It's a sensitive time in the market, especially for bonds and the dollar, as evident by the reaction to yesterday's ADP employment data. Right now, the sharks are out for blood and if there is any further signs of weakness in the US economy, that is enough for traders...
Steady tones so far on the day
The dollar is little changed for the most part with only the Japanese yen keeping a slender lead against the rest of the major currencies bloc so far today. Here's a snapshot of things and it shows the narrower ranges that are at play going into European trading:From...
Eurozone inflation in focus today
Even if the ADP employment number may not have any accuracy in identifying with the jobs report on Friday, it is still one that markets look to for some form of gauge. ¯\_(ツ)_/¯That was the case yesterday as the dollar was sent lower alongside Treasury yields before...
ForexLive Asia-Pacific FX news wrap: China August Manufacturing PMI beats, still contracts
The session focus was on the official August PMI data from China’s National Bureau of Statistics (NBS). As in July the manufacturing PMI remained in contraction while the non-manufacturing in expansion. Manufacturing improved from July and also beat expectations while...
Speakers from the US Federal Reserve today include Collins, Bostic
0715 GMT, 0315 US Eastern time: Federal Reserve Bank of Atlanta President Raphael Bostic makes prepared remarks and participates in a panel discussion at the South African Reserve Bank's Biennial Research Conference1300 GMT, 0900 US Eastern time: Federal Reserve Bank...
European Central Bank speakers on Thursday include Schnabel and de Guindos
0700 GMT, which is 0300 US Eastern time:Opening remarks by Member of the ECB's Executive Board Isabel Schnabel at conference "Inflation: Drivers and Dynamics" organised by the Center for Inflation Research at the Federal Reserve Bank of Cleveland and the European...
Chief Economist at the Bank of England Huw Pill speaks today
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,...
China’s local governments accelerating the pace of borrowing for infrastructure investment
Bloomberg with the report (gated) that China’s local governments are accelerating the pace of borrowing for infrastructure investment.This will be supportive of economic growth, and of course increasing China's debt load, a move that could pressure financial markets....
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PBOC says it’ll boost loans to private firms, encourage bond buying, and more
People's Bank of China statement of support for the Chinese economy: Will continue to step up loans to private companiesWill use stocks, bonds to deal with risks of private property developers in a prudent mannerWill encourage and guide institutional investors to buy...
AUD/USD popped a little higher on the Chinese PMIs and the batch of Australian data
China's manufacturing PMI improved in August but remains in contraction. Baby steps for this data series it seems:There was some data from Australia also, the capex data was especially encouraging. Supply chain snarl easing greased the wheels for a boost to business...
Australian data – Private sector credit in July +0.3% m/m from +0.3% in June
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,...
Australian data – Q2 Capex headline rose 2.8% vs. +1.2% expected
Some encouragement from business inverstment data from Australia in the second quarter. Total new capital expenditure rose by 2.8% Buildings and structures rose by 3.5% Equipment, plant and machinery rose by 1.9% Estimate 3 for 2023-24 is $157.8b. This is 14.5% higher...
BOJ Nakamura says Japan is no longer in deflation, but that mindset yet to be eradicated
Bank of Japan monetary policy board member BOJ must patiently maintain easy policy for time beingJapan's economy no longer in deflation but deflationary mindset is yet to be eradicatedCurrent rise in deflation driven by pass-through of import costs, yet to be driven...
China August Manufacturing PMI 49.7 (vs. expected 49.2)
China August Manufacturing PMI 49.7, beating the estimate and still in contraction vs. expected 49.2, prior 49.3fifth consecutive month in contraction for factory activity, but edging towards an expansionary reading. Maybe in September?Non-Manufacturing 51.0, missing...
PBOC sets USD/ CNY reference rate for today at 7.1811 (vs. estimate at 7.2765)
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...
Hong Kong Stock Exchange may be closed on Friday due to Super Typhoon Saola
Hong Kong may be shut down tomorrow, Friday, 1 September 2023 due to the approach of Super Typhoon Saola.If a Typhoon Signal 8 has been issued by the HK Observatory and it remains in place at 9am local time (0100 GMT) the morning session on the HKEX will be...
New Zealand August Business Confidence -3.7% (vs. prior -13.1)
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,...
Australia and the European Union will resume free trade talks on Thursday
A month ago Australia and the EU failed to reach a deal. Australia's Trade Minister Don Farrell and EU Commissioner for Trade Valdis Dombrovskis will meet in a teleconference today to reboot talks. Sticking points include access for Australian agricultural products,...
Lloyds Bank Business Barometer shows UK business optimism at an 18-month high
Lloyds Bank Business Barometer measure of confidence jumped by 10 points in August to 41%its highest since February 2022"The bounce in economic optimism this month is the stand-out point," Hann-Ju Ho, senior economist at Lloyds Bank, said. "Our analysis shows that...