Bloomberg (gated) on a cryptocurrency tailwind if true. The US Securities and Exchange Commission (SEC) is poised to allow the first exchange-traded funds based on Ether futures, a major win for several firms that long have sought to offer the productsThe regulator...
Japan core-core CPI data comes in above 4% again, hits 4.3% in July
Japan July inflation data. Underlying inflation pressures have a rocket under them. The 'excluding food and energy' measure is known as 'core-core'. Its the closest to the US measure of core inflation. It hit 4.3% in July. If you've been following along you'll know...
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https://www.youtube.com/watch?v=OOzKnx234VQ [속보]9월부터 청약통장 4.3% 은행가서 이것 하면 60만원 개이득! 싹~다 바뀝니다!아파트 빨리 당첨 되려면 바뀐 "이것" 꼭~챙기세요!!]#3.1경제독립tv 나에게 힘이되는 "돈되는 복지정보"!! 최신 "재테크 소식"을 가장 빠르고, 정확하게 받고 싶다면 3.1경제독립tv" "좋아요", "구독",...
Barclays slashed their China GDP forecast to 4.5% (prior 4.9%)
Barclays revised its projection for Chinese economic growth for this year to 4.5%, from 4.9%.For 2024 analysts at the bank project 4% GDP growthFor the current quarter, Q3 2023, Barclays expects GDP at 3.5%As for the People's Bank of China, the analysts expect an RRR...
Coinbase says it has system issues but funds are secure. Meanwhile BTC extending lower.
Coinbase has made a statement saying its systems are experiencing issues and they are working on a fix. Say that funds remain secure.Meanwhile, Bitcoin is extending the losses it had Thursday:There are rumours that SpaceX has sold its stake in BTC. The Wall Street...
Brent oil price forecast higher – UBS not expecting the recent slip lower to persist
From a UBS note, in summary. Analysts at the Gloabl Wealth management arm do not expect recent price falls to persist, in light of the oil market’s firming fundamentals: We expect global oil demand to hit a record high in August. Unlike in other commodities markets,...
Bank of Japan watch – MUFG says USD/JPY in the danger zone for intervention
MUFG is wary of Bank of Japan intervention in the yen, citing USD tailwinds (from the Federal Open Market Committee (FOMC) minutes specifically) and JGB yields.The short-term bias remains favourable for the Dollar and the minutes and the data support that view. The...
ICYMI – further intervention from China to support the yuan overnight
USD/CNH is off its Thursday highs with Chinese State banks intervening to sell USD/CNY.I gave a heads up to the intervention yesterday:And Justin followed up with more later in the session:There was further selling by State banks during London time, but the impact has...
China’s 2nd largest property development group has filed bankruptcy protection in the US
Info via Reuters that is seeking protection from creditors in the United States under Chapter 15 of the U.S. bankruptcy code Earlier this week, the embattled property developer resolved to delay its meetings for the Hong Kong CEG Class A and Class C holders of debt to...
Note for diary & preview – Powell to speak at 10 am ET on Friday August 25 – Jackson Hole
Federal Reserve Chair Powell will deliver his speech at Jackson Hole next Friday, 25 August.scheduled at 10.05 am US Eastern time I posted a preview yesterday:---The Federal Reserve Bank of Kansas City will host the 2023 Economic Policy Symposium, "Structural Shifts...
Forexlive Americas FX news wrap: Yields rise further but US dollar gives some back
Markets:Gold down $3 to $1888US 10-year yields up 2.4 bps to 4.28%, touches 4.33%WTI crude oil up 67-cents to $80.05S&P 500 down 34 pointsJPY leads, AUD lagsTwo things are driving market sentiment right now: 1) Rising bond yields 2) China economic worries. Those...
Japanese inflation data for July headlines the economic calendar in Asia Friday, 18 August
Japan CPI data is on the economic data agenda for the session here in Asia. The July data for Tokyo showed very solid inflation indeed. The 'core-core', which is the closest to the US measure of core inflation hit 4%. The inflation data for Tokyo is viewed as a...
Trade ideas thread – Friday, 18 August 2023
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,...
Nasdaq leads the way to the downside for the 3rd consecutive day
Major US stock indices, are on a 3-day skid with the Nasdaq leading the way with a loss of nearly -1.15% for the 3rd consecutive day. The index is down -2.40% for the week and on pace to close lower for the 3rd consecutive week. The S&P index is also on pace for...
USDJPY tumbles toward 100 hour MA.
USDJPY tumbles into the US closeAs stocks started to slide and US rates also came off of it's highs, the USDJPY started a reversal to the downside. The current hourly bar has seen the price of the pair move from 146.16 to a low of 145.63. That move to the downside,...
How much impact will student loan repayments have on US
Starting on September 1, interest will once again begin to accrue on the $1.78 trillion in US student loans outstanding. Starting in October, payments will begin again.Bernstein is out with a good analysis of the numbers and highlights that about 17% of US adults hold...
Nasdaq going for its third day in a row with declines around 1.15%. Steady as she falls…
The NASDAQ index is training to new session lows and in the processes currently down around -1.15%. That decline matches the previous 2 day declines -1.14% and 1.15% respectively.NASDAQ shares are down -7.14% for the month is its worst performance since December 1 the...
Ris aversion hits hard late once again
The S&P 500 closed at the lows in each of the past three days with selling picking up late int he day in each case. The selling has started a bit earlier today and it's spilled over into USD/JPY as the pain is enough to drag yields from the highs.The trigger for...
US crude oil futures settle at $80.39
The price of WTI crude oil futures is settling up $1.01 or 1.27% at $80.39. The high price they reached $81.08. The low price was at $78.95. At session lows, the price tested a targeted support area at $79.00. Recall, that last week the price moved above a swing area...
RBC: USD/CAD Already at our 1.35 Q3 target; what’s next?
RBC provides insights on the future trajectory of USD/CAD, which has already hit their end-Q3 forecast of 1.35. Here are the main takeaways:Short-Term Uncertainty: USD/CAD's trajectory seems uncertain in the near term, likely to be influenced by developments around...