Japan's real wages in August declined for a 17th month in a row. This is important as the Bank of Japan has persistently been emphasising that sustainable wage rises is a prerequisite for deciding whether and how to dismantle its ultra-loose monetary stimulus....
Report that US President Biden has begun making plans for personal meeting with China’s Xi
The White House has begun making plans for a November meeting in San Francisco between President Biden and Chinese leader Xi Jinping. At the Asia-Pacific Economic Cooperation summit, to be held Nov. 11-17. WaPo with the report (may be gated), says: With tension high,...
Non-farm payroll previews – still solid jobs market expected
Deutsche Bank forecasts:headline +150Kunemployment rate 3.9%earnings growtht +0.2% m/mWestpac on the September’s US nonfarm payrolls report:will reflect moderating jobs growthWestpac are forecasting that the unemployment rate will likely remain steady at 3.8% as...
Czech central banker Kubelkova says inflation may drop near target already in January
Czech central bank board member Karina Kubelkova spoke in an interview with daily Mlada Fronta Dnes, published on Friday: said Czech inflation may drop near the central bank's 2% target already in January and be around it in the first half of 2024 said that to start...
Trump would accept House speakership for a “short period” – Fox reporting
Fox with the report that former US President Trump says he'd step in as Speaker of the US House. "I have been asked to speak as a unifier because I have so many friends in Congress," "If they don’t get the vote, they have asked me if I would consider taking the...
OPEC could intervene in oil market if prices dip too far
That's the view from RBC on the oil price drop. Global head of commodity strategy at RBC Capital Markets spoke with CNBC on Thursday: “I think OPEC is a different OPEC than in 2015. ... I would anticipate, if we continue to see selling pressure over the next few days,...
JP Morgan raised its China GDP forecasts for 2023 and 2024
Analysts at JP Morgan raised their economic growth forecasts for China citing policy moves and improving economic signals. revised up the full-year growth forecast to 5.0% for 2023 (previously: 4.8%) and 4.4% for 2024 (previously: 4.2%) JPM are optmisistic on more...
Chinese developer Sunac won approval to restructure around US$10bn of debt
Troubled Chinese property developer (aren't they all?) Sunac has had some good news, a bit of a breakthrough on its debt restructuring. ICYMI: A court approved a $10bn restructure plan agreed with creditors Sunac will issue new notes and convertible bonds to creditors...
ICYMI – HSBC bump up their GDP forecasts for the UK and the Eurozone
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,...
Forexlive Americas FX news wrap: US dollar gives some back ahead of non-farm payrolls
Markets:Gold down $1 to $1819WTI crude oil down $1.78 to $82.44US 10-year yields down 2.1 bps to 4.71%S&P 500 down 5 points to 4258NZD leads, USD lagsUS trade balance and initial jobless claims data points were both stronger than expected and that cause some...
Major US indices close today with modest losses
The major indices are closing it fractionally lower. For the week, the Dow and S&P are lower, the NASDAQ is unchanged versus last week's closing level with one day to go. That one day is US jobs data which will be a major influence for the markets tomorrow. I...
Economic calendar in Asia 06 October 2023
It's a bit of a quiet one on the calendar ahead. Asia FX will likely sit on its hands awaiting the US jobs report later:This snapshot from the ForexLive economic data calendar, access it here.The times in the left-most column are GMT.The numbers in the right-most...
SEC lanuches probe into Elon Musk’s purchases of Twitter stock in 2022
The tumultuous relationship between the SEC and Elon Musk continues as they sue him over his 2022 stock purchases of Twitter, according to a report. I'm not sure what the problem is here, but Bill Ackman paid a $290m settlement doing something similar with Valeant so...
Trade ideas thread – Friday, 6 October 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,...
Crude oil pounds against the swing area support at $82.35
In the earlier video (see above), I spoke of the key swing area in the crude oil at a swing area between $82.35 and $83.32. Since then the price moved up but only to $83.37 - just above the high of the swing area. Since then, the price has rotated back down over the...
Natural gas comes to life on cooler late-October forecasts
We're rapidly heading towards heating season in North America and that means the weather is in focus again. The latest forecasts are for a cool second-half of October and that's helped to lift front-month natural gas above $3 for the first time since March.natural...
What are the key technical levels in play for USDJPY through the US jobs report
Tomorrow the key US jobs report will be released at 8:30 AM. For a preview, see Adam's post HERE. Depending on how that report comes out will likely lead to a move in rates. A stronger report will send US rates higher, while a weaker report will send the US rates...
US dollar continues to drip lower as risk appetite improves
It's tempting to read today's price action in FX as a reflection of the thinning of a crowded trade in US dollars. Yes, bond yields are lower by 2 bps but that's hardly a decisive catalyst. Oil is more convincing as another $2 decline combined with narrowed gasoline...
Non-farm payrolls preview: Jobs report set to land in a fragile market
Nonfarm payrollsCould this be a miss? Let's look at the numbers:Consensus estimate +170K (range +90-+256K)Private +160KAugust +187KUnemployment rate consensus estimate: 3.7% vs 3.8% priorParticipation rate consensus 62.8% priorPrior underemployment U6 prior 7.1%Avg...
IMF’s Georgieva: Current pace of global growth remains quite weak
IMF's Georgieva weighs in on global economic trends. Like the Fed sees rates higher for longer. Current pace of global growth remains quite weak.Global growth is well below 3.8 pre-pandemic averageStronger demand for services, progress on inflation boosted chances for...