Posts by Chris Butler

Last week we expected the markets to be all about the data. We had the Fed speaking early in the week which continued the higher for longer theme and the hotly anticipated monthly payrolls were due Friday.
The post SVB Outshines Payrolls first appeared on trademakers.

Last week saw another week of strong data from the US. This led the market to disregard any level of terminal rates as markets look to be set for higher and longer than expected. Inflation remains strong with the risk off theme continuing. The USD showed strength with the DXZY closing +1.3% on the week.
The post Cromwell FX Market View Fed Moves to Higher and Longer first appeared on trademakers.

Last week the US CPI was released. The surprise was to the upside with the YoY did drop for the seventh month, but January’s decline was just 0.1% to 6.4%. This was higher than the market expectation and yields push higher on the back of the release.
The post Cromwell FX Market View CPI Surprise first appeared on trademakers.

Last week the markets took a breath after the FOMC / NFP week previously. The market is taking time to figure out if this is truly the peak of Fed rate rises or if there could be more to come.
The post Cromwell FX Market View Week of consolidation ahead of key CPI first appeared on trademakers.

Last week saw the first anticipated rate hike from the fed. A 25bps rise and a failure to maintain the hawkish stance led the market to believe we are reaching our long-anticipated pause point.
The post Cromwell FX Market View Roller Coaster Week with Central Banks and Payrolls first appeared on trademakers.

Quiet Week as Market Awaits Fed. Last week was the first quiet week of the year. The markets gained vs the US Dollar as we could be heading towards the crucial pivot point in Fed Rate rises.
The post Cromwell FX Market View Quiet Week as Market Awaits Fed first appeared on trademakers.

Last week saw the anticipated BOJ announcement which disappointed the market. The BOJ decided not to take any action on interest rates which was a surprise. Other than that, the market had a relatively sideways week.
The post Cromwell FX Market View BOJ Disappoints first appeared on trademakers.

Last week saw the CPI number released. the YoY number met expectations however the market viewed the print as further fuel to the Feds fire to pause its tightening of interest rates. The USD fell significantly along with a risk asset rally.
The post Cromwell FX Market View Dollar Slumps After CPI Numbers first appeared on trademakers.

Last week saw liquidity come back into the market after a quiet Christmas break. As ever with the first week of the month it was non-Farm Payrolls on Friday which although was strong the other data from the US was on the weaker side leading to a USD sell off.
The post Cromwell FX Market View 2023 Sees Continued Economic Weakness first appeared on trademakers.

Last week saw the round of central bank announcements. The rate rises were as the market expected both the ECB and the Fed surprised with a more hawkish tone however the BoE delivered a more dovish tone.
The post Cromwell FX Market View Central Banks Round Out 2022 first appeared on trademakers.

Last week was a relatively quieter week. The markets are still volatile with many participants looking at the last Fed rate decision of 2022. Has the moment of pivot finally arrived? We will find out in the coming days.
The post Cromwell FX Market View Quiet Week Ahead of Major Announcements first appeared on trademakers.

Last week post-thanksgiving saw Fed Chair Powell speak along with the first Friday payrolls numbers. Powell’s speech admitted that going forward rate hikes will be smaller.
The post Cromwell FX Market View End Of the Year Is Fast Approaching first appeared on trademakers.

Last week was quieter as the US celebrated Thanksgiving. FOMC release gave a glimpse that members were beginning to favour a slowing in the pace of rate rises.
The post Cromwell FX Market View Quiet Week with Thanksgiving Weekend first appeared on trademakers.

Last week we saw continued volatility in the crypto space as the continued fallout from the FTX collapse sent shockwaves through the market.
The post Cromwell FX Market View Crypto Markets Head the Volatility first appeared on trademakers.

Last week US CPI unexpectedly fell to 7.7% YoY vs the expected 8%. Markets moved sharply higher with a strong risk on rally however any potential further upside was halted at FTX one of the largest crypto exchanges collapsed in what seems to be an emerging fraud story which took cryptos much lower. The DXY…
The post Cromwell FX Market View Surprise CPI. Could this be the Fed pivot point? first appeared on trademakers.

Last week saw both the Fed and BOE raise interest rates by the expected 75bps. The initial reaction was negative as the Fed moved its terminal rate above 5% and risk assets were sold. Despite this Friday’s trading was strong and we ended the week with some market strength.   Euro underperformed during the week…
The post Cromwell FX Market View Fed & BOE Hike; Payrolls Still Strong first appeared on trademakers.

Last week was less volatile as a calm before the storm could come. The UK appointed as expected Rishi Sunak as Prime Minister which had a calming effect on the UK markets. All eyes are turning to the upcoming Fed rate decision.   Euro traded well post the ECB 75bps rate rise. Generally, the market…
The post Cromwell FX Market View All eyes on the upcoming Fed first appeared on trademakers.

Last week was a volatile week as UK politics came to a head with Prime Minster Truss resigning and a shortened selection process implemented. USD hit 150 vs the Yen which saw the Bank of Japan intervene once more. Yen moved from 150 down to 145.50 only to move back towards the 149 level.  …
The post Cromwell FX Market View Truss Resigns BoJ Intervenes first appeared on trademakers.

Last week the US CPI print was the spark that moved the risk assets lower. Year on year inflation dropped 0.1% but did beat expectations thus if the Fed continues to follow the data, then it leaves it little room other than to continue their tightening cycle. The DXY gained 0,5% to close at 113.298.…
The post Cromwell FX Market View US CPI Pressures Risk Assets first appeared on trademakers.

Last week we had the US Payrolls numbers. The strong numbers continued to push the USD higher although the level of volatility was lower than we had seen in previous weeks. The DXY closed 0.5% higher at 112.7.   Euro along with other majors had a more sideways week though still losing ground vs the…
The post Cromwell FX Market View Strong Payrolls Spur USD Strength first appeared on trademakers.