The Reserve Bank of Australia kept August rate hike bubbling today with the release of the July meeting minutes. The Bank said the case for a July rate hike was strong, but was pipped by a stronger case for on hold. AUD/USD had traded a little higher, mainly due tdue...
Australian Treasurer Chalmers says it remains to be seen if more rate hikes are needed
Australian Treasurer Chalmers remarks:remains to be seen if more rate hikes are neededinflation is moderating but is still a major concernChina's economic slow down a concern for AustraliaAustralian Australian Treasurer Jim Chalmers doesn't look like thisMoneyMaker FX...
China planner approved 91 fixed-asset investment projects worth total of CNY 700bn in H1
Statement from an official of the National Development and Reform Commission of the People's Republic of China (NDRC),m the 'state planner':approved 91 fixed-asset investment projects worth total of CNY 700bn in H1persistent economic recovery faces risks and...
Moodys: For Japanese banks, a rise in interest rates would bring more benefits than risks
Analysts at Moody's rating agency say that for Japanese banks, a rise in interest rates would bring more benefits than riskshigher interest rates would spur a rise in bond yields and mark-to-market losses on investment in debt securities for Japanese banks----The Bank...
Canadian June CPI data due today – is it just a placeholder?
The June inflation data from Canada follows only days after the latest move from the Bank of Canada:Scoita is not expecting a lot from the event:Canada will update CPI inflation for the month of June on Tuesday. This one is probably just a placeholder that may spark...
RBA July meeting minutes – says there was a strong case for raising the cash rate
Reserve Bank of Australia Board considered holding rates steady or hiking by 25 bpsStrong case for both, but board judged arguments for holding steady were strongerBoard agreed some further tightening may be required, would reconsider at August meetingCurrent stance...
PBOC sets USD/ CNY central rate at 7.1453 (vs. estimate at 7.1704)
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 weekly consumer confidence survey falls again, to 72. 6 (prior 73.3)
The ANZ - Roy Morgan consumer confidence survey is conducted weekly. Its running along close to its 3 year low.index has now spent twenty straight weeks below 80, the longest stretch below 80 since the index began being conducted on a weekly basis in October 2008ANZ...
US June retail sales data expected to rise – is anyone even aware that the Fed is hiking?
US June 2023 retail sales data is due on 18 July 2023: This snapshot from the ForexLive economic data calendar, access it here. The times in the left-most column are GMT. The data is due at 0830 US Eastern time. The numbers in the right-most column are the 'prior'...
PBOC is expected to set the USD/CNY reference rate at 7.1704 – 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...
Morgan Stanley expect US Treasury yields to head lower – stubborn Fed the biggest hurdle
Via a recent Morgan Stanley note on USTs, see yield being sent lower by an eventual Federal Reserve pivot, initially in rhetoric::We maintain a bullish stance on government bond duration and expect yields to trend lower. Stubbornly hawkish central bank rhetoric...
Fed data shows rejection rate for US credit applicants climbed to its highest in 5 years
A Federal Reserve survey published on Monday pegged the rejection rate for U.S. credit applicants at to 21.8% in the twelve months through Junethe highest level seen since the same period five years agoand compares with 17.3% in the previous, February, survey prior to...
China analysts say a People’s Bank of China Q3 RRR cut is likely – to support the economy
China Securities Journal with an article today citing analysts - say that a Q3 Reserve Requirement Ratio (RRR) from the PBOC is likely. In order to give a boost to the economy. The Reserve Requirement Ratio (RRR) is a central bank regulation that sets the minimum...
Here are 2 factors needed for AUD to move higher (above 0.70 towards 0.71) – RBA isn’t one
The Reserve Bank of Australia minutes ar due today, preview here:Mizuho with a very pertinent summary of the AUD and the RBA:A re-assessment of RBA risks are ripe with a new governor ... and in the context of Fed expectations shift. And to be sure, markets may still...
ICYMI – ECB’s Nagel says to expect a rate hike at the July meeting, September data driven
Germany's Bundesbank President and European Central Bank Governing Council member Nagel spoke on Monday.Key points: Transmission may be taking longer than in the pastReiterates that a hard landing is unlikelyToo early to declare victory over inflationCore inflation in...
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JP Morgan: US small & mid-cap stocks have “quite a bit of upside” if inflation, rates fall
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,...
TD think the USD has further scope to fall – 4 factors
TD is looking for the US dollar to fall further. Analysts at the bank say that after the most recent "positive" inflation report, the USD experienced a dramatic slide. And say that since the positioning-driven surge in May, they have been recommending USD shorts, and...
ICYMI – Morgan Stanley cut its China 2023 and 2024 growth forecasts
Morgan Stanley slashed its China 2023 economic growth forecast to 5.0% from 5.7% previouslyand for 2024 to 4.5% from 4.9% previouslyThe change came after the weak data from China on Monday:Morgan Stanley said the GDP report was weakChina's government is being slow to...
Economic calendar in Asia Tuesday, 18 July 2023 – RBA July meeting minutes
It's a very light data calendar in the Asia session ahead. At 0130 GMT, 9.30pm US Eastern time, we get the minute of the RBA meeting earlier this month. The decision was on hold:The minutes will be eyed for further clues on the potential for a rate hike at next...