Market Sentiment 11th of September

There is no trade call today and the London session is very light. Aside from an MPC member speech that is non-monetary policy in nature, and US PPI, there are no events at all today which are likely to elicit trades. If you wish to learn more about today’s risk event watch my video here. Otherwise read through my update of current market sentiment below to familiarize with latest market changes.

Current Market Sentiment:

Both yesterday’s NY session and today’s Asian session were very light in terms of news and price action. This follows a week of numerous data releases and a continued decrease of the volatility seen during August.

The two outperformers of the week were GBP and AUD, and both look bullish heading into today’s London session. After the good jobs report, Nomura have pushed their RBA rate cut expectation into 2016.

One interesting piece of news during the week was comments from Japanese politician and occasional Abe adviser, Yamamoto, that the BOJ needs to ease further. He referenced the October 30 meeting to announce stimulus additions. There is however a BOJ meeting, release of statement and press conference next Tuesday. The BOJ is notorious for surprising markets, so yen may weaken into this event because the prospects of further easing have increased. However the yen can strengthen suddenly on uncertainty or falls in stockmarkets.

Next week also marks the first FOMC rate decision in nearly a decade where there is a real possibility of a rate increase. The market has continued to scale back its expectations of September liftoff, which are now at about 26% probability. This has been evident in the USD weakness in recent sessions.

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Source:: Market Sentiment 11th of September

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