releasing flash readings for UK manufacturing PMI and services PMI starting from tomorrow The releases will come alongside the flash/preliminary readings from France, Germany and the overall Eurozone – but a bit later at 0930 GMT. Subsequent releases for the data will be at 16 December 2019 and 24 January

Tories unchanged. Labour +1% from the previous poll A poll conducted by Panelbase is showing conservatives at 40%. That is unchanged from the prior poll and Labour at 30%, which is up 1% . Liberal Democrats are at 15%, +1% and the Brexit party is lagging at 8% which is down -1% from the prior poll.  ForexLive

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do

Monetary policy reaches its limits Says negative interest rates unlikely to be effective Don’t see negative rates situation changing in the next 12-18 months Looking at Japan the concern is that negative interest rates in Europe could become a long term problem Don’t think we are at a stage where we need a broad fiscal stimulus

Japan Jibun Bank PMIs First reading below 50 since 2016 Prior was 52.8 Composite 49.1 vs 49.8 prelim Prior composite PMI 51.1 The sharp drop in this index is a result of the devastating Typhoon Hagibis at the start of October. However with the consumption tax hike, there is a risk of continue weakness. “It

The election will take place on December 12 Bank of America Merrill Lynch Global Research discusses GBP outlook ahead of next month’s UK elections. “Are we finally heading for some closure on phase 1 of Brexit? Possibly but not certainly. The House of Common‘s last night authorised a 12 December UK general election. Assuming the legislation

Highlights of the October US employment report: Prior was +136K (revised to +180K) Estimates ranged from +25K to +140K Two month net revision +95K Unemployment rate 3.6% vs 3.6% expected (prior 3.5%) Participation rate 63.3% vs 63.1% exp (63.2% prior) Avg hourly earnings +0.3% m/m vs +0.2% exp Avg hourly earnings 3.0% y/y vs +3.0%

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do

The Australian dollar had traded off a little in the minutes leading up to the inflation data release. Upon release AUD/USD has recovered the dip and is sitting around levels it was at the NY close. Data is here: AUD response (so far) : NZD is trading a similar sort of pattern. ForexLive

The Times’ deputy political editor, Steven Swinford, reports “Looks like a compromise is in the offing over General Election. Govt is tabling it’s one-line bill with stating that an election will be held on December 12th. But it is open to an amendment stating that it should be held on December 11th. Will the Lib

Cryptocurrencies may be the tulips of our time. Investors are mad for them the way the Dutch were in the 17th Century. Yet unlike lovely flower bulbs, there’s nothing behind the digital currencies, sold in “initial coin offerings” (ICOs). Just the vapor of promises that you’ll somehow get rich overnight. According to The Quartz Index,

Bitcoin prices have been trading range-bound above $7,000 lately. Shutterstock Bitcoin prices have been trading north of $7,000 since breaking through that key price level earlier this week. However, what does this mean? “The price action these past few days has indeed been encouraging,” stated Mati Greenspan, senior market analyst for social trading platform eToro.  The digital

Perry citing surging US output of shale oil. He says that is set to continue. Perry was speaking in a Bloomberg TV interview US one of the world’s largest producers of oil and natural gas from shale fields US a net energy exporter Goldman Sachs saying the US output growth is fading is “off a

Via UK press (tweet) a few hours ago so this is not breaking. A spokesman from the UK PM: “Nothing will come before Parliament but the bare minimum. We will pursue a general (election) every day from then onwards, and do everything we can to get it”. In effect, a strike action from the government.