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...
China financial media report property market support may be coming – but only incremental
China Securities Journal says that China may announce more property market support measures.But the measures might be incremental, incorporating such polices as:lowering down payment requirementseasing up on some purchase restrictions -Markets are keen for blockbuster...
Westpac reaffirms its forecst for a 25bp Reserve Bank of Australia rate hike on July 4
more to comeWPAC are expecting a 0.25% increase in the RBA cash rate at the July 4 meeting, citing:Tight labour markets, limited progress on reducing core inflation and a pivot in the Board's reaction function support our forecast for a rate increase in July with a...
Buffett’s Berkshire Hathaway has bought even more shares of Occidental Petroleum
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 Industrial Production (preliminary, May) -1.6% m/m (expected -1.0%)
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,...
USD/JPY not a lot changed after the high, but not as high as expected, Tokyo CPI numbers
Central Banks <!--> --> <!--> Eamonn Sheridan Thursday, 29/06/2023 | 23:45 GMT-0 29/06/2023 | 23:45 GMT-0 --> <!--> USD/JPY is not a lot changed after the data:Its hovering just under 145, which is discussed as a bit of a level for the Bank of...
Tokyo area CPI for June, headline 3.1% vs. 3.8% expected
Note that this is inflation as measured in the Tokyo area. This is regarded as a leading indicator of nationwide inflation but its not a perfect 1 for 1 indication. We await June inflation for Japan as a while that'll be published in around 3 weeks.While still...
UBS have slashed their China stock market forecast
An ICYMI from UBS Investment Bank Research, citing citing slowing growth momentum in China say they've cut their forecast for the MSCI China Index to 72, from their previous forecast of 83 set back in January this year. Were expecting earnings growth of 20% in 2023 on...
Federal Reserve stock tipster? Warns of “significantly lower” stock returns in the future
The Fed with a stock market forecast, yes really. OK, its a research paper just published on Thursday titled:The summary is (bolding mine):I show that the decline in interest rates and corporate tax rates over the past three decades accounts for the majority of the...
After strong US data on Thursday the probability of an FOMC July rate hike is nearly 90%
More strong US economic data this week, with Thursday bringing an unexpectedly strong revision:The current Fed Funds target rate is 5 - 5.25%, though probably not for much longer according to the CME FedWatch Tool. 30-Day Fed Funds futures pricing data implies, with a...
New Zealand June Consumer Confidence hits its highest since January 2022
ANZ Roy Morgan New Zealand June Consumer Confidence at 85.5prior was 79.2ANZ point out:still a very low levelThe proportion of people who believe it is a good time to buy a major household item, a key retail indicator, rose 7 points to -27On inflation expectations in...
USD/JPY at 152 is a possible Bank of Japan intervention trigger – Credit Suisse
Economists at Credit Suisse are looking for (a lot) of upside for USD/JPY ahead, saying interventions is a long way off. The point out that:New BoJ governor Ueda’s dovish stance at his first meeting in charge on 28 April catalysed an 8% USD/JPY rally in the two months...
ICYMI: Brainard said inflation could reach the range of around 2% before 2024 election
Lael Brainard is the Director of the National Economic Council and thus US President Biden's chief economic adviser. She was vice-Chair of the Federal Reserve System prior to this White House job. Brainard spoke on Thursday: inflation has fallen for 11 months in a...
US is expected to further restrict export of Dutch chip making equipment to China
Reuters have the report, citing unnamed sources:The United States and the Netherlands are set to further restrict sales of chipmaking equipment to China, to prevent the technology from being used to strengthen China's military While the Dutch are planning to curb...
Fed’s Bostic says its not clear that inflation will continue to fall in the next 6 months
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,...
HSBC on AUD/USD: Hawkish RBA supports, China outlook a downside risk though
According to HSBC, the Reserve Bank of Australia's (RBA) more hawkish stance compared to the Federal Reserve could cause front-end yield spreads to move further in favor of the AUD. However, the recovery in China and the outlook for Australia's key exports are still...
Economic calendar in Asia 30 June 2023: Japanese inflation data & also China PMIs (June)
The first data of impact is an inflation indicator from Japan, inflation as measured in the Tokyo area. This is regarded as a leading indicator of nationwide inflation but its not a perfect 1 for 1 indication.The previous indications from this data point, for May, had...
Forexlive Americas FX news wrap: The strong US data continues
Markets:Gold float at $1907US 10-year yields up 13 bps to 3.84%WTI crude oil up 27-cents to $69.82S&P 500 up 0.4%AUD leads, EUR lagsThe drumbeat of strong US economic data continued on Thursday with a drop in initial jobless claims and a substantial surprise to Q1...
Dow and S&P rise. Nasdaq unchanged in trading today
The major US stock indices are ending the day mixed. The Dow and the S&P both rose, helped by financials. The Nasdaq after a day of trading above and below unchanged, is ending the day unchanged. The final numbers are showing:Dow rose 269.74 points or 0.80% at...
Trade ideas thread – Friday, 30 June 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,...