Across the Tasman Sea, the Reserve Bank of New Zealand said it would hike rates into economic recession if that's what it took to fight inflation. Data from New Zealand yesterday indicated that the economy is indeed in recession:The Reserve Bank of Australia have, so...
New Zealand Manufacturing PMI (May) still in contraction at 48.9 (prior 48.8)
BusinessNZ Performance of Manufacturing Index (PMI) is still well under its longer run average of 53.0BusinessNZ’s Director, Advocacy Catherine Beard:New Zealand’s manufacturing sector has remained in a relatively tight band of contraction for the last three months....
JP Morgan expects real money rebalance equities selling of up to US$150bn in coming weeks
JP Morgan is projecting that the world’s biggest asset managers could sell around $150 bn in equities by the end of June. With flows set to head into bonds. JPM says this is month- and quarter-end rebalancing. See the flows occurring because of the stark...
US stockmarket triple witching day on Friday, 16 June 2023 preview – chaos into the close
Friday is quadruple triple witching day in US stocks. Stock options, index futures, and index futures options derivatives contracts simultaneously expire. There was a 4th type of expiration, single-stock futures, which was never a big contributor, and don't trade now....
Fed’s Bostic made more transactions during an FOMC blackout period
This seems to be a storm in a tea cup. New disclosures reveal that Federal Reserve Bank of Atlanta President Raphael Bostic made multiple trades leading up to the FOMC meeting in May 2022 A money manager acting on Bostic’s behalf bought and sold shares of 19...
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Forexlive Americas FX news wrap 15 Jun:ECB raises rates by 25 basis points. Hints of more.
The USD fell sharply today, and was only surpassed by the JPY as the weakest of the major currencies. The AUD, CHF and EUR were all stronger. The USD fell today and was one of the weakest of the majorsThe fall in the greenback were triggered by a more hawkish ECB...
Morgan Stanley on the Federal Reserve – stick a fork in it
Although on Wednesday the FOMC couched their on-hold decision with a set of hawkish dots:I'm not seeing many folks that believe the Federal Reserve will be hiking again. Morgan Stanley for example:the Fed is done hereWe continue to see a soft landingWe continue to...
Economic calendar in Asia Friday, 16 June 2023 – Bank of Japan day!
The Bank of Japan don't have a set time for releasing its decision and statement. Experience has shown to expect it sometime in the 0230 GMT to 0330 GMT (10.30 pm - 11.30 pm US Eastern time) time window. Experience also shows that the more the BOJ has to discuss and...
Trade ideas thread – Friday, 16 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,...
No fear of the Fed: Stocks put up big gains
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,...
WSJ Timiraos: It is hard to say if the Fed is done
> WSJ Timiraos: It is hard to say if the Fed is done Speaking on CNBC <!--> --> <!--> Nick Timiraos on CNBCIs hard to say if the Fed is doneIt is hard - but not impossible - to see how the Fed SHOULD NOT GO in JulyIt is easier to come up with reasons...
Apple trades to a new all-time high. Microsoft banging against its high too
Shares of Apple are trading at a new all-time high today. The high price reached $186.49 which took out the high price from June 6 at $184.93. That high from June 6, took out the January 2022 high price at $182.87. The low price from Apple in 2023 was on the 1st...
USDCAD moves to a key swing area between 1.3207 and 1.3229
The USDCAD is down-testing a key support target between 1.3207 and 1.32299. Looking at the daily chart below, that level was a ceiling in July and September 2022, then became a floor since breaking above also in September 2022. The level was retested in November 2022...
Oil climbs back aboe the big figure to settle at $70.62
Oil has been largely left behind in the risk rally so far this year but there's some scope for optimism with China turning towards stimulus, and the market feeling better about global growth.There's also the Saudi and OPEC+ production cuts and higher seasonal demand...
Adobe to report earnings for Q2 after the close. What is expected?
Adobe will release Q2 fiscal 2023 earnings after the close. The stock has been rising sharply recently as investor react to AI potential. Shares are up 46% since May 12. The price is up 44.5% in 2023.The expectations: For the quarter ending May, Wall Street analysts...
NZDUSD retraces Asian/European declines and extends back above 100 day MA
The NZDUSD fell in the Asian and European sessions today, and in the process moved down to test a key support level defined by the 200-day moving average (green line in the chart below) AND the rising 100-hour moving average (blue line in the chart below). Both those...
Credit Agricole: BOJ likely to remain dovish, verbal intervention to continue in USD/JPY
In a preview of tonight's Bank of Japan (BoJ) meeting, Credit Agricole notes that as the USD/JPY pair returns above 140, Japanese policymakers have resumed verbal intervention in the forex markets. Hirokazu Matsuno, Japan's Chief Cabinet Secretary, stated that he is...
US retail sales are still 3.9% above their pre-pandemic trendline
US May retail sales (headline)CIBC reviews today's US retail sales report and notes that the overall picture is of a consumer that's slowly decelerating. They note that real control group sales are still 3.9% above the pre-pandemic trendline and that leaves "excesses...
Atlanta Fed GDP Q2 tracker 1.8% vs 2.2% previously
The Atlanta Fed GDP tracker for Q2 was lowered by 0.4 percentage points. After recent releases from the US Bureau of Labor Statistics, the US Census Bureau, the Federal Reserve Board of Governors, and the US Department of the Treasury's Bureau of the Fiscal Service,...