Bank of Spain governor and European Central Bank Governing Council member Pablo Hernández de Cos is participat in a monetary conference organized by the Central Bank of Bolivia today.Coming up from 1340 GMT, which is 0940 US Eastern time de Cos, like many of his...
Morgan Stanley revise their US GDP forecast to +1.3%, from +0.6%, citing Biden Boom
Morgan Stanely have made what they refer to as, quite rightly, a "sizeable upward revision" to their 2023 US economic growth forecast.Analysts at the bank now expect +1.7% Q4/Q4, from +0.6% previously. Morgan Stanley cite stronger-than-expected public investment as...
ForexLive Asia-Pacific FX news wrap: Japan’s June CPI rates remained elevated above target
Data from Japan today showed all three of the major CPI rates remained much higher than the Bank of Japan 2% target. The 15th straight month that the inflation rate is above the Bank of Japan’s 2% target. I sound like a broken record on this, but the Bank of Japan...
China’s SAFE says will forcefully prevent sharp volatility in the yuan
Earlier from SAFE (China's State Administration of Foreign Exchange):SAFE with more specific yuan comments now: Yuan flexibility is increasing, market understanding of two-way fluctuation and 'risk neutral' also increasedFed tightening is coming to an end, spillover...
More from China’s SAFE – expects foreign investors to keep buying yuan-denominated assets
Earlier from the State Administration of Foreign Exchange (SAFE), China's FX regulator:More now: Will focus on preventing external risksChina's current account appears relatively strong resilienceTrend of maintaining reasonable current account surplus will not...
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China’s FX regulator says commercial banks bought $8.3bn of forex in June vs $3.3bn in May
China's State Administration of Foreign Exchange: Commercial banks purchase net $8.3 bln of forex in June vs $3.3 bln net purchase in MayCommercial banks purchase net $1.8 bln of forex in H1 The yuan weakened persistently in June. --The State Administration of Foreign...
China’s State Planner has released policies to boost consumption of electronics products
The National Development and Reform Commission of the People's Republic of China (NDRC) is the state planner:has released policies to boost the consumption of electronics productsalso issues steps to boost automobile consumption Encourages scientific research...
Oil traders heads up: OPEC+ panel (JMMC) meeting shifted a day later (to August 3)
One for the oil folks. Reuters carried the snippet on Thursday that the OPEC+ group's Joint Ministerial Monitoring Committee (JMMC) panel will hold an online meeting on August 4, a day later than had been scheduled earlier.Reuters cite two unnamed OPEC+ sources.---The...
November 2024 could be a big month – US and UK (?) elections
The date of the US Presidential election is, of course, locked in for 5 November nexzt year. And it could be a busy month if reports overnight are accurate:UK Prime Minister Rishi Sunak is eyeing holding the UK’s next general election in November 2024 Bloomberg with...
PBOC set the reference rate 400+ lower than expect – yuan traders not fooled a second day
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,...
PBOC sets USD/ CNY reference rate for today at 7.1456 (vs. estimate at 7.1965)
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...
ICYMI – the US Leading Economic Index data fell for its 15th consecutive month in June
The Conference Board publish their Leading Economic Index (LEI), the June result was out on Thursday, at -0.7%expected -0.6% prior -0.6%15th fall in a rowweakening consumer outlook and increased unemployment claims cited as reasons for the fallReuters have the...
MUFG see support for the AUD ahead of an RBA August rate hike (hike is not a done deal)
MUFG on the Reserve Bank of Australia and the Australian dollar. Analysts there rightly point out that Q2 inflation data next week (due July 26) is a key input for the Bank's policy decision (due August 1): a rate hike is not a done deal and a much softer CPI print...
PBOC is expected to set the USD/CNY reference rate at 7.1965 – Reuters estimate
Yesterday's reference rate was set more than 700 points from the expected, on the side of a much stronger yuan. I did a double take on the rate:USD/CNH longs were slammed:---People's Bank of China USD/CNY reference rate is due around 0115 GMT.The People's Bank of...
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USD/JPY is dribbling a little lower after the Japanese June inflation figures
USD/JPY is sliding a little, its moving under 140.00 more convincingly following the inflation data a few minutes ago:Japan June CPI, headline +3.3% y/y (expected +3.5%)As noted in that post, both core measures were in line with expectations. All three measures remain...
UBS targets S&P 500 to 4,400 in 12 months
UBS targets for the S&P 500 are:4100 for December 2023then to 4400 for June of 2024UBS is looking for the numbers citing the economy being more resilient than anticipated. Say that Q2 should be the quarter when earnings growth bottoms. Profits for the S&P 500...
Japan June CPI, headline +3.3% y/y (expected +3.5%)
Central Banks <!--> --> <!--> Eamonn Sheridan Thursday, 20/07/2023 | 23:30 GMT-0 20/07/2023 | 23:30 GMT-0 --> <!--> The data is:The two core measures are both as expected. USD/JPY is barely changed. These numbers really shouldn't shift the...
China flagged more economic support measures on Thursday – details very light
I posted yesterday on (more) proposed measure to stick a floor under the property sectorAdding in some other measures flagged Thursday. China's Ministry of Industry and Information said it was drafting plans to boost development in 10 key industries, including steel...