Westpac have nudged their expectation for tomorrow's GDP data from Australia a touch higher, to 0.3% q/.q (from previously +0.2%) and +2.4% y/y. January - March economic growth data is expected on Wednesday, 7 June 2023 at 11.30am Sydney time0130 GMT and 9.30pm US...
ForexLive Asia-Pacific FX news wrap: Awaiting the Reserve Bank of Australia decision
Session wrap Forex news for Asian trading on Tuesday, 6 June 2023 <!--> --> The focus for the Asia session is yet to come, with the RBA decision and Governor Lowe’s accompanying statement due at 2.30pm local time (0430 GMT and 0030 US Eastern time). While the...
AUD traders note: RBA Gov Lowe, Dep Gov Bullock both speaking the day following meeting
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,...
The 4 phrases from Japanese officials to listen for signalling imminent yen intervention
I posted earlier on the likelihood of 145 being the trigger for Bank of Japan USD/JPY intervention:In September last year I posted a heads up on the language to watch out for:What you want to be listening out for is more specific, and it'll go very much like this, key...
Asia Day Ahead: Wall Street on a breather as Apple failed to commit to all-time high
Recommended by IG Traits of Successful Traders Get My Guide A mixed showing in Wall Street eventually saw the Nasdaq pare its initial gains by the close, partly as optimism around Apple’s share price fizzled, following the unveiling of its augmented-reality headset,...
Australian data: Net exports impact on Q1 GDP will be -0.2%
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 mid-point today at 7.1075 (vs. estimate at 7.1080)
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...
New Zealand data: ANZ Commodity Price Index for May +0.3% m/m (prior -1.7%)
ANZ's indicator of price trends for New Zealand's 17 main commodity exportsANZ comments:Dairy prices lifted but prices for meat, export logs and aluminium fell. In local currency terms the index gained 0.7% m/m, supported by a 0.4% m/m easing of the NZD against the US...
Another forecast for USD/JPY intervention at ‘line in the sand’ of 145
I posted this call on 145 being the level to watch earlier:HSBC have also tipped 145 as the level to watch for government intervention to support the yen. Analysts at the bank say that the m/m change seen in USD/JPY prior to the intervention in September 2022 had a...
Pressure on the People’s Bank of China “to keep policy loose and supportive”
Via a note from Kiwi Bank taking a look at New Zealand's largest trading partner, China. A good summary of where China's post-reopening economy is at:China’s post-Covid recovery looks to be stalling. There was an initial burst in activity when restrictions were...
PBOC is expected to set the USD/CNY reference rate at 7.1080 – 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...
Chinese state media says China and US had constructive and fruitful communication
> Chinese state media says China and US had constructive and fruitful communication <!--> --> <!--> --> Via Reuters headlines ADVERTISEMENT - CONTINUE READING BELOW <!--> Tags --> ADVERTISEMENT - CONTINUE READING BELOW <!--> Most...
Australian weekly Consumer Confidence survey 76.4 (prior 76.8)
The ANZ-Roy Morgan Australian Consumer Confidence survey is at deeply pessimistic levels.Also in the data is the figure for inflation expectations, which rose to 5.5% this weeklast week was 5.3%---Last month the average for this index was at its weakest since December...
Japan data, April cash earnings +1% y/y, real wages -3% y/y. Household spending -4.4% y/y
Poor data from Japan for April 2023Household Spending -4.4% y/yexpectted -2.4%, prior -1.9%for the m/m -1.3%expected +0.6%, prior -0.8%--Labour Cash Earnings +1.0% expected +1.8%, prior +1.3%Real Cash Earnings, that is earnings after inflation -3% y/yexpected -2.0%,...
UK data: Like-for-like sales +3.7% y/y in May vs. +5.2% in APril
British Retail Consortium data for May 2023:retail sales growth slowed to a seven-month low in MayBRC says spending in its members' stores increased 3.9% y/y compared with the 5.2% growth y/y in Aprilretail sales in May were 3.7% higher on the year on a like-for-like...
China Securities Journal says RRR & interest rate cut likely in H2 this year
CSJ says that new yuan loans are likely to show an increase in May compared with April. Also that the People's Bank of China is expected to cut both the Reserve Requirement Ratio (RRR) and interest rates some time in either July, August, September, October, November...
A Morgan Stanley 3900 forecast for S&P500 at year-end
Bloomberg (gated) convey the opinion in a Morgan Stanley research note forecasting a year-end target of 3900 for the S&P500. Analysts at the bank cite: Earnings per share for the S&P 500 are set to drop 16% this yearanticipates that S&P 500 earnings per...
Forecast for a +25bp RBA cash rate increase due to “ongoing inflation and wages concerns”
A forecast for the Reserve Bank of Australia monetary policy decision due Tuesday, 6 June 2023 at 2.30pm local time0430 GMT and 1230 US Eastern time AMP is tipping a +25bp cash rate hike citing:The Fair Work Commission’s decision to increase award rates of pay by...
Bank of America Reserve Bank of Australia preview – expect cash rate to be left unchanged
I've posted previews of the RBA earlier. The Reserve Bank of Australia meeting is today here in Asia, Tuesday June 6: statement is due at 2.30 pm Sydney time, which is 0430 GMT and 12.30am US Eastern timeANZ, CBA, NAB & Westpac all expect Reserve Bank of Australia...
Forexlive Americas FX news wrap 5 Jun: USD mixed. Apple trades to a new all time high.
The US dollar is ending the day slightly weaker with modest trading ranges. The greenback was initially supported by a strong Nonfarm Payroll (NFP) and better Non-manufacturing ISM data out of China (and debt deal being signed by Biden), but later pulled back after...