There aren't any significant expiries to take note of for the day. But there are some large ones sandwiching USD/JPY at its current price levels, seen at 147.00 and 148.35, although I doubt we will see them come into play. The market mood is rather lethargic today...
S&P 500 Technical Analysis – We are at a key support
Last week, we got another set of good economic data for the US with signs of further disinflation in the core inflation measures. The soft-landing narrative should be in full swing with resilient labour market, lower inflation, and lower inflation expectations....
Goldman Sachs lowers BOE terminal rate forecast to 5.50%
The firm now sees the BOE pausing in November as opposed to their previous view that the central bank would hike, noting that:"Looking ahead to the November meeting, we see a greater chance that sequential wage and price pressures will have cooled sufficiently to...
China says yuan will show ‘positive changes’ against dollar after ‘bottoming out’
This is via the latest publication from the Chinese central bank and it's not entirely clear if they mean after the yuan has bottomed out or if they are hinting that it already has. But at least in the past week, they have shown that they are quite willing to stop the...
It’s a snoozer ahead of European trading today
The ranges for dollar pairs are a real snoozer, with the largest being ~20 pips and everything else under that. It's a really slow start to proceedings and given that we have a rather bare calendar day coming up in Europe, it's not likely that we'll get much...
The central bank bonanza heats up this week
It's a big week in terms of what is on the calendar but it will be starting off rather slowly with pretty much a nothingburger today. Major central banks are in the spotlight with the Fed set to step up to the plate first. After that, we'll have the SNB and BOE...
ForexLive Asia-Pacific FX news wrap: Shenzen police detain some Evergrande staff
Asia FX kicked off the week in waiting mode, this week for the barrage of central bank decisions including those from the Fed, BOJ, BOE and SNB. Major forex rates moved in limited ranges only.On the news front there is no imminent resolution in sight to end a strike...
Morgan Stanley says the US is in a disinflationary process, lower their inflation forecast
A Morgan Stanley note from Friday ICYMI, saying that the data on inflation that was out during the week, for US CPI and PPI "point to a quicker progression in the disinflationary process". And add that the slower momentum is "notable".Morgan Stanley have thus lowered...
European Central Bank speakers on Monday include de Guindos and Panetta
0500 US Eastern time, which is 0900 GMT:Remarks by ECB Board Member Luis de Guindos at an event organised by Foment del Treball (an employers' association)1100 US Eastern time, 1500 GMT:ECB Board Member Fabio Panetta is chairing a panel on "Value chain reconfiguration...
UBS forecast USD/JPY at 142 by the end of the year – BOJ could move ‘sooner than expected’
While not specifically a forecast for this week's Bank of Japan meeting (statement due Friday 22 September around 0230 to 0330 GMT) UBS on what's ahead from the Bank and the implications for the yen:Ultra-easy monetary policy could end in Japan sooner than expected....
China Evergrande shares dump 25% in HK after police detained some wealth management staff
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,...
EUR/USD danger zone for further losses just under 1.0635
A note from Scotia late last week with a level to watch in the euro.In brief:EUR sentiment has been weighed by soft economic data from the Eurozone and signs from the ECB that its policy tightening cycle is complete. An overhang of long EUR positioning among investors...
PBOC sets USD/ CNY reference rate for today at 7.1736 (vs. estimate at 7.2707)
The 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 daily reference rate.CNH is the offshore yuan. USD /CNH has no restrictions on its trading...
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Singapore August exports fall more than expected
Singapore Non-oil Domestic Exports (NODX) in August 2023:-3.8% m/m vs +5.5% expected-20.1% y/y vs. -15.8% expected Electronics and non-electronics exports to the United States, Europe and China declined the cited reasoning. --Singapore Non-oil Domestic Exports (NODX)...
New Zealand economists expect 2023/24 GDP at 0.4%, from 0.6% previously – NZIER survey
The latest New Zealand Institute of Economic Research (NZIER) Consensus Forecasts in brief:Annual average GDP growth is forecast to slow to 0.4 percent in the year to March 2024 before recovering to just 1.1 percent in 2025. Higher interest rates are starting to...
PBOC is expected to set the USD/CNY reference rate at 7.2707 – 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...
Former JPMorgan gold trader sentenced to 6 months in prison on spoofing charge
A former JPMorgan gold trader was sentenced to serve six months in prison on Friday. A Chicago judge handed down the sentence in relation to the placement of deceptive orders between 2008 and 2010. As background, poofing involves placing large buy or sell orders with...
UK data – Rightmove House Price Index +0.4% m/m (prior -1.9%)
The Rightmove House Price Index is a gauge of asking prices for UK homes.It picked up in September to +0.4% m/mprior -1.9%for the y/y -0.4%prior -0.1%Comments from the report for the month in summary:BoE's 14 consecutive interest rate rises contributed to unusually...
US Auto Workers strike continues. A 21% pay increase was made and rejected.
The strike by the US United Auto Workers is ongoing. The latest is that the union is rejecting an offer from one of the Big Three automakers, Chrysler parent Stellantis, for a 21% wage increase:a cumulative 21% wage increasewith an immediate 10% increase upon a formal...