Australian Dollar, AUD/USD, US Dollar, Unemployment, RBA, China, Fed – Talking PointsThe Australian Dollar recovered some lost ground on strong jobs numbersThe RBA meeting has taken on a new light with signs the economy remains hotThe Fed and China have also been...
ForexLive Asia-Pacific FX news wrap: USD/JPY up a big figure, & a China rate cut
Asia followed up the ‘on hold’ Federal Open Market Committee (FOMC) decision, with a hawkish dot plot, by buying US dollars during the session. EUR, GBP, NZD, NZD, AUD (and yuan, but I’ll come to that in a bit) all fell against the big dollar. But yen was the biggest...
China’s NBS says Q2 economic growth will be significantly quicker than in Q1
It better be, China youth unemployment hit a record high 20.8% in May <!--> Eamonn Sheridan Thursday, 15/06/2023 | 02:29 GMT-0 15/06/2023 | 02:29 GMT-0 --> <!--> China's National Bureau of Statistics (NBS) says that Q2 growth will be significantly...
Japan verbal intervention in yen – ‘important for FX to move stably’
Comments on the rapid yen depreciation today from Japan chief cabinet secretary Matsuno Important for fx to move stably reflecting econ fundamentalsNo comment on every day-to-day fx movesClosely watching fx moves closelyDesirable for forex to move in stable mannerNo...
USD/JPY is up a big figure on the day in Asia
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 May Industrial Production +3.5% y/y (expected +3.6%) & Retail Sales +12.7% (+13.6%)
China May Industrial Production +3.5% y/y for a missexpected +3.6%, prior +5.6%& Retail Sales +12.7% y/y for a missexpected +13.6%, prior +18.4%Fixed Asset Investment (YTD) 4.0% y/y and also for a missexpected +4.4%, prior +4.7%China unemployment rate 5.2%prior...
China data – May new house prices +0.1% m/m (prior +0.4%)
China's new home prices rose for the fifth straight month in May. Data via Reuters calculations based on National Bureau of Statistics (NBS) data. At +0.1% m/m they slowed the pace from the previous month's +0.4%For the y/y, +0.1%. This is the first y/y rise since...
Australia (May) Jobs +75.9K (vs. +15K expected) & Unemployment rate 3.6% (vs. 3.7% exp)
Australian labour market report for May 2023 - huge beats will ignite speculation the Reserve Bank of Australia have more rate hikes still ahead. Employment Change: +75.9K expected +15K, prior -4.3KUnemployment Rate: 3.6% expected 3.7%, prior 3.7%Full-Time Employment...
PBOC 1 year MLF rate cut to 2.65% (prior 2.75%), as widely expected
The MLF rate is a benchmark interest rate that banks in China can use to borrow funds from the People's Bank of China for a period of 6 months to 1 year, medium-term liquidity to commercial banks.The rate is typically announced on the 15th of each month.The interest...
PBOC sets USD/ CNY reference rate for today at 7.1489 (vs. estimate at 7.1480)
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...
Australia Consumer Inflation Expectations (June) 5.2% (prior also 5.2%)
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,...
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Bank of England monetary policy meeting preview – plenty of rate hikes yet to come
This is a very brief outlook preview from Deutsche Bank, and its not good news if you are looking for the BoE to stop hiking rates any time soon. The TL;DR version is:Market pricing implies BoE are just as far away from the terminal rate as they were late last...
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PBOC is expected to set the USD/CNY reference rate at 7.1480 – Reuters estimate
> Central Banks > PBOC is expected to set the USD/CNY reference rate at 7.1480 – Reuters estimate Central Banks <!--> --> <!--> Eamonn Sheridan Thursday, 15/06/2023 | 00:22 GMT-0 15/06/2023 | 00:22 GMT-0 --> <!--> Earlier:Plenty coming...
Chinese state media: China is expected to announce more support for the property sector
China Stock Market <!--> --> Eamonn Sheridan Thursday, 15/06/2023 | 00:16 GMT-0 15/06/2023 | 00:16 GMT-0 <!--> --> China Securities Journal with the report that the country's authorities are expected to announce more support for the property...
BlackRock CEO Fink says artificial intelligence may “bring down the inflation”
BlackRock Inc. Chief Executive Officer Larry Fink was speaking at his firm's investor day. Fink says declining productivity has been a key issue within global economies and a major “reason why we have such sticky inflation”. But, his view is that AI has tremendous...
Japan May trade balance data shows big slump for imports y/y, small jump for exports
Japanese Trade Balance data for May 2023Trade balance is -1372.5bn yenprior was -432.3bn yenImports -9.9% y/yexpected -10.3%, prior -2.3%)Exports +0.6% y/yexpected -1.2% prior +2.6%Exports to China were -3.4% y/yto Asia -8.1%to the US +9.4%to the EU +16.6%In other...
17 different Wall Street firms have 12 different year-end forecasts for the S&P500
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’s Citic Securities is forecasting a 10 bp rate cut in the five-year LPR next week
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,...