Market Pulse - Currencies
FX round-up: Turkish lira plummets amid speculation emergency rate hike imminent
The biggest price action in the foreign exchange arena on Thursday was in the Emerging Markets space, amid speculation that Ankara might be forced into an emergency rate hike as soon as Thursday evening, although the standard central bank playbook was for the monetary authority to wait until the weekend, hopefully giving it time to explain its actions to market participants.
Commodities: WTI dips, UniCredit sees scope for powerful 'short covering' in copper
Commodity prices slipped on Thursday, amid slight losses in the energy complex, with trading in the main metals contracts mixed.
Turkish lira withering under pressure from Washington
The souring of Turkish and US relations on Thursday sent the Turkish lira to a record low in London trading, with the currency plunging over 3% to 5. 4385 per US dollar, after an unnamed US official said that a Turkish delegation had on Wednesday refused to commit to the release of American pastor Andrew Brunson, who is being held on charges of espionage.
China July CPI prints ahead of forecasts, but factory gate prices edge lower
Higher oil prices boosted the cost of living in China last month, but analysts continued to forecast lower inflation going forward, despite trade tariffs and the recent sharp weakening in the country's currency, the yuan.
Europe midday: Russian and US stocks in focus amid geopolitical headlines
Stocks on the Continent are on the back foot come midday in lacklustre summer trading, albeit amid significant volatility in Russian and Turkish assets, especially in foreign exchange markets.
FX round-up: Sterling drops as traders take out protection
Sterling was on the back foot again on Wednesday, slipping back towards its 52-weeks lows against the Greenback and the euro, amid increased talk in markets of a possible 'no deal' Brexit and a recommendation from analysts at one of Wall Street's top investment banks for investors to take out some protection - just in case.
Beijing bites back at Trump with tariffs on $16bn of goods
China hit back at looming US tariffs on Wednesday, with the country's commerce ministry in Beijing announcing its intention to impose 25% import duties targeting $16bn-worth of US goods.
China FX reserves indicate PBoC keeping powder dry
China's foreign exchange reserves increased last month, suggesting the People’s Bank of China was holding back from using its funds to help support the falling yuan.
FX round-up: Sterling steady ahead of widely-anticipated BoE hike
Sterling was little changed on Wednesday as traders sat on their hands ahead of the string of key risk-events that they had lined-up before them for over the next few days.
US administration ratchets up pressure on China, proposes 25% tariff on $250bn-worth of exports
America has ratcheted up the pressure on China even as representatives for the US Secretary of the Treasury and Chinese vice-premier Liu He are reportedly holding contacts aimed at trying to restart trade talks.