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The question is, are these measures enough to turn the tide in the economy? I don't think so. Domestic demand is dead in China and that is the more serious concern in my view. Helping to ease pressure on credit conditions is welcome but there needs to be more. Xi...
Last week, the US CPI came basically in line with expectations, but the good news is that the Core M/M reading once again printed at 0.2%. The less good news is that the US Initial Claims spiked higher, but Continuing Claims remained solid. We have already seen Claims...
The overnight standing lending facility (SLF) rate is cut by 10 bps to 2.65% while the 7-day and 1-month SLF rates are cut by 10 bps each as well to 2.80% and 3.15% respectively. This follows the medium-term lending facility (MLF) cut earlier in the day...
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 pound is getting a slight lift from the numbers with cable moving up from 1.2680 to 1.2700-10 at the moment. But is the report a straightforward positive one for sterling? Not quite.The standout is once again that wages continue to run hot in the UK, with ONS...
Prior -9k; revised to 47kJune ILO unemployment rate 4.2% vs 4.0% expectedPrior 4.0%June employment change -66k vs 75kPrior 102kJune average weekly earnings +8.2% vs +7.3% 3m/y expectedPrior +6.9%; revised to +7.2%June average weekly earnings (ex bonus) +7.8% vs +7.4%...
Last week, the US CPI came basically in line with expectations, but the good news is that the Core M/M reading once again printed at 0.2%. The less good news is that the US Initial Claims spiked higher, but Continuing Claims remained solid. We have already seen Claims...
There are a couple to take note of, as highlighted in bold.The first being for EUR/USD at 1.0900, which could limit some downside pressure on the session. However, keep in mind that technically we are seeing a break under the 100-day moving average of 1.0930 and that...
To respond appropriately to excessive movesNot targeting absolute FX levels when interveningExchange rate should move stably reflecting fundamentalsThe relative silence in the move of USD/JPY to 145.00 surely did see some thoughts of stealth intervention creep at the...
The dollar continues to sit in a good spot to start the new week as bonds are still puking the bed since last week. 10-year Treasury yields are hovering around 4.20% as the supply flow seems to be dominating the story board. But for once at least, equities managed to...
This builds from my post yesterday here: Dollar has the recipe for the next leg higherThe dollar is working with those key ingredients mentioned and is looking set to extend its recent gains against the major currencies bloc. Of note, we are seeing USD/JPY track above...
Coming up at 8.30 am US Eastern time today, July retail sales data from the US:Preview comments from Bank of America, looking for a solid beat. Bolding is mine:We expect a robust retail sales report for July Over the last two trading days, BofA Global Research...
The first event of note for the session was the very strong Japanese economic growth data for Q2. Q2 preliminary GDP came in much better than expected at 6% annualized, surging past the 3% forecast on strong net exports, led by auto shipments and inbound travellers....
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 gist of the case is the US Securities and Exchange Commission (SEC) repeatedly rejecting Crypto investment firm Grayscale's proposal to convert the Grayscale Bitcoin Trust into an ETF. An approved ETF would mean crypto assets trading directly on traditional U.S....
China industrial production and retail sales data for July 2023. Big misses for both.We would normally get the youth unemployment rate - that's been left off the data release entirely. Overall u/e rate has been released, comes in at 5.3% (expected 5.2%).China's...
China rate cuts info is at these links, cuts to both the MLF and reverse repo rate:The People's Bank of China cut the MLF to 2.5% from 2.65 previously:And cut the reverse repo rate to 1.8% from 1.9% previouslyAnd the RBA minutes:The minutes indicate a patient RBA.Also...
Reserve Bank of Australia minutes, Headlines via Reuters Board considered raising rates by 25bp or holding steadyBoard agreed on case for holding rates steady was the stronger oneBoard saw a "credible path" back to the inflation target with cash rates at current...
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 People's Bank of China cut the MLF to 2.5% from 2.65 previously:And cut the reverse repo rate to 1.8% from 1.9% previouslyOffshore yuan, CNH, getting sold healivly:Coming up at the top of the hour, China economic data for July:I think it fair to have low...