US:The Fed hiked by 25 bps as expected and kept everything unchanged at the last meeting.Fed Chair Powell reaffirmed their data dependency and kept all the options on the table.Inflation measures since then showed further disinflation. The labour market displayed...
FX option expiries for 8 September 10am New York cut
There is just one to take note of on the day, as highlighted in bold.That being for EUR/USD at the 1.0700 mark once again. All else being equal, it should keep price action just above the figure level before rolling off later in the day - similar to yesterday. And...
Germany August final CPI +6.1% vs +6.1% y/y prelim
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,...
GBPUSD Technical Analysis – Key resistance in sight
US:The Fed hiked by 25 bps as expected and kept everything unchanged at the last meeting.Fed Chair Powell reaffirmed their data dependency and kept all the options on the table.Inflation measures since then showed further disinflation. The labour market displayed...
Yuan misery to end the week for China
USD/CNY daily chartUSD/CNY is now trading above 7.34 and that is the highest level for the pair in 15 years. The mounting pressure on the Chinese economy is continuing to weigh on the yuan currency and despite Beijing's best efforts to try and stem the drop, it is...
It’s a quiet one on the agenda in Europe today
The dollar is marginally lower on the day but it comes after a slight advance yesterday. Bond sellers were at it again after the weekly jobless claims data but there were also strong bids coming through amid some risk aversion in broader markets. There still seems to...
ForexLive Asia-Pacific FX news wrap: PboC struggle to hold the line on yuan
The People’s Bank of China once again set the USD/CNY reference rate more than 1100 points lower than the modelled estimate. The difference today was that the Bank set the rate above 7.20 as it conceded, just a little, to market pressure on the yuan. The low setting...
Chinese state media talking up the yuan: recovering economy will return confidence & calm
The People's Bank of China-backed (and hence Chinese Communist Party backed) Securities Times said today in an opinion piece that "The process of economic recovery in the post-COVID era will not be accomplished overnight and it requires policy support," "But with...
ICYMI – Nvidia CEO Jensen Huang sells $42 mn in shares (but its OK)
ICYMI, the report from Benzinga:New filings from the company showed Huang sold shares over the past several trading sessions. Two separate filings from Nvidia revealed Huang exercised stock options in blocks of 29,688 shares with an exercise price of $4. Three...
Head of the San Francisco Fed Mary Daly to speak on Friday
The event doesn't look like it will a venue for Daly to say too much on her economic or monetary policy outlook, but you never know. And, there are always Q&A media questions. We had a barrage of Fed speakers the past 24 hours:Daly is speaking at 11:00 am US...
Poll shows analysts split on an ECB rate hike next week
Reuters polling on what's expected from the European Central Bank at its September 14 meeting:39 of 69 analysts/economists say the ECB will leave its Deposit Rate unchanged at 3.75%30 said the ECB will hike it by 25bps to 4.00%This compares with market p[pricing of...
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The People’s Bank of China is battling to hold the line on the yuan today
The PBOC maintained an 11+ big figure gap between the estimated USD/CNY reference rate and it setting:But it has had to allow the CNY to weaken to over 7.2 to the dollar. As I note each day, USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from...
PBOC sets USD/ CNY reference rate for today at 7.2150 (vs. estimate at 7.3284)
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...
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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...