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Fitch Ratings cut credit rating of Cyprus by two notches…

    Good Morning ,   – The euro profited from a strong IFO business sentiment survey and from a much higher than expected repayment of LTRO borrowing by the banks. However, EUR/USD stopped short of testing a key resistance area. EUR/GBP on the contrary set a new rally high, helped by weaker UK Q4 […]

Market Recap- Patiently determining future actions

Yesterday, the FED kept both the wording and the monetary policy unchanged. The US economy is on target, the job market is strong, inflation is weaker but Joreme Powell is communicating his confidence that lower inflation will not persist. One could file yesterday’s FOMC as a no event, or focus on the fact that markets […]

Market Recap – Thanksgiving

US economy is running on one engine. This has been a repeated statement throughout 2019, that has also been adopted by Jerome Powell, the Governor of the FED. The manufacturing engine is dysfunctioning. US manufacturing growth is slowing. The latest US manufacturing PMI was 51.3 and the latest ISM manufacturing PMI was far below the […]