Higher yields is the name of the game right now and despite efforts by the BOJ to try and limit that, they might be finding it tough to swim against the current - even in a market that they pretty much monopolise. 10-year Treasury yields are also seen up to 4.85%...
PMIs on the agenda in European trading today
The key story in markets is still that of higher yields with it driving broader sentiment as well. The dollar continues to sit in a good spot all across the board, even if we did see Tokyo intervene yesterday. USD/JPY was hammered down from 150.00 to 147.27 but is now...
USD/JPY steadies after Tokyo intervention overnight
Japanese officials are not officially saying it but they aren't denying it either. And that pretty much confirms what happened overnight. In case you missed it: USD/JPY smashed lower in sign of interventionThat brought USD/JPY down to a low of 147.27 before a quick...
Fed speakers Wednesday include O’Neill, Schmid, Bowman, Goolsbee
Timings below are GMT first / followed by US Eastern time:1400 / 1000 Federal Reserve Bank of St. Louis Interim President Kathleen O'Neill Paese gives welcome remarks before the 2023 Community Banking Conference hosted by the Federal Reserve Bank of St. Louis. This is...
Donald Trump is gaining some support amongst Republicans to be become Speaker of the House
Let's get this out of the way first, although no Speaker has ever held the role without being a sitting member of Congress, its not a requirement. An outsider can be drafted in. Trump is getting some support from some Republican members, Marjorie Taylor Green among...
ForexLive Asia-Pacific FX news wrap: RBNZ holds cash rate steady
US political news dominated the Tokyo pre-open with Speaker of the House of Representatives, Kevin McCarthy, voted out of the position. One of his deputies has taken on the (interim) job while jockeying for the Speakership gets underway. There will be a vote for the...
European Central Bank President Lagarde speaking Wednesday. Panetta, de Guindos too.
Lagarde is up twice during the sessions ahead, along with Panetta and de Guindos.Times below are GMT / US Eastern time:0815 / 0415 Welcome address (via video) by ECB President Christine Lagarde at 2023 ECB Conference on Monetary Policy: bridging science and practice...
Crypto: Ripple obtains full license to operate in Singapore
Four months ago, in June, the Monetary Authority of Singapore granted an initial in-principle approval. Now have a full license to act as a major payments institution. Ripple will continue to provide regulated crypto payment services in Singapore.Should be a bullish...
Japan chief cabinet secretary Matsuno: Will continue to take appropriate steps on FX
Japan chief cabinet secretary Matsuno: No comment on whether Japan intervened in fx marketImportant for currencies to move stably reflecting fundamentalsExcessive fx moves undesirableWill continue to take appropriate steps on fxFinance Minister Suzuki and his head of...
Taiwan central bank says will intervene in the TWD if fluctuates dramatically against USD
The Central Bank of the Republic of China (Taiwan) with the intervention threats: Says will intervene if dramatic fluctuations of the Taiwan dollar against the us dollarWe sell us dollars to smooth the market, the Taiwan dollar is decided by supply and demandSays...
More from Japan’s Kanda (Mr. Yen) – spoke with Prime Minister Kishida
Japan's Finance Ministry's Vice Finance Minister for International Affairs Kanda. He is the MoF official who will instruct the BOJ to intervene, when he judges it necessary. Often referred to as Japan's 'top currency diplomat'.More remarks from him crossing news...
Japan fin min Suzuki says will not rule out any options against excessive moves
Japan finance minister Suzuki comments: Currency rates should be set by the marketRapid FX moves undesirableFX stability is importantWon't rule out any options against excessive movesNo comment on whether Japan intervened in the FX marketWe are watching FX moves very...
NZD/USD marked lower after the RBNZ leaves rates unchanged, as expected
The Reserve Bank of New Zealand statement and minutes highlights:While the RBNZ said rates to will restrictive, it gave little to hints at future rate hikes. A more hawkish tone was expected. NZD/USD has dipped to a three week low after the announcement, continuing...
RBNZ leaves its cash rate target unchanged at 5.50%, as expected
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,...
Japan September Services PMI 53.8 (prior 54.3)
Jibun Bank / S&P Global September final PMIs. Preliminary and priors are here:And the final for the manufacturing PMI is here:---The focus for the session is on how USD/JPY responds to its collapse during US time:USD/JPY update (I cut the overnight plunge out of...
The “adults in the room” are clueless. So maybe China is behind the rise in US long rates.
The relentless plunge in US Treasuries has left a trail of bewildered investors and analysts in its wake. Bond markets are often said to be the 'adults in the room'. Not this time. Here is an interesting piece asking if maybe China is behind the rise in US long...
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US data focus for Wednesday is ADP jobs (September) and ISM Services PMI (also September)
Coming up from the US on Wednesday, 4 October 2023:The ADP employment data will be eyed for insight on the degree to which the pace of private job creation has been consistent with the FOMC’s objective of rebalancing the labour market. The data prior for this has...
Japan’s “Mr Yen” Kanda has no comment on whether Japan intervened in the FX market
Japan's Finance Ministry's Vice Finance Minister for International Affairs Kanda. He is the MoF official who will instruct the BOJ to intervene, when he judges it necessary. Often referred to as Japan's 'top currency diplomat'.USD/JPY popped above 150 during US trade...
South Korea industrial output in August grew its fastest since June 2020
South Korea is often cited as a 'canary in the coal mine' for the global economy. The canary would be happy with this Industrial output index at +5.5% in August m/mexpected -0.2% prior -2.0%fastest monthly gain since June 2020on a y/y basis -0.5% vs. expected -6.2%,...