If there's one takeaway from yesterday, it is that bad news is still good news for stocks. That so long as it is not bad enough to warrant a profound economic slowdown, and that also means bad news for the dollar.In other words, dollar bears are betting on a soft...
Japan August consumer confidence index 36.2 vs 37.1 prior
Looking at the breakdown:Overall livelihood 32.9 (-1.0)Income growth: 39.0 (-0.2)Employment: 42.7 (-1.3)Willingness to purchase durable goods: 30.0 (-1.1)Meanwhile, there was a slight increase in inflation expectations as 93.7% of households responded to the question...
Dollar gets knocked off its perch
A couple of poor data points yesterday seemed to be enough to cause some jitters about the US economy. That resulted in a big drop in Treasury yields and that took the dollar down along with it. I want to say that in part there is a bit of a squeeze in positioning at...
China’s economy isn’t as bad as the mood suggests, growth moving in the right direction
Via Bloomberg comes this piece on "China’s economy isn’t as bad as the prevailing mood suggests and growth is moving in the right direction as consumer spending picks up, according to an official at the British Chamber of Commerce in China."While the recovery has...
ForexLive Asia-Pacific FX news wrap: BOJ official says inflation 2 dip but then accelerate
Tech gremlins ate the Americas timezone wrap, I've included the headlines from the session here below:OK, back to the Asia session. Bank of Japan monetary policy board member Naoki Tamura spoke and dropped this into the conversation:Japan's inflation likely to slow...
European Central Bank’s de Cos is speaking on Wednesday, 30 August 2023
Coming up at 1045 GMT, 0645 US Eastern time: Bank of Spain´s governor Pablo Hernández de Cos participates in a financial session organized by the European Central Bank in the framework of the EEA-ESEM BarcelonaAlso coming up, at the same time: Riksbank First Deputy...
Shanghai Composite & HK’s Hang Seng both trading higher, still awaiting mortgage rate cuts
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,...
Toyota resumed operations of 25 vehicle production lines at 12 of its 14 plants in Japan
Toyota was hit by a Japan-wide production halt on Tuesday:Japanese media report now that output has resumed:Toyota resumed the operations of 25 vehicle production lines at 12 of its 14 plants in Japan on Wednesday morningA malfunction in the system that processes...
“BOJ policymaker signals chance of policy tweak early next year”
The comments today from Bank of Japan monetary policy board member Naoki Tamura were significant. I noted especially these:Japan's inflation likely to slow for time being, then accelerate moderately again Can't rule out chance inflation may overshoot...
Morgan Stanley Investment Management say US stocks set for a “strong rally” into year end
Morgan Stanley Investment Management’s managing director and senior portfolio manager Andrew Slimmon on US stocks:believes markets are set for a “strong rally” by the end of the yearbelieves the S&P 500 will be “closer” to 5,000 by thenWas speaking with CNBC, the...
BOJ’s Naoki Tamura says its appropriate to keep easy monetary policy at present
Bank of Japan monetary policy board member Naoki Tamura Personally feel sustained, stable achievement of 2% inflation target is clearly in sightAppropriate to keep easy policy now given uncertainty over prospects for hitting price goalWe are in a phase where we need...
Australian data – July building permits -8.1% m/m (vs. -0.8% expected)
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 Construction work done +0.4 q/q% (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,...
Australian July inflation data 4.9% y/y (vs. 5.2% expected)
A nice surprise for the monthly inflation data point. While it was always likely that the Reserve Bank of Australia will be paying more attention to the quarterly CPI reading due just ahead of its November policy meeting this sign of slower inflation will be welcome...
PBOC sets USD/ CNY central rate at 7.1816 (vs. estimate at 7.2773)
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...
Australian July inflation data due soon – an outside chance its higher than in June
The monthly CPI data is due from the Australian Bureau of Statistics at 11.30am Sydney time (0130 GMT and 2130 uste)ING preview:July CPI inflation data is forecast to decline to 5.2%YoY from 5.4% in June. But the July data will also include some chunky electricity...
PBOC is expected to set the USD/CNY reference rate at 7.2773 – 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...
Bank of Japan monetary policy board member Naoki Tamura speaking soon
Heads up for the speech at 0130 GMT, which is 2130 US Eastern time:Bank of Japan board member Naoki Tamura delivers a speechAfter that will be a news conferenceOver the weekend we heard from Bank of Japan Governor Ueda, he didn't flag any imminent change to...
Standard Chartered cut their RBA terminal rate forecast by 25 basis points
Standard Chartered were forecasting a 25bp rate hike at the Reserve Bank of Australia's September and November meetings but have dropped the September rate hike forecast. Are now expecting just one further rate hike of 25bp in November. Stan Chart reasoning:We still...
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