CBA summary points of their forecasts:We forecast GDP growth to be 0.7%/yr at Q4 23 and 1.9%/yr at Q4 24. Broadly flat real household consumption over the remainder of 2023 sits at the heart of our forecasts for the economy to grow significantly below trend and be in...
China CPI for May 0.2% y/y (expected 0.3%) & PPI -4.6% y/y (expected -4.3%)
China inflation figures for May 2023 China CPI 0.2% y/y vs. expected 0.3% y/y, prior 0.1%the m/m CPI was -0.2% (expected -0.1, prior -0.1) PPI -4.6% y/y Wholesale price inflation has sunk further into deflation. The biggest impact on the PPI right now in China appears...
Heads up for Chinese inflation data due in just a few moments time – bottom of the hour
> Heads up for Chinese inflation data due in just a few moments time - bottom of the hour China Stock Market <!--> --> <!--> --> Earlier posts:Data due at 0130 GMT, 2130 US Eastern time. ADVERTISEMENT - CONTINUE READING BELOW <!--> Tags...
PBOC sets USD/ CNY reference rate for today at 7.1115 (vs. estimate at 7.1122)
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...
Crude Oil Price Bounces Around but is Unable to Break the Range. Where to for WTI?
Crude Oil, OPEC+, WTI, US Dollar, IRAN – US DEAL, China – Talking PointsCrude oil saw notable intraday volatility but ended near where it started overnightA deal between the US and Iran could see more production to compensate for OPEC+ cutsThe US and Chinese economies...
BoJ Governor Ueda says will take into account effect and cost of policy measures
Bank of Japan Governor Ueda comment hitting the news. he is speaking before parliament. Says that the Bank will strive to guide well-balanced policy taking into account effect and cost of policy measures.It's the taking into account effect and cost of policy...
PBOC is expected to set the USD/CNY reference rate at 7.1122 – 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...
US media report: Saudi crown prince threatened ‘major’ economic pain on U.S. amid oil feud
Oil news, and with wider implications on who the Saudis now consider their partners:in private, Crown Prince Mohammed bin Salman threatened to fundamentally alter the decades-old U.S.-Saudi relationship and impose significant economic costs on the United States if it...
US news – Former President Trump has been indicted in classified documents probe
Not forex related but big news nevertheless. Not unexpected news though. Former President Trump says he is being indicted in classified documents probe. His lawyers have received the paperwork. Trump has been summoned to appear in a Miami court on Tuesdayhe has been...
CIBC on “Upside risks to AUD” – forecast to 0.69
CIBC on the Australian dollar, forecasting 0.68 in Q3 2023 & 0.69 in Q4.CIBC cite:After surprising markets with rate hikes in May and June, RBA Governor Lowe has remained hawkish in recent speeches as he focuses on the problem of low Australian labour...
ICYMI: Weighty consensus expects the ECB to hike rates in June and July, sticky inflation
Reuters polling of 59 analysts shows 43 of them expect a double whammy rate rise from the European Central Bank.All 59 tip a +25bp June rate hike43 tip June and then +25 in July alsoReuters add:"A 25 basis point rate hike looks like a done deal for next week's...
Chinese May inflation data due today. CPI expected a touch higher, PPI lower – preview
Due at 0130 GMT, which is 9.30pm US Eastern time:A preview via one of Australia's 'big four' banks, the Commonwealth Bank of Australia. Australian analysts keep a keen eye on Chinese economic developments. Low official inflation data from is no hurdle to further...
JP Morgan says US regional banking crisis stress is unlikely to trouble the eurozone
A note via JP Morgan on the US banking crisis and its lack of spillover into Europe. I thought this was hashed out already? Maybe not. Anyway JPM says stresses due to the regional banking crisis in the US is unlikely to affect the Euro zoneEuropean banks haven't yet...
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Bank of America on US stocks – ‘Sentiment at odds with valuation’
An analyst at BoA says that market sentiment is overall negative (this is despite the S&P500 heading back into a bull market Thursday!) but that even so many stocks are sitting at high valuation levels:“Stocks do trade at statistically rich levels on most...
BoA expect EUR/USD to remain weak until there is a shift in the Fed’s stance
Remarks for analysts at Bank of America on the euro, the Federal Reserve and the European Central Bank:As long as global and especially US inflation remain high, EUR/USD is likely to stay weak, with further downside potential during the inevitable hard landing. A...
BoC Beaudry says the Bank does not have a pre-determined bias towards further tightening
Bank of Canada Deputy Governor Beaudry spoke on Thursday: Beaudry's speech was his delivery of the BoC's Economic Progress Report, a regular speech that follows a BoC meeting where the meeting did not deliver a Monetary Policy Report.Q&A follow up now. Headlines...
NASDAQ index leads US stocks higher
The major US stock indices are closing higher with the NASDAQ index leading the way.A snapshot of the closing levels shows:Dow industrial average rose 168.59 points or 0.50% at 33833.62S&P index rose 26.41 points or 0.62% at 4293.92NASDAQ index rose 133.62 points...
Forexlive Americas FX news wrap: US dollar slumps after jump in initial jobless claims
Markets:Gold up $24 to $1964US 10-year yields down 7 bps to 3.71%WTI crude oil down $1.44 to $71.09S&P 500 up 27 points to 4294, or +0.6%NZD leads, USD lagsThe US dollar has been on a yo-yo this week but at least there was some fundamental backing today. The jump...
Economic calendar in Asia Friday, 9 June 2023: Chinese inflation data for May
On Thursday in China were rate cuts:Inflation rates are no impediment to policy easing in China if the PBOC choose that path. indeed the cuts yesterday rekindled speculation of further easing:Today we get the latest official CPI and PPI readings. These are expected to...