Jundo Bank / S&P Global flash PMIs from Australia for June 2023Manufacturing 48.6prior 48.4Services 50.7prior 52.1Composite 50.5prior 51.6From the report, in brief:Most of the activity indicators in the survey are softer in June although the key new business and...
Yellen says the chance of a recession has eased but still remains a risk
US Treasury Secretary Yellen says the risks of a recession remain as the Federal Reserve tightens monetary policySays that a debate over the 2% inflation target is not appropriate now May need to see consumer spending slow down in order to ease the CPIAI...
Japanese CPI data not expected to provide much clarity on potential for a July BOJ move
Earlier this week we had the minutes of the Bank of Japan April meeting:There was nothing in the minutes to suggest an imminent reduction in easy policy and indeed last Friday's June meeting showed the same:Comments from BOJ officials and Governor Ueda are along the...
Goldman Sachs says scope for Japanese Yen (JPY) intervention may be limited
Goldman Sachs on the Bank of Japan and JPY.- Key Takeaways: 1. Expectation of an Adjustment to YCC: Goldman Sachs economists expect an adjustment to the Yield Curve Control (YCC) in July. This could appease any concerns in the Japanese administration. 2. Potential...
Fed’s Barkin says the Bank is still a “good way away” from its 2% inflation target
More remarks from Federal Reserve Bank of Richmond President Thomas Barkin. He is speaking (and taking questions) on the economy before the Risk Management Association.Federal Reserve is still a "good way away" from its 2% inflation targetWill not prejudge the July...
Deutsche Bank forecast Bank of England peak rate at 5.75% – more ‘forceful’ hikes on table
Deutsche Bank's forecast for the Bank of England peak rate is now at 5.75%:projecting three quarter point hikes in August, September, and November as likelyDB are not looking for another +50 as they expect downside risks to services inflation in the next data pointDB...
Forexlive Americas FX news wrap 22 Jun: USD moves higher w/yields. Powell sees more hikes
The USD moved higher on Thursday, bolstered by an uptick in yields of U.S. Treasury securities. This came despite the current account deficit for Q1 coming in wider than forecasted, and jobless claims topping 260k for the third consecutive week (weaker employment)....
JP Morgan are forecasting another 75bp of Bank of England rate hikes
Earlier on revisions to BoE rate hike forecasts:JP Morgan have a variation on this forecast:raised their terminal rate forecast for the Bank of England to 5.75%forecasting a +25bp hike in August with another two to follow"This new policy rate level in our forecast...
Fed’s Barkin says US inflation is still too high
Federal Reserve Bank of Richmond President Thomas BarkinDespite falling from its peak inflation is still too highdemand is still elevated compared with its pre-pandemic trendelevated demand is boosting inflation highersays he'd be content with more hikes if inflation...
Economic calendar in Asia 23 June 2023 – Japan inflation data for May
The inflation data for the Tokto area was published around 4 weeks ago, showing still surging prices:Today we'll get the national level data for that month. The Bank of Japan have been repeating, over and over, that they expect inflation to fall from around...
Trade ideas thread – Friday, 23 June 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,...
S&P and NASDAQ step 3 day losing streak
The S&P and NASDAQ indices are closing near the highs for the day and snapped 3-day losing streaks. The Dow Industrial Average is closing near unchanged/marginally lower.The final numbers are showing:Dow industrial average -4.75 points or -0.01% at 33946.76S&P...
Big-cap tech continues to carry this market: Nasdaq hits a session high
The story of the stock market this year is now being called 'the magnificent 7' for the seven mega-cap tech stocks that are up massively since November and carrying the market this year. Here's how they're doing today:Amazon +3.8%Alphabet +1.7%Tesla +1.6% (after...
NZDUSD has an up and down trading day with sellers taking more control below 100/200H MAs
The NZDUSD has seen a number of ups and down in recent trading. That pattern continued in trading today with up-and-down price volatility. The most recent "run" has been to the downside (see hourly chart below), and that move has taken the price back below the 100/200...
A big green lie
Caring for the planet is good, but we all seem to be taken for fools. They took away plastic drinking straws, gave us paper bags that tear under the weight of food, and forced us to switch to electric cars, but there is no less hazardous waste.Now, the idea of killing...
WTI crude oil sinks on inventories, settles $3.02 lower to $69.51
WTI crude oil fell $3.02 to settle at $69.51 as the oil market priced in a recession once again. This time it was more central bank hiking weighing, along with mixed US inventory reports.The selling in oil started shortly after the oil future open for the day as API...
USD/JPY continues the breakout as it touches 143 for the first time since November
USD/JPY touched 143.00 for the first time since November as the market frets about rate hikes.The thinking throughout market is increasingly that central banks are headed for higher terminal rates and at risk of overdoing it. The confirmation for the breakout in...
US sells 5-year TIPS at +1.832% vs 1.794% expected
Prior was was +1.320%Bid to cover at 2.56 vs 2.34 priorThis is the highest yield at a 5y TIPS sale since the pandemic but it's much lower than the market was expecting. It doesn't matter to the broader bond market though with yields (and USD/JPY) at the highs of the...
USDJPY makes new highs. EURUSD new lows as dollar continues to move higher
USDJPY runs away from 61.8%The USDJPY is continuing its move to the upside trading to a new session high of 142.975 just short of the natural resistance at 143.00. The move to the upside takes the price further away from its 61.8% retracement of the move down from the...
Amazon AWS Revolutionizes AI with $100M Generative AI Innovation Center
Amazon Web Services (AWS) announced an investment of $100 million in a new Generative AI Innovation Center. This innovative move serves to bridge the gap between AWS's machine learning and AI specialists with their customers and partners. Amazon is planning to...