Barclays on US Treasuries, say that despite the selloff already that have pushed 10- and 30-year yields to their highest levels since 2007 and 2011 "yields are not stretched".Higher rates are being driven by:data showing a resilient U.S. economyAtlanta Fed's GDPNow...
JP Morgan on the Federal Reserve – slow path of rate cuts likely to begin in Spring 2024
Dow Jones / Market Watch carry remarks from chief global strategist at J.P. Morgan Asset Management Kelly who says the economy in the US doing very well right now and that inflation "can absolutely come down without a recession." On his rate cut outlook, not this...
ForexLive Asia-Pacific FX news wrap: The PBOC cut rates by much less than expected
Chinese property firm Country Garden set to be removed from Hong Kong’s Hang Seng IndexAUD/USD at risk of dropping under 0.60 (unless China stimulates, big time)UBS see limited catalysts that could outweigh the USD/JPY carry tradeAUD and NZD marked lower after the...
Chinese property firm Country Garden set to be removed from Hong Kong’s Hang Seng Index
Chinese real estate company Country Garden Holdings is set to be removed from Hong Kong’s Hang Seng Index.Shares of the firm are down around 70% since the beginning of this year amidst failed bond coupon payments, a profit warning and suspended trading in 11 of its...
AUD/USD at risk of dropping under 0.60 (unless China stimulates, big time)
Commonwealth Bank of Australia flagging the risk of a sharper decline for the Australian dollar. Say AUD will continue to underperform in 2023:We consider there is a growing risk that the Aussie dips below $0.60 before year-end. It will likely take a big Chinese...
UBS see limited catalysts that could outweigh the USD/JPY carry trade
A back-handed view on the USD/JPY carry trade from what it seems is a reluctant UBS:we move our view on the yen from most preferred to neutralGiven the relative strength of the US economy and the soft removal of Japan’s yield-curve control policy, we see limited...
AUD and NZD marked lower after the People’s Bank of China rate cut is less than expected
China cut one-year LPR by 10 bp to 3.45% from previous 3.55%And the Five-year LPR remains unchanged at 4.2%.The property sector is as good as dead and the People's Bank of China is instructing banks to lend like crazy:And yet the Bank gets timid with rate cuts. There...
People’s Bank of China sets USD/ CNY reference rate today at 7.1987 (vs. estimate 7.2893)
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...
PBOC Loan Prime Rates (LPR) CUT: 1-year 3.45% (prior 3.55%) & 5 year 4.2% (prior 4.20%)
A cut to the one-year rate of 10bp vs. 15 that was widely expected. And no cut to the 5 year rate at all. Thats a shock. ---Background to this is here:---PBOC's Loan Prime Rate (LPR)It is an interest rate benchmark used in China, set by the People's Bank of China each...
Brent: China’s weak economy & property debt implosion is weighing, but oil use holding up
Chinese economic data has been disappointing. Last week we had:And the property sector is collapsing under the weight of debt, again:And yet, analysts have argued that China's oil-consumption figures have held up. An RBC commodity strategist note says:while Chinese...
Fed Chair Powell at Jackson Hole, BoA expect him to pushback against rate cut expectations
Federal Open Market Committee (FOMC) Chair Powell is speaking this week at the Kansas Fed's Jackson Hole symposium.GS is holding low expectations:Bank of America, on the other hand, are expecting more substantive comments from Powell. Economists at they bank say they...
PBOC is expected to set the USD/CNY reference rate at 7.2893 – Reuters estimate
As a reminder, also coming from the Bank today:---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)....
Goldman Sachs is not expecting a strong signal from Federal Reserve Chair Powell this week
Federal Reserve Chair Powell is speaking later this week at the Kansas Fed's Jackson Hole symposium. Goldman Sachs is not expecting a lot from Powell at Jackson Hole, saying any signals will most likely be held back until after the July PCE inflation and the nonfarm...
[기초연금 40만원 지급!! 윤석열 대통령 결단만 남았나?? 총선 전 결정 될 수도!!] #3.1경제독립tv
https://www.youtube.com/watch?v=nFie1FG_6rk [기초연금 40만원 지급!! 윤석열 대통령 결단만 남았나?? 총선 전 결정 될 수도!!] #3.1경제독립tv 나에게 힘이되는 "돈되는 복지정보"!! 최신 "재테크 소식"을 가장 빠르고, 정확하게 받고 싶다면 3.1경제독립tv" "좋아요", "구독", "알림설정" 부탁드리겠습니다! 감사합니다 ^_^~...
MUFG stays short EUR/USD in its trade of the week – targeting a drop under 1.08
This is via the folks at eFX. For bank trade ideas, check out eFX Plus. For a limited time, get a 7 day free trial, basic for $79 per month and premium at $109 per month. Get it here. "We instigated this trade idea last week following the failure of EUR/USD to...
New Zealand July exports dropped on the month while imports rose
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,...
Wall Street Journal Fed insider Timiraos expects higher Fed ‘neutral’ rate ahead
Nick Timiraos in the Wall Street Journal over the weekend says to expect higher rates ahead. Despite the Federal Reserve’s raising interest rates to a 22-year high, the economy remains surprisingly resilient, with estimates putting third-quarter growth on pace to...
Previewing the week ahead in financial markets. TL;DR version is NVDA earnings vs. Powell
A couple of previews posted on ForexLive over the weekend of what's ahead:The two big events are, and I'm struggling to rank them by importance, so let me just do them chronologically:Nvidia earnings are due on Wednesday August 23 after the close of regular trading...
Goldman Sachs expect 15bp rate cuts from the People’s Bank of China today
The People's Bank of China will be cutting loan prime rates today, from earlier:Last week we had rate cuts from the People's Bank of China:ING expect 15bps:Goldman Sachs, too are 15bp cuts to the LPRs. Current LPR rates are:3.55% for the one year4.20% for the five...
ICYMI – Japan to boost the minimum wage, “largest increase” ever
The Bank of Japan is keen to see rising wages to help cement inflation at or above its 2% target. The latest data shows CPI well above 2%, and indeed underlying inflation more than double that, but the BOJ insists its transitory util wages rise. ICYMI, a subcommittee...