Good morning
USD is off its lows although not by much. EURUSD is currently 1.0910 having tested the short-term support around 1.0885 again overnight. GBPUSD is 1.2475, up from its overnight lows around 1.2440. GBP outperforming EUR for the moment with GBPEUR at 1.1430. AUD continues to struggle with GBPAUD up at 1.8600 and NZD has given up a lot of post-RBNZ gains, GBPNZD now 1.9840.
Gold reached $2030/oz before slipping back to $2010, its currently $2015. UBS have raised their one year gold target to $2200 from $2100, mostly on fears of a recession. Haven’t really heard much in terms of a possible recession recently so it makes UBS’s fears more interesting.
Otherwise I can’t say I have much to offer this morning. I see China are flexing their maritime muscles, first talking about stopping and inspecting ships in the Taiwan Strait, obviously Taiwan unhappy about this, plus there is talk that a China aircraft carrier has made its way into the Pacific Ocean for the first time.
I saw that Nicola Sturgeons husband had been arrested in connection with SNP finances. An investigation has been taking place since July 2021 and although Sturgeon insisted it was not a factor in her recent surprise resignation, one cannot help but to wonder whether this is merely a coincidence.
It’s the last day before the long weekend here in the UK and judging by the number of email bouncebacks I am getting it is apparent that many of you have chosen to take some much-deserved time off already. Unless there is anything significant to report there will be no daily email Friday or Monday.
We do have some data today, as usual Canada have been kind enough to bring their employment data release forward by a day so we don’t need to watch that tomorrow, although the US still insist on keeping theirs on Friday so we won’t be fully downing-tools tomorrow and will be available if need be.
- 13.30 US initial jobless claims
- 13.30 CAD unemployment
- 15.00 CAD Ivey PMI
- 00.30 Japan household spending
- Friday
- 13.30 US nonfarm payrolls
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