FPI up 1.6% m/m in June 2023expected +1.5%, rpior +0.3%---The New Zealand Food Price Index (FPI) is a measure of the changes in the average price of food items sold in New Zealand.calculated and published monthly by Statistics New Zealandthe FPI tracks the prices of a...
New Zealand manufacturing PMI for June 47.5 (prior 48.9)
BusinessNZ Performance of Manufacturing Index (PMI) is still well under its longer run average of 53.0Comes in at an awful 47.5 in Junelowest since November 2022eight of the last ten months showing overall activity below 50.0BNZ Senior Economist, Craig Ebert“for a...
JP Morgan response to the US June CPI report – soft landing path a “smidgeon” wider
The US CPI report for June came in lower than the consensus expected for both headline and core m/m.JP Morgan, in a nod to Federal Reserve Chair Powell's comment about a narrow path to avoiding recession, says:"... the narrow path to a soft landing looks a smidgeon...
US Senator Warren says Powell should stop the rate hikes
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Goldman Sachs response to the US CPI report – affirms a final FOMC rate hike July
The US CPI report for June came in lower than the consensus expected for both headline and core m/m.Goldman Sachs say that the result of the inflation report "is consistent with our view that Fed tightening is in its final innings".GS said they thus continue to...
ICYMI – ECB’s Vujčić says inflation risk still elevated, but more balanced
Boris Vujčić is the Governor of the Croatian National Bank and therefore a member of the European Central Bank Governing Council. He spoke in a seminar on Wednesday:"I still think that, particularly for the inflation outlook, risks are a bit elevated but are getting...
ICYMI – China’s Premier met with tech firms and promised more support
China's Premier Li Qiang met with executives from technology related firms such as Alibaba, JD.com, (NASDAQ:JD), Xiaohongshu Technology. He urged urging local governments to provide more support to firms in the sector, to:create a fair environmentimprove investment...
Major currency pairs broke out today. Technical stories changed. Want to catch up?
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Forexlive Americas FX news wrap 12 Jul: US CPI softer. USD/yields lower. Stocks higher
The US Consumer Price Index (CPI) data for June 2023 came out slightly lower than expected, reflecting a slower inflation rate. The overall CPI increased by 3.0% year-on-year, matching the expected figure but lower than the previous 4.0%. On a month-on-month basis,...
JP Morgan forecasts AUD/USD as high as 0.70, and NZD/USD to as low as 0.61
Key Points: 1. AUD Outlook: JP Morgan believes that the AUD/USD remains undervalued compared to commodities, rate spreads, and equity performance, hinting at potential convergence towards a higher fair value. However, they caution that the AUD might be most vulnerable...
Economic calendar Asia Thursday, 13 July: China trade data June, higher surplus expected
Trade data from China for June 2023 is the focus on the data agenda for the session ahead. Both exports and imports are expected to show a y/y decline. The data from China has been showing a faltering recovery for the economy. Imports declining is a symptom of weaker...
US stocks close higher for the 3rd consecutive day
US stocks closed higher for the 3rd consecutive day. Softer CPI gave the buyers the go-ahead to push higher. YoY headline CPI moved from 4% to 3%. The core inflation moved from 5.3% to 4.8% (or expected 5.0%)The NASDAQ index led the gains today (the Dow Industrial...
Trade ideas thread – Thursday, 13 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,...
The NZDUSD breaks higher and gets close to the next key targets
The RBNZ kept rates unchanged when they made their interest-rate decision in the Asian Pacific session. The price of the NZDUSD initially moved to the downside briefly before bouncing back higher. That move was short-lived however as the price and rotated lower into...
EURUSD moves to another new high and extends above target swing area
EURUSD trades to new highsThe EURUSD has continued its move to the upside and trades to yet another new high at 1.11377. That has taken the price above the high of a swing area between 1.1094 and 1.11346. The next upside target comes against swing lows and highs from...
WTI crude oil futures settle at $75.75
Despite a large build in crude oil inventories this week of 5.946 million (expectations were for a build of 0.483 million), the price of WTI crude oil settled up another $0.92 or 1.23% at $75.75. For the week, the price is up 2.57%. A sharply lower dollar is helping...
NASDAQ index extends back toward days highs
NASDAQ index trades back toward highsThe NASDAQ index is leading the way to the upside with a gain currently of 186 points or 1.35%. At session highs the index is up 202.75 points near the start of the trading day. The low price today saw the index up 81.43 points. So...
Highlights of the Fed’s Beige Book: Overall economic activity increases slightly since May
Overall Economic Activity:Overall economic activity experienced a slight increase since late May.Five districts reported slight/modest growth, five saw no change, and two noted slight/modest declines.Consumer spending patterns were mixed, with growth seen in services...
The AUDUSD story changed today with buyers taking control. Want to hear the new chapter?
The AUDUSD had a volatile up-and-down price action in the Asian/Pacific session. The price action initially saw the pair extend above its 100 and 200-day moving averages, the top of an up-and-down "red box", and the 38.2% retracement of the move down from the June 16...