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...
October is now the month most cited as the likely timing for a BOJ policy change
Some 82% of 50 economists in a Bloomberg survey said they expect the BOJ to leave policy untouched at the July meeting (27 and 28th).Last month almost a third of polled analysts said the central bank would change policy in July.28% of respondents say October is now...
PBOC is expected to set the USD/CNY reference rate at 7.2233 – 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...
Citi, UBS, Daiwa have all come to the defense of Chinese banks after Goldman was critical
Bloomberg (gated) have the report on Citigroup, UBS and Daiwa arguing that Chinese lenders will withstand the strains of bad local government debt and less fee income without cutting dividends. Making the point that Beijing needs payouts from state-owned banks to fund...
Japan data – June exports +1.5% y/y (expected +2.2%) Imports -12.9% y/y (expected -11.3%)
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,...
Citi says gold could go as high as US$2,150 in H1 of 2024
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,...
Bank of Japan Governor Ueda comments this week have watered down YCC tweak expectations
Adam had the comments from BOJ Gov Ueade here:Justin had more on this ICYMI:MUFG commented on Ueda's remarks, saying although he acknowledged the improvement in market functioning, we already knew that. MUFG says at this point, the decision to change the YCC will...
Australian employment market report due today – preview
The Australian June Labour Force Survey is due today at 11.30am Sydney time0130 GMT9.30pm US Eastern timeVia CBA, preview comments:The labour market remains extremely tight but is not tightening further. Indeed, the unemployment rate has been range bound between...
People’s Bank of China Loan Prime Rate Setting due today – no rate change is expected
I posted on the LPR setting coming up later (0115 GMT) earlier here:According to a Reuters poll of 26 analysts, the one-year benchmark loan prime rate will remain at 3.55% and the five-year benchmark loan prime rate will remain at 4.20%, respectively, after the PBOC...
3 conditions are required for the US dollar to resume its downtrend – HSBC
HSBC is looking for the USD to fall further, saying that with the end of the Federal Open Market Committee (FOMC) hiking cycle being near there are 3 triggers to watch for fresh weakness:risk appetite remaining strongUS economic statistics not outperforming the rest...
Goldman Sachs says long CAD not preferred to capture US dollar weakness
Key Points 1. BoC Rate Hike: The Bank of Canada (BoC) has implemented another 25bp rate hike, which was in line with market expectations. 2. Potential for Further Hikes: There's an increased likelihood of another rate hike later in the year, possibly as soon as...
Zion Bancorp: EPS $1.11 versus expected $1.09. Deposits are higher for the regional bank
In Q2 2023, Zions Bancorporation (ZION) reported earnings per share (EPS) of $1.11, exceeding the expected $1.09.The bank's deposits were reported at $74.32 billion, significantly higher than the expected $68.49 billion.Zions posted a net interest margin of 2.92%,...
Forexlive Americas FX news wrap: US dollar strengthens and then gives some back
Markets:Gold flat at $1978WTI crude down $0.44 to $75.26US 10-year yield down 4.7 bps to 3.74%S&P 500 up 0.25%USD and CAD lead, GBP lagsThe pound was down big before US traders arrived, following a soft UK CPI report. It continued to fall into the London fix and...
IBM EPS $2.18 vs $2.01 expected. Revenues $15.48 billion vs $15.57 billion expected
In Q2 2023, IBM reported an operating EPS of $2.18, which was higher than the expected $2.01.The reported revenue for Q2 was $15.48 billion, falling slightly short of the projected $15.57 billion.The revenue breakdown across different segments was as follows:Software...
Netflix EPS of $3.29 on revenues of $8.19 billion
Netflix earnings for 2Q show:earnings-per-share $3.29 versus expected $2.86revenues $8.19 billion versus expected $8.29 billionStreaming and paid net additions 5.89 million versus expected 2.07 millionNetflix's guidance for Q3 includes the following:It projects...
Tesla EPS $0.91 versus estimate of $0.82. Revenues of $24.93B versus estimates of $24.48B
EPS $0.91 versus $0.82 expectedRevenues $24.93 billion versus expected $24.48 billionGross margins 18.2% versus 16.9% expectedThe company is prioritizing cost reduction and the development of new products. They forecast to maintain a long-term 50% Compound Annual...
Economic calendar in Asia 20 July 2023 – People’s Bank of China rate announcement
The focus of the calendar is on the PBOC's Loan Prime Rate Setting. No rate changes are expected. Earlier this week the Medium-term Lending Facility (MLF) rate was left unchanged, this is a guide to what to expect from the LPR setting. Current LPR rates are:3.55% for...
Trade ideas thread – Thursday, 20 July 2023
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,...
TSLA and Netflix Earnings
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,...
Major indices close higher once again
The major indices closed higher once again. The Dow is now up for 8 consecutive days. The S&P and NASDAQ are up 7 of the last 8 trading days. Each of the indices is closing at new 52-week highs. Perhaps some chink in the armor is that the NASDAQ indexes only up...