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Morning trade in Hong Kong has been cancelled due to severe weather – Black Rainstorm
HKEX will not trade this morning.Hong Kong Exchange and Clearing is the operator of the city’s stock exchange.Its cancelled morning trade in the securities and derivatives market after the city issued a “Black Rainstorm” warning in the face of torrential rainfall and...
Japanese Fin Min Suzuki says rapid FX moves are undesirable, won’t rule out any options
Verbal intervention efforts from Japanese Finance Minister Suzuki:Rapid FX moves are undesirableWon't rule out any options vs excessive FX movesIts important that FX move stably reflecting fundamentalsUSD/JPY had been dropping lower prior to his comments:These are...
Heads up for Chinese inflation data due over the weekend – August CPI and PPI
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,...
The PBOC is expected to set the USD/CNY reference rate at 7.3284 – Reuters estimate
People's Bank of China USD/CNY reference rate is due around 0115 GMT.The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate...
Japan Q2 GDP revised down to 4.8% from 6%
The preliminary economic growth data for the second quarter of 2023 in Japan is here:Japan preliminary Q2 GDP +1.5% q/q (vs. expected +0.8%)Q2 GDP has been revised to +1.2% q/q and +4.8% y/yfrom +1.5% and +6.0% respectivelyThe data confirms weak domestic demand with...
Japan July real wages fall 2.5% y/y, and household spending falls 5% y/y
Data from Japan for July 2023 shows real (that is, inflation-adjusted) wages and household spending both fell. Gotta be a PhD in there somewhere on that relationship, yeah? Or maybe Captain Obvious has it already. July total cash earning +1.3% y/y (prior +2.3%)real...
Fed’s Logan says it could be appropriate to skip an FOMC rate hike at September meeting
Dallas Federal Reserve Bank President Lorie Logan: 'Could be appropriate' to skip interest-rate increase in SeptThere is 'work left to do' to get to sufficiently restrictive policySkipping does not imply stopping rate hikesNot yet convinced we've extinguished excess...
On Wednesday next week we get the US inflation data for August – preview
The biggest event of next week appears to be the US CPI data on Wednesday (sorry ECB Thursday!). Due on Wednesday 13 September at 8.30 am US Eastern time:The 'Expected' column (screenshot above) will be updated next week.Bank of America preview comments, looking for...
BNP has flipped its S&P 500 forecast to end 2023 at 4150, from 3400 previously
Bloomberg with the info from an interview with BNP's head of US equity and derivative strategy.He was previously forecasting a big drop by year-end to 3400 for the benchmark US index. Is now targeting 4150. The new projection is because analysts at the bank now think...
UBS says the global economic story is very clear – disinflation pressures being kept alive
You'll hear constant worry from folks about how uncertain the economic outlook is. Isn't it always? Or, at least, it should be. The real time to worry is when its not uncertain. Which got my spidey senses tingling when I read what UBS say about the economy:In one...
Australian LNG facility plant strikes will begin today, Friday afternoon local time
This re Chevron's Wheatstone and Gorgon LNG facilities.The union representing workers says: Chevron Australia LNG workers to begin planned strikes from 1 pm local time on FridayWhen industrial action commences, plant will be shut down if there are not competent...
HSBC like even more upside for the USD into 2024 – 4 reasons for a higher dollar
HSBC has revised its view on the USD, predicting more upside for the greenback going into 2024. Previously, the bank had forecasted a winding down of cyclical weakness in European currencies, but this has materialized faster than anticipated. HSBC cites looming...
Fed’s Goolsbee says inflation is above where we want it, monetary policy is working
Federal Reserve Bank of Chicago President Austan Goolsbee speaking in a radio interview.Headlines via Reuters: It's possible we can get on 'golden path'Monetary policy is workingOverall level of inflation is above where we want itClearly there are risksChina, US govt...
The outlook for the U.S. economy remains uncertain
Despite the late-month rebound, which was oddly supported by pessimistic data from the United States, the stock market indexes ended August in the red: the S&P 500 fell by 1.52%, the Nasdaq by 1.58%, the Dow Jones by 2.62%, while the Russell 2000 declined by...
China bought a huge swag of gold in August, 10th consecutive mth it added to gold reserves
August data showed that China's foreign exchange reserve dropped 1.38% from a month earlier to $3.16 trillion, the lowest level since the beginning of the year, according to China's State Administration of Foreign Exchange ( SAFE).At the same time China extended its...
Forexlive Americas FX news wrap: Initial jobless claims show employment market still solid
> Forexlive Americas FX news wrap: Initial jobless claims show employment market still solid Session wrap Forex news for North American trading on Sep 7, 2023 <!--> Adam Button Thursday, 07/09/2023 | 20:35 GMT-0 07/09/2023 | 20:35 GMT-0 --> <!-->...
JP Morgan forecasts USD/JPY to as high as 155 before meaningful BOJ FX intervention
JP Morgan Asian market analyst says that the potential high for USD/JPY in 2023 is around ¥152, and in 2024 to ¥155 .Citing familiar points, most notably divergent monetary policy between the US Federal Reserve and the Bank of Japan, which has lead to a huge yield...
Investor Alert: Upcoming Earnings Reports and How They Impact Market Sentiment
The instrument that traders use to track and monitor scheduled economic events and data releases is called the stock market economic calendar. It provides a chronological listing of key economic indicators, reports, and events that are foreseen to be released by...
Economic calendar in Asia Friday, 8 September 2023, Japan growth
We get Q2 economic growth data from Japan today, the revised estimate. The preliminary data for this was a huge beat:Annualised growth camera in at 6%, well ahead of the 3.1% that was expected. It was driven by external demand that more than offset very poor corporate...