SVB Outshines Payrolls

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.
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Cromwell FX Market View Fed Moves to Higher and Longer

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.
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Cromwell FX Market View CPI Surprise

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.
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Cromwell FX Market View Quiet Week as Market Awaits Fed

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.
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Cromwell FX Market View BOJ Disappoints

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.
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Cromwell FX Market View Dollar Slumps After CPI Numbers

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.
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Cromwell FX Market View 2023 Sees Continued Economic Weakness

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.
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Cromwell FX Market View Central Banks Round Out 2022

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.
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Cromwell FX Market View Quiet Week Ahead of Major Announcements

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.
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Cromwell FX Market View Surprise CPI. Could this be the Fed pivot point?

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…
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Cromwell FX Market View Fed & BOE Hike; Payrolls Still Strong

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…
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Cromwell FX Market View All eyes on the upcoming Fed

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…
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Cromwell FX Market View Truss Resigns BoJ Intervenes

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.  …
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Cromwell FX Market View US CPI Pressures Risk Assets

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.…
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Cromwell FX Market View Strong Payrolls Spur USD Strength

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…
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