US Treasury statement says that Secretary Yellen had a frank and productive discussion today with China's ambassador,Yellen raised issues of concernAlso conveyed the importance of the two countries working togetherYellen is heading off to China for meetings from July...
USD/JPY is finally on the move lower after Kanda’s yen intervention threat. Not by much.
Japan's Finance Ministry's Vice Finance Minister for International Affairs Masato Kanda spoke with media earlier in the day in Tokyo, saying that Japanese authorities were in close contact with U.S. Treasury Secretary Janet Yellen and other overseas authorities almost...
Australian weekly consumer confidence survey 74.1 (prior 74.9)
The ANZ - Roy Morgan consumer confidence survey is conducted weekly.Fell to 74.1 from 74.9 the week before (the lowest since April 2020 was only 2 weeks ago)Inflation expectations stay at 5.9%ANZ remarks:The 4-week average was the 2nd worst result in 30 years...
Japan yen intervention guy Kanda says communicating with the US over currencies
This is a yen intervention threat from Japan's Finance Ministry's Vice Finance Minister for International Affairs Kanda. It's the MoF that will instruct the Bank of Japan to intervene. And Kanda is the official responsible for doing so. Kanda says he is in...
RBA preview – In May and June the Bank surprised with rate hikes … “here we go again”
The Reserve Bank of Australia monetary policy decision and statement is due on Tuesday, 4 July 2023 at 2.30pm Sydnay time0430 GMT0030 US Eastern time Earlier previews are here:Via Scotia, their thoughts:Think back to May 2nd and June 6th. On both occasions, the...
Nomura expects EUR/GBP potentially as high as 0.90 by the end of the year.
Nomura predicts a possible upward movement for the EUR/GBP currency pair towards 0.88 or even 0.90 by the end of the year. Key Points: 1. Quiet Week for the UK and Euro Area: Nomura notes that the upcoming week is expected to be relatively quiet for both the UK and...
New Zealand data: Q2 business confidence -63% vs. -66% in the prior quarter
Quarterly Survey of Business Opinion (QSBO) from the New Zealand Institute of Economic Research (NZIER)The twin headlines are confidence and acidity:Business confidence in Q2 comes in at -63%prior -66%Business Own Activity comes in at 13%Also, Capacity Utilization...
ICYMI – Saudi Arabia and Russia are cutting oil supply again
Saudi Arabia and Russia are extending thier oil output cuts:The Saudi Energy Ministry said it would extend July's cut of 1 million barrels per day through August to support “the stability and balance of oil markets.” Russian Deputy Prime Minister Alexander Novak said...
Goldman Sachs have cut their US inflation forecast for this year
Goldman Sachs has affirmed they continue to expect US core inflation to decline in 2023:we continue to believe that core PCE inflation will fall sharply (in 2023)we (have) lowered our core PCE inflation forecast for December 2023 to 3.5% from 3.7%(we have) left our...
New Zealand to sign NZ-EU Free Trade Agreement and attend NATO Summit
A statement from New Zealand's government:Prime Minister Chris Hipkins will travel to Brussels to witness New Zealand signing the NZ-EU Free Trade Agreement before heading to Stockholm and the NATO Leaders’ Summit in Lithuania. “I said trade would be a key focus for...
Forexlive Americas FX news wrap 3 Jul: ISM manufacturing PMI below 50 for the 7th month.
The USD was mostly higher in early US trading as holiday-shortened trading began. However, ISM manufacturing PMI came in weaker than expected at 46.0 vs 47.0 estimates. That was the lowest level since May 2020 and the 7th consecutive month with the index below the...
Preview of the Q2 New Zealand business survey, QSBO, expected to show a lift
The New Zealand Institute of Economic Research (NZIER) Quarterly Survey of Business Opinion (QSBO) is due at 2200 GMT. BNZ on what to expect:expected to show a lift in confidence and activity indicators, as per the recent monthly readings of the ANZ survey. The...
Economic calendar in Asia Tuesday, 4 July 2023, RBA day!
It's a 'live' Reserve Bank of Australia meeting today, a hold or a +25bp rate hike is the question! Previews posted already:Apart from the RBA the NZ business survey will be of interest (to the NZD traders at least!). Says BNZ on the release: the NZ QSBO, expected to...
Independence Day Trade ideas thread – Tuesday, 4 July 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,...
US crude oil futures settle at $69.79
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,...
China restricts export of metals used in high performance chips
China has initiated restrictions on the exports of products and materials that incorporate the metals gallium and germanium, both of which are key components in semiconductors, 5G base stations, and solar panels. The restriction is viewed as a response to the...
GBPUSD trades above and below 100/200 hour MAs
GBPUSDThe GBPUSD is trading above and below the 100 and 200-hour MAs with the 100-hour MA at 1.26705 and the 200-hour MA at 1.27015. The sellers below the 100-hour MA took their shot. The buyers above the 200-hour MA took their shot. Both missed. THe price is...
Atlanta Fed GDPNow Q2 tracker +1.9% vs +2.2% prior
It's easy-come-easy-go for the Atlanta Fed's GDP tracker as it rose to 2.2% from 1.8% on Friday and now has given most of that back in a dip to 1.9%.The first look at Q2 GDP is due on July 27 but, as a reminder, the numbers are revised many times. Just last week, the...
US air passengers break the 2019 record
The TSA reports that on June 30, a record 2,884,683 passed through security checkpoints.That narrowly tops the Thankgiving 2019 record of 2,882,915. Normally Thanksgiving is the busiest travel day with the July 4 weekend narrowly behind.The rise in traffic highlights...
US equities close a shortened session with modest gains
It was an early close today because of the Independence Day holiday tomorrow.S&P 500 +0.1%Nasdaq +0.2%DJIA +0.1%Russell 2000 +0.3%Under the surface there were some big moves with Tesla up 6.4%, travel names doing well and regional banks posting strong...