Recommended by IG Traits of Successful Traders Get My Guide The US markets will be back online today to set a clearer backdrop for the risk environment, with US equity futures slightly in the red at the time of writing as a reflection of some lingering caution....
AUD/USD lower after China rate cuts, RBA minutes
The China rate cut news is here:And a lower yuan at the reference rate setting:And the Reserve Bank of Australia minutes:The combined impact has been a drop lower for AUD/USD. On China, the rate cut today would appear to be the last of the expected stimulus moves....
RBA June minutes: Wage rises higher than expected
Reserve Bank of Australia Summary Headlines via Reuters, bolding is mine:Board considered rate rise of 25bp or holding steady and reconsidering at later meetingArguments were "finely balanced" but board decided case for immediate hike was strongerHike would provide...
PBOC sets USD/ CNY central rate at 7.1596 (vs. estimate at 7.1630)
The big news out of China is here, another policy rate cute from the People's Bank of China: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...
PBOC Loan Prime Rates (LPR) CUT: 1-year 3.55% (prior 3.65%) & 5 year 4.20% (prior 4.30%)
People's Bank of China Loan Prime Rate policy rate setting for June 2023. The first cut to LPRs for 10 months. 1-year cut by 10bp to 3.55% prior 3.65%& 5 year also getting a 10bp cut, to 4.20% prior 4.30%So, that's it for China rate cuts for now. Over to the...
Japan finance minister Suzuki says FX stability is important
As expected, some comments out of Japan with USD/JPY popping even higher:Suzuki: FX stability importantClosely watching FX movesNo comment on FX levelsFX levels should be set by the marketFX should move stably reflecting the fundamentalsThis is low-level verbal...
PBOC is expected to set the USD/CNY reference rate at 7.1630 – 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 above 142.00, highest since November 2022
There isn't any fresh news nor data to act as a catalyst. Monetary policy divergence between the Bank of Japan and Federal Reserve is an ongoing influence for a weak yen. There will likely be comments from Japanese officials if the yen loses ground quickly. But watch...
Oil – Tropical Storm Bret to strengthen to Hurricane just outside of US Gulf
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,...
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Australian state NSW is on the verge of losing its long-held AAA credit rating
New South Wales is Australia's most populous state and home to Sydney, its most populous city. Treasurer Daniel Mookhey cites his department's analysis in the warning the state is looking at copping a rating downgrade. Within two weeks the state will be paying more...
Australian weekly consumer confidence survey slides lower again, to 72.4 (prior 72.7)
The Australian ANZ - Roy Morgan consumer confidence survey is conducted weekly.72.4 this week from 72.7 the previous week.Says ANZ:at its weakest since April 2020Notably, confidence about ‘current financial conditions’ fell to a new low, after declining 10.6pts in the...
New Zealand Treasury say domestic demand is being dampened by high interest rates
If so that'd be "mission accomplished' for the Reserve Bank of New Zealand.Like all other developed market central banks the RBNZ realised there was zero it could do to address supply chain issues that were igniting higher price pressures. The Bank had to instead work...
RBA June meeting minutes will be published today – clues on a July rate hike?
There are three Reserve Bank of Australia events on the agenda today:The minutes will be assessed for clues on what may be ahead from the Bank in July. The meeting is on the 4th and after the very strong jobs numbers last week there is a better-than-even probability...
ECB’s Kazimir says a July rate hike is on, but will need fresh analysis for September
Monday was a busy day for European Central Bank talking heads:Rounding it out were comments from the head of the National Bank of Slovakia (Národná banka Slovenska), and therefore a member of the ECB's Governing Council, Governor Peter Kazimir:"We need to deliver...
ECB’s Simkus spoke Monday – says a July rate hike is on, not sure on September
While the US was on holiday on Monday Europe was up and running, with plenty of commentary from the European Central Bank.Firstly, from two of the Bank's big guns:Both skewing hawkish. There were also remarks from the Greek central bank head: Chairman of the Central...
ICYMI – ECB’s de Guindos said core inflation slowdown faces limitations
European Central Bank Vice President Luis de Guindos spoke on Monday, expressing doubt about how underlying inflation pressures are easing. “There is not doubt inflation will ease,” “Underlying prices, however, could face more limitations in that slowdown.”The...
New Zealand data – Q2 consumer confidence 83.1 (vs. prior 77.7)
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,...
US President Biden says US-China relations are on the right trail
Biden comment hitting the news. On Monday United States Secretary of State Antony Blinken met with Chinese President Xi JinpingXi remarked:“The Chinese side has made our decision clear, and the two sides have agreed to follow through the common understandings...
Economic calendar in Asia Tuesday, 20 June 2023 – China interest rate setting, LPR day
Another rate cut is expected from China today. Last week we saw the People's Bank of China cutting three separate policy rates:PBOC 1 year MLF rate cut to 2.65% (prior 2.75%), as widely expectedICYMI - People's Bank of China rate cut overnight (that's two rate cuts in...