Prior 38.5That's a slight improvement in Swiss manufacturing activity but it still points to a rather strong contraction after the plunge in July. Output continues to show further signs of falling but the good news at least is that inflationary pressures have eased...
USDJPY Technical Analysis – Signs of a top are emerging
US:The Fed hiked by 25 bps as expected and kept everything unchanged at the last meeting.Inflation expectations and CPI readings continue to show disinflation with the last two Core CPI M/M figures coming in at 0.16%. The US PMIs missed expectations across the board...
Spain August manufacturing PMI 46.5 vs 48.8 expected
Prior 47.8That's a sharp drop in Spain's manufacturing activity with the headline reading being the lowest so far this year. Of note, new orders are showing their quickest pace of declines since November last year as subdued demand conditions are weighing further on...
ECB’s Villeroy: Our options are open at the next and upcoming rate meetings
Underlying inflation has peaked since April and appears to have begun its declineBut this encouraging sign is still far from sufficientOur options are open at the next and upcoming rate meetingsWe are very close to a peak in interest ratesBut far from a point where we...
FX option expiries for 1 September 10am New York cut
There are some big ones to watch out for on the day, as highlighted in bold.They are all for EUR/USD and will factor into price action in the aftermath of the US non-farm payrolls later today.The ones at 1.0800 and 1.0820-25 will be ones that could add to a defensive...
Switzerland August CPI +1.6% vs +1.5% y/y expected
Prior +1.6%Core CPI +1.5% y/yPrior +1.7%At best, this might see the SNB choose to raise key rates one more time later this month. I mean, core inflation is continuing to ease and that's a positive development in allowing them some wiggle room at least.MoneyMaker FX EA...
China reportedly to take more action in order to try and revive property sector
The additional measures will include relaxing home-purchase restrictions and removing price caps on new homes. It is said that these measures will be implemented in the coming weeks and that they have been under consideration over the past few months now. The sources...
GBPUSD Technical Analysis – Rangebound between key levels
US:The Fed hiked by 25 bps as expected and kept everything unchanged.Fed Chair Powell reaffirmed their data dependency and kept all the options on the table.Inflation expectations and CPI readings continue to show disinflation with the last two Core CPI M/M figures...
UK August Nationwide house prices -0.8% vs -0.2% m/m prior
Prior -0.2%The average house price in the UK declines further as higher rates are continuing to weigh on housing market sentiment. The annual reading now reflects a 5.3% year-on-year drop in house prices and the falling trend is likely to stay the course as the BOE...
It is non-farm payrolls day to kick start the new month
With the focus being on the non-farm payrolls, we are likely to be in for a quiet and more tentative session in Europe later. Major currencies are mostly little changed so far on the day and barring any major headline surprises, there might not be much appetite to...
ForexLive Asia-Pacific FX news wrap: China cut its FX RRR by a third
China announced a cut in its FX Reserve Requirement Ratio by 200 basis points (bps) from 6% to 4% from September 15th. What this means is that China reduced the amount of foreign currency deposits banks are required to hold as reserves. It last did so in September of...
Goldman Sachs estimate +149K for US non-farm payrolls
Goldman Sachs forecasts for the US jobs market data due Friday, 1 September 2023:We estimate nonfarm payrolls rose by 149k in Augustour forecast embeds a 26k one-time drag from thee combination of Hollywood worker strikes (-18k) and Yellow trucking layoffs (-8k)We...
Japan finance minister Suzuki says sudden FX moves are undesirable
Japan finance minister Suzuki with comments crossing - nothing much new from him. Forex moves should be set by the marketSudden FX moves are undesirableFX rates should reflect fundamentalsBank of Japan Governor Ueda with Japan finance minister SuzukiMoneyMaker FX EA...
Russia’s Novak will announce his crude oil output plans next week
Adam had the news on Thursday:I posted yesterday on what's coming up from Saudi Arabia next week:ANZ on further cuts:Crude oil prices rose amid a broad risk-on tone across markets. However, news that Russia agreed further OPEC+ cuts amplified the move. Deputy Prime...
Federal Reserve officials speaking Friday include Bostic and Mester
At 1000 GMT, which is 0600 US Eastern time: Federal Reserve Bank of Atlanta President Raphael Bostic participates in a panel discussion at the South African Reserve Bank's Biennial Research Conference with SARB governor Lesetja Kganyago, IMF first deputy managing...
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China data: Caixin/S&P Global August 2023 Manufacturing PMI: 51.0 (expected 49.3)
Caixin/S&P Global August 2023 Manufacturing PMIexpected 49.3, prior 49.2A good beat and encouraging news from China. Yesterday ... The official PMIs from China:---China has two primary Purchasing Managers' Index (PMI) surveys - the official PMI released by the...
Australian data: July home loans -1.9% m/m (expected -1.0%)
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,...
AUD, NZD, JPY all higher following the PBoC FX RRR cut, the first since September 2022
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,...
PBOC sets USD/ CNY reference rate for today at 7.1788 (vs. estimate at 7.2967)
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...