Last week, the Fed kept interest rates unchanged as expected but revised the Dot Plot on the more hawkish side with one more rate hike still expected by the end of the year and much less rate cuts projected for 2024. Fed Chair Powell has also admitted that the...
European equities open lower to kick start the day
Eurostoxx -0.6%Germany DAX -0.5%France CAC 40 -0.8%UK FTSE -0.3%Spain IBEX -0.6%Italy FTSE MIB -0.7%It's not a good look with US futures also being smashed at the moment. S&P 500 futures are now down 0.7% with Nasdaq futures down 0.8% and Dow futures down 0.5% on...
USD/JPY stays poised in push towards the 150 mark
The BOJ disappointment and higher Treasury yields are two key drivers for further upside in USD/JPY. And that push is continuing today, with price testing waters above 149.00 for the first time since October last year.USD/JPY daily chartWe're now just a hop, skip, and...
Risk mood begins to sour ahead of European trading
10-year yields in the US are holding at 4.55%, its highest in 16 years, and that is continuing to reverberate across broader markets. The dollar remains underpinned as such with USD/JPY now testing waters just above 149.00, while equities are falling with S&P 500...
EURUSD Technical Analysis – Key level in sight
US:The Fed left interest rates unchanged as expected.The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike by the end of the...
FX option expiries for 26 September 10am New York cut
There are a couple of notable expiries on the board for today, as highlighted in bold.The first being for EUR/USD at the 1.0600 mark, although it does not hold much technical significance. Still, sellers are likely to lean on the figure level to put up offers and the...
More on China’s banning a senior Nomura executive from leaving the country
This from Monday:Reuters have a non-gated piece up now. Reading between the lines it's a chilling piece if you are going about your business in China:Yet as China’s policymaking grows fiercer under President Xi Jinping and geopolitical tensions grow, many foreign...
ForexLive Asia-Pacific FX news wrap: US Senate near to a deal to extend funding
News and data flow was very light indeed during the session here. As I am writing the news is crossing that US Senate Republican and Democrat negotiators are nearing a deal on a short-term spending measure intended to keep the government open after October 1st. The...
There are reports that US Senate negotiators are near a deal to keep govt open after Oct 1
Bloomberg reporting that negotiators for the two warring factions in the US upper house are nearing a deal on a short-term spending measure to keep the government funded after October 1.Democrat and Republicans nearing a deal to avert a shut down.The measure is a...
Japanese Economic Minister Shindo says important for currencies to move in stable manner
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Japan’s Finance minister Suzuki says rapid FX moves are undesirable
Some verbal JPY intervention comments from Japan's Finance MinisterCurrency rates should be set by the marketRapid FX moves undesirableClosely watching FX moves with a great sense of urgencyWon't rule out any steps to respond to disorderly FX movesShare the view with...
Fed’s Kashkari says if government shut down will do best we can with private data
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
ECB speakers today will include Lane, Simkus and Holzmann
0700 GMT, 0300 US Eastern time: Welcome address by ECB Board Member Philip Lane at joint European Central Bank - Banque de France - Centre for Economic Policy Research conference "Monetary Policy Challenges for European Macroeconomies"I also have Simkus and Holzmann...
More from Fed’s Kashkari: Rates probably have to a little higher, held there for longer
Federal Reserve Bank of Minneapolis President Neel Kashkari. US rates probably have to go a little bit higher, be held there for longer, to cool things off -Falling inflation next year might justify backing off the federal funds rate to stop it from getting tighterI...
Ex-PBOC Adviser says China’s property market could take as long as a year to recover
Li Daokui is a former member of the People’s Bank of China monetary policy committee from 2010 to 2012. He’s currently director of the Academic Center for Chinese Economic Practice and Thinking at Tsinghua University in Beijing. Was speaking in an interview. Sales in...
PBOC sets USD/ CNY reference rate for today at 7.1727 (vs. estimate at 7.3174)
The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.CNH is the offshore yuan. USD /CNH has no restrictions on its trading...
Fed’s Kashkari says there is still more to be done on services inflation
Federal Reserve Bank of Minneapolis President Neel Kashkari is participating in a question-and-answer session hosted by the Wharton Central Banking Club:Still more work to do on services inflationFed can definitely get back to 2% inflationMay need to cut rates if real...
PBOC is expected to set the USD/CNY reference rate at 7.3174 – Reuters estimate
The actual rate the People's Bank of China set the onshore yuan at will be nowhere near that modelled estimate. The Bank has been leaning on the daily fix to support the yuan. Yesterday's reference rate, for instance, was 7.1727. The fix today won't be too far from...
JP Morgan says ‘higher for longer’ worries markets. Also don’t understand frogs.
A note from analysts at JP Moran on developed market central banks apparently having reached the top of the rate hike cycle, or at least in a 'pause'. However, adds JPM, the promotion of a 'higher for longer message from the Banks is a worry for markets. Our "boiling...
Japan data – August PPI Services (Corporate Services Price Index) 2.1% y/y (expected 1.8%)
August PPI Services (Corporate Services Price Index) 2.1% y/y expected 1.8%, prior 1.7%Japan Services Producer Price Index (PPI) measures the average change over time in the prices received by service providers (in the private sector) for their services in JapanData...