Federal Reserve Bank of New York President John Williams. As head of the NY Fed Williams has a permanent vote on the FOMC, and indeed is its vice-chair. Williams is a big fish at the Federal Reserve.He is speaking publicly on Tuesday, 11 July 2023:1500 GMT/1100 US...
Indonesia seizes Iranian-flagged tanker suspected of illegal transshipment of oil
Indonesia's coast guard (Bakamla) said on Tuesday it has seized an Iranian-flagged tanker suspected of involvement in the illegal transshipment of crude oil. The vessel, MT Arman 114, was carrying 272,569 metricc tons of light crude oil and was suspected of...
ForexLive Asia-Pacific FX news wrap: USD/JPY dropped under 141.00
There was no fresh news nor data out of Japan today. USD/JPY continued its drop from Monday, falling under 141.00 for the first time since the middle of last month. The fall in US Treasury yields thus continued to reverberate here during the morning Asia session....
Goldman Sachs: India will overtake the US to become world’s 2nd-largest economy by 2075
Goldman Sachs Research’s India economist is bullish India:India is poised to become the world’s second-largest economy by 2075 Currently, India is the world’s fifth-largest economy, behind Germany, Japan, China and the U.S. GS cite:a burgeoning populationprogress in...
Australian PM Albanese is considering delaying his planned trip to Beijing until next year
Local media reporting that Australian Prime Minister Albanese is considering delaying his trip to Beijing until 2024.Which of course risks the delay being seen as a snub to China. The invitation is to meet with Chinese Premier Xi Jinping. Says the report:Foreign...
Japan finance minister Suzuki wants the G7 to meet on sidelines at next G20 meeting
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,...
ICYMI – China stepped up support for its ailing property market
Traders with an eye on China have been dissatisfied with support measures unveiled so far the economy. This is unlikely to change with the latest announcement from overnight: Two of China’s top financial regulators stepped up pressure on financial institutions to ease...
Australian June business confidence rises to 0, from prior -3
National Australia Bank Business Survey for June 2023Business conditions 0.0prior -3.0Business conditions 9.0Subindexes in the month sales down a point to a still-strong +14employment index unchanged at +5profits +2 to +9forward orders +3 to -2NAB comments: "Business...
PBOC sets USD/ CNY central rate at 7.1886 (vs. estimate at 7.2177)
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...
Opinion is split on the potential for the US SEC to approve a spot BTC ETF
A couple of divergent opinions doing the rounds on Monday:Bank of America:not optimistic about any imminent approvalmade the point that the SEC is skeptical about crypto trading platformsAnd: “For a historical perspective, silver futures began trading in 1933, but the...
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Westpac Australian consumer sentiment +2.7% m/m in July (prior +0.2%)
Westpac July 2023 Australian consumer sentiment survey, +2.7% m/m in July to 81.3prior 79.2+2.7% is the biggest gain since April WPAC comment: "The key message is that sentiment is probably not going to stage a sustained lift from current deeply pessimistic levels...
PBOC is expected to set the USD/CNY reference rate at 7.2177 – 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...
USD/JPY forecast as low as 136 (end-2023) – watch the Fed, not the BOJ
This snippet from Westpac on what they expect for USD/JPY, and why:Whether the Bank of Japan decides to loosen Yield Curve Control or raise the level of interest rates outright is arguably not the primary point to focus on for the Yen’s outlook. In our view, instead...
ICYMI – UK Chancellor Hunt said working with Bank of England to bring inflation back to 2%
The UK's finance minister Jeremy Hunt gave a speech alongside Bank of England Governor Andrew Bailey at the City of London's annual Mansion House dinner on Monday evening UK time.Greg had the details of Bailey's speech:Hunt fell into line, saying the UK government...
Australian weekly consumer confidence survey falls again, to 73.3 (prior 74.1)
The ANZ - Roy Morgan consumer confidence survey is conducted weekly. Its running along close to its 3 year low. ANZ comments:Consumer Confidence fell despite the RBA leaving the cash rate unchangedSmall gains in current and future financial conditions and in future...
Australian private survey of household spending drops 1.7% m/m in June (prior +3.1%)
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,...
ICYMI: ECB’s Herodotou spoke Monday, said high inflation worse than high interest rates
Constantinos Herodotou is Governor of the Central Bank of Cyprus and a member of the Governing Council of the European Central Bank. He spoke overnight on Monday, headlines: Inflation is worse than high ratesMonetary policy tightening only tool to fight inflationHigh...
UK Data – BRC like for like retail sales rose 4.2% y/y in June (prior was +3.7%)
British Retail Consortium data for June 2023like-for-like sales +4.2% y/y (prior +3.7%)total retail sales +4.9% y/y (prior +3.9% )The BRC sais that unusually hot weather boosted sales of swimwear, beach towels and outdoor games as well as garden furniture and barbecue...
JP Morgan says OPEC+ needs to cut output by another 700,000 barrels/day in H2 & into 2024
A note from analysts at JP Morgan on oil and OPEc+. Says the oil price has gotten away from OPEC+, due to added supply from producers outside its membership, and the cartel is going to have to cut production even further. Main points:Supply growth outside of the OPEC+...