Australia's trade minister Don Farrell spoke with local media earlier saying he is confident China will lift all trade blocks next month."I remain very confident ... that by Christmas all of these trade impediments will be removed," "And we will have restored that...
China FX strategy: JPM bullish growth, but foreign inflows remain unrestored
A note via JP Morgan on FX strategy. In it, JPM argue that while an improvement in economic growth in China should come from additional fiscal policy assistance and the gradual policy easing that has been in place since August, and hence the bank has revised its...
China’s Medium-term Lending Facility rate will be set today
I posted on this earlier, but ICYMI, the monthly PBOC Medium-term Lending Facility (MLF) rate setting is coming up today, Wednesday, 15 November 2023:Due around 0115 GMT.the MLF rate is currently 2.5%.The MLF rate is a benchmark interest rate that banks in China can...
Stopgap funding bill to avert a US government shutdown wins the House vote
Stopgap funding bill to avert a US government shutdown has enough votes to pass in the House of Representatives.Voting isn't over, it continues, but the bill will pass and be sent to the Senate. Its likely to pass in the Senate.UPDATE - voting complete, bill...
JP Morgan CEO suggests further action on rates may be needed, pause may not last
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,...
Huge bet against semiconductor stocks by ‘Big Short’ Michael Burry
Michael Burry’s Scion Asset Management had made large plays looking for falls in the S&P 500 and Nasdaq 100 earlier this year, via 2 million put options against index-tracking ETFs. According to the firm's latest quarterly filing, for Q3, those have been closed....
New Zealand data: Card retail sales -0.7% m/m in October (prior -0.8%)
Card retail sales -0.7% m/m in October prior -0.8%Card retail sales -2.0% y/y prior +1.6%New Zealand households have been slammed by the long cycle of interest rate hikes by the Reserve Bank of New Zealand. Which, of course, is a feature not a bug in the battle to...
Oil – private survey of inventory shows headline crude build, not as much as was expected
This is from the privately surveyed oil stock data ahead of official government data tomorrow morning out of the US.Via Twitter:--Expectations I had seen centred on:Headline crude +1.8mn barrelsDistillates -1.2 mn bblsGasoline +0.6 mn--This data point is from a...
Janet Yellen’s unexpected fast food order goes viral
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,...
Russell 2000 soars 5.44% as major US stock indices surge on CPI data
CPI data for the month of October came in tamer than expectations with the headline number rising by 0.0% month on month (versus expectations of 0.1%). The core measure rose by 0.2% (versus expectations of 0.3%). Although the year-on-year levels are still above the 2%...
Forexlive Americas FX news wrap: Huge moves follow US inflation report
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,...
JP Morgan CEO Dimon says people are overreacting to short-term numbers on inflation
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,...
Asian Economic Calendar: Key Events and Consensus Expectations for 15 November 2023
Activity data from China will be the focus. Base effects are expected to likely cause industrial production to drop, although the consensus is for unchanged (y/y figures). The official manufacturing PMI is in contraction. Base effects too should, on the other hand,...
Trade ideas thread – Wednesday, 15 November 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,...
USD dips further: Major currencies slide against greenback
The USD is continuing its tumble lower with the EUR, GBP, CHF, AUD and NZD all down -1.50% or more now. Versus the JPY the USD is down -1.01%. The biggest mover is the NZDUSD which is now up 2.35%.Looking at the daily chart of the NZDUSD, it has now reached and...
What’s priced in for the Federal Reserve after CPI
The market is acting as if core CPI at 4.0% instead of the 4.1% reading expected is a gamechanger. US 5 year yields are back to where they were in August... back before the Fed started talking about higher yields doing their work for them. US 5 year yields dailyThat...
No break whatsoever in the US dollar selling
The moves in financial markets today are incredible, especially when you consider that CPI was only 0.1 percentage points below expectations (and even less unrounded).It speaks to the positioning of market participants and the mountains of cash on the sidelines. Bonds...
EURUSD surges above key resistance, signaling further upside potential
EURUSD extend above the 50% midpointThe EURUSD is extending to yet a new high at 1.0881, and in the process as reached above another target at the 50% midpoint of the move down from the July high to the October low. That level comes in at 1.08613. Stay above that...
WTI crude oil gives back gains to finish flat on the day. Inventory data up next
WTI crude oil finished precisely flat on the day at $78.26 after rising as high as $79.77. The big figure appeared to be a hurdle along with worries about oversupply. That counteracted a broadly-positive risk tone that led to huge gains in equities along with a drop...
Bitcoin wasn’t invited to the party
The waiting game continues for a bitcoin ETF and it appears as though some bulls are losing patience, or taking profits. Bitcoin is down 3.7% today, or $1348 to $35,040 in the second day of selling. There have been several false reports of bitcoin ETFs and an approval...