The odds of a 25 bps rate hike are seen at ~36% as of today, with traders not entirely convinced of there being no rate hike. But also not enough to think that the likelihood of a rate hike being rather considerable. As much as I want to decipher the numbers, I would...
Another report highlighting China’s ban on iPhones to local governments, state-owned firms
This continues from yesterday: China has widened existing curbs on use of iPhones by state employees - reportThe report here highlights that an employee at a state-owned company in Beijing said she received a confidential notice in early September on restricting the...
Stocks erase early gains as risk mood stumbles once again
It's not a good look once again for equities as the risk mood begins to stumble in European morning trade. The early rise didn't last long with US futures now turning negative as well:S&P 500 futuresIn Europe, major indices are now down 0.4% to 0.5% across the...
USDCAD Technical Analysis – The momentum is waning
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...
German economy to contract by 0.4% in 2023 – DIW
The institute previously saw the German economy contracting by 0.2% but have revised the projection lower to 0.4% now, owing to a surprisingly weak second quarter. DIW notes that:"Households' spending mood should benefit from significantly lower inflation, but the...
Voting for UF AWARDS Global 2023 is Now Underway!
The excitement surrounding the UF AWARDS Global 2023 continues to grow with some of the biggest honours on the line across the fintech and B2B industry. With the Nominations Round in the books, voting is now officially underway for the UF AWARDS Global 2023!The...
Market Update – September 8 – Japanese & EU GDP miss, CNH breaks 2023 lows.
Asia-Pacific markets were lower on Friday as Japan released revised second quarter gross domestic product figures (+1.2% vs +1.3% expected, down from 1.5%) and Hong Kong cancelled the morning trading session due to a storm warning. Overnight the US100 fell for a 4th...
China vice premier Zhang Guoqing to visit Russia next week
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,...
USDJPY Technical Analysis – More upside is expected
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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