FX

US Dollar Strengthens

_{Posted on Feb 8, 2018}

US dollar strengthens

Asset market volatility remains high, with investors shifting to safe haven flows in USD and JPY. The Fed’s attempts to calm investor nerves also contributed to the demand in USD. Markets appear to be taking the Fed’s dismissal of the equity rout as a signal that the Fed is remaining calm and not reacting with any knee-jerk policy move. Short-term demand for the USD may continue for now.

EUR & GBP: EUR subdued, Brexit woes weigh on the sterling

EURUSD trades below 1.2300 this morning despite news that Germany’s Grand Coalition agreement is falling into place and despite the announcement that Germany’s labor union IG Metall will get a decent 4.2% pay rise over the next 27 months.
Sterling continues to weaken as the European Union (EU) threatens sanctions if the UK doesn’t toe the line during the transition period. This follows release of the EU position paper for the proposed Brexit transition period, which states that “the EU wants the power to restrict British access to the single market during a transition period after Britain leaves the bloc, as a way to punish London if it violates agreed rules”. The text reiterates that from 30 March 2019 to 31 December 2020, the UK would be fully bound by all EU laws – but will no longer be part of the decision-making process of the Union.

Commodity Bloc: NZD dips on RBNZ inflation shift, CAD awaits Friday’s jobs data

NZD dips as the Reserve Bank of New Zealand (RBNZ) policy statement this morning forecasts inflation reaching 2.0% in Q3 2020 (versus Q2 2018). On the exchange rate, the RBNZ maintains “appreciation [in NZD] has been driven by a weaker USD”.
In Canada, a US Senator raises NAFTA optimism – saying his talks with US President Donald Trump indicate that the president doesn’t seem like he’s exiting the deal. CAD remains unaffected by this, although tomorrow’s Canadian payroll data may be supportive of CAD if it yields a better-than-consensus outcome.

This is an extract from the Daily Currency Update, dated 8th February 2018. Please approach a Citigold Relationship Manager if you would like more information.

_{By Citi Wealth Insights | Apr 22, 2024}

Japan’s nominal wage growth may set the BoJ to pursue a faster pace of tightening in H2’2024

JPY: Japan’s nationwide core CPI (excluding only fresh food) rises 2.6% YoY in March, down from a 2.8% YoY advance in February. The result is also slightly weaker than consensus expectations for a 2.7% YoY rise.

FX Economy

_{By Citi Global Wealth Investments | Apr 18, 2024}

Weekly FX Focus - GBPAUD – Scales Are In Favor Of The More Resilient Economy

Markets currently price in pricing discounts for the UK with the first cut expected at the Bank of England's August 1st meeting. Meanwhile, markets price in a rate cut being likely in November and possibly pushed into 2025, coupled with declining iron ore prices, are rate differentials in favor of AUD?

FX Economy

_{By Citi Wealth Insights | Apr 15, 2024}

DXY in a 104 – 107 range may temporarily break through the upper end of the range on sharply rising geopolitical tensions

USD: In data released Friday, the University of Michigan consumer sentiment index dips to 77.9 from 79.4, below consensus for 79.0. Sentiment jumped sharply across the turn of the year but has made no further net progress, despite the stock market hitting new highs.

FX Economy

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and should seek independent advice before making an investment decision. You should obtain and consider the relevant product terms and conditions and risk disclosure statement, and consider if it’s suitable for your objectives, financial situation or needs before making any investment decision. Investors are advised to obtain independent legal, financial and taxation advice prior to investing. Investments are not deposits, are not protected by the Deposit Protection Scheme in Hong Kong
and are subject to investment risk including the possible loss of the principal amount invested.

This communication does not constitute the distribution of any information in any jurisdiction in which it is unlawful to distribute such information to any person in such jurisdiction.

CHKL does not provide discretionary portfolio management services.

Singapore: This communication is distributed in Singapore by Citibank Singapore Limited (“CSL”) to selected Citigold/Citigold Private Clients. CSL provides no independent research or analysis of the substance or in preparation of this communication. Please contact your Citigold/Citigold Private Client Relationship Manager in CSL if you have any queries on or any matters arising from or in connection with this communication. Investment products are not insured under
the provisions of the Deposit Insurance and Policy Owners’ Protection Schemes Act of Singapore and are not eligible for deposit insurance coverage under the Deposit Insurance Scheme.

This communication is for general information only and should not be relied upon as financial advice. The information herein has no regard to the specific objectives, financial situation and particular needs of any specific person and is not intended to be an exhaustive discussion of the strategies or concepts mentioned herein or tax or legal advice. Any person interested in the strategies or concepts mentioned herein should consult their independent tax, legal, financial or other advisors,
as appropriate. This communication does not constitute the distribution of any information or the making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom
it is unlawful to distribute such information or make any offer or solicitation.

Before making any investment, each investor must obtain the investment offering materials, which include a description of the risks, fees and expenses and the performance history, if any, which may be considered in connection with making
an investment decision. Interested investors should seek the advice of their financial adviser about the issues discussed herein as appropriate. Should investors choose not to seek such advice, they should carefully consider the risks associated
with the investment and make a determination based upon the investor’s own particular circumstances, that the investment is consistent with the investor’s investment objectives and assess whether the investment product is suitable for
themselves. Although information in this document has been obtained from sources believed to be reliable, CSL does not guarantee its accuracy or completeness and accept no liability for any direct or consequential losses arising from Its use.

CSL does not provide discretionary portfolio management services.

UAE: This document is distributed in UAE by Citibank, N.A. UAE. Citibank N.A. UAE is licensed by UAE Securities and Commodities Authority (“SCA”) to undertake the financial activity as Promoter under license number 602003.

Citibank N.A. UAE is registered with Central Bank of UAE under license numbers BSD/504/83 for Al Wasl Branch Dubai, 13/184/2019 for Mall of the Emirates Branch Dubai, BSD/2819/9 for Sharjah Branch, and BSD/692/83 for Abu Dhabi Branch.

This is not an official statement of Citigroup Inc. and may not reflect all of your investments with or made through Citibank. For an accurate record of your accounts and transactions, please consult your official statement. Before making any investment, each investor must obtain the investment offering materials, which include a description of the risks, fees and expenses and the performance history, if any, which may be considered in connection with making an investment decision. Each investor should carefully consider the risks associated with the investment and make a determination based upon the investor’s own particular circumstances, that the investment is consistent with the investor’s investment objectives.
At any time, Citigroup companies may compensate affiliates and their representatives for providing products and services to clients.

United Kingdom: This document is distributed in the U.K. by Citibank UK Limited and in Jersey by Citibank N.A., Jersey Branch.

Citibank UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our firm’s Financial Services Register number is 805574. Citibank UK Limited
is a company limited by shares registered in England and Wales with registered address at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, Companies House Registration No. 11283101.

Citibank N.A., Jersey Branch is regulated by the Jersey Financial Services Commission. Citi International Personal Bank is registered in Jersey as a business name of Citibank N.A. The address of Citibank N.A., Jersey Branch is P.O. Box 104, 38 Esplanade, St Helier, Jersey JE4 8QB. Citibank N.A. is incorporated with limited liability in the USA. Head office: 399 Park Avenue, New York, NY 10043, USA.

DISCLAIMER [+]

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