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Prior -4.1%; revised to -3.8%Industrial production +0.2% vs +0.8% y/y expectedPrior -1.4%It is a slight rebound in industrial output after a one-off adjustment it would seem last month (more on that here). Looking at the details, intermediate goods (-1.0%) declined...
EUR/USD daily chartThe dollar endured some mixed fortunes yesterday after the US CPI data but against the euro, it fell on the day but held on at a key resistance point. That being the 100-day moving average (red line), now seen at 1.0803. That level is what is...
Yesterday the Consumer Price Index figure for May came out, published by the US Bureau of Labor Statistics (BLS). The CPI grew at an annual rate of 4%, the lowest reading in two years. On a monthly basis it was 0.1%. The Core CPI, on the other hand, which does not...
Cold feet and cautionary profit taking weighed on Treasuries heading into the FOMC decision Wednesday. There were no surprises in the May CPI report and that supported market expectations that the Fed will remain on a “hawkish hold,” including likely...
The shift to a clean energy economy is picking up paceA peak in global oil demand is in sight before the end of this decadeGlobal oil demand will grow by 2.4 mil bpd this year, to a record 102.3 mil bpdThat is helped by growth from the post-pandemic recovery, which is...
Market pictureThe crypto market cap fell 0.5% over the past 24 hours to $1.055 trillion. The recovery momentum was broken with the release of US inflation data, although other markets quickly recovered from the initial move. Bitcoin lost 1% to $25.8K, and Ethereum...
USD/JPY is down 0.2% to 139.90 at the moment while AUD/USD is up 0.3% to 0.6785 as we get the session underway. But those two are the only standouts, even calling that is a bit of a stretch, as other major currencies are rather subdued for now.There is a slight...
Eurostoxx +0.1%Germany DAX flatFrance CAC 40 +0.2%UK FTSE -0.1%Spain IBEX flatThis mirrors the flattish mood in US futures as well so far today. With all eyes on the Fed policy decision to come, don't expect much in European trading today. It is setting up for more of...
Prior -0.4%Wholesale price index -2.6% y/yPrior -0.5%This marks a continued fall in wholesale prices in Germany, with the annual estimate now the softest since July 2020. A lot of this still has to do with energy prices in general, so there is that to consider when...
Prior -0.3%GDP +0.5% vs +0.5% y/y expectedPrior +0.3%The services sector was the main contributor for the growth on the month, accounting for +0.26% while both the production and construction sectors fell showed a -0.04% performance to monthly GDP. And with the latest...
There is just one to take note of for the day, as highlighted in bold.That being a set of large expiries for EUR/USD just around the 1.0800 handle. That will act alongside the 100-day moving average, seen at 1.0803 currently, to keep a lid on price action all before...
Major currencies are little changed on the day with narrow ranges prevailing ahead of European trading today. That isn't too surprising when the focus today is going to be all about the Fed later. US futures are little changed but the S&P 500 is looking poised...
In that lieu, nothing else might matter for markets especially as we come off the US CPI data from yesterday here. Headline annual inflation continues to fall but core annual inflation isn't coming off quite as fast. But when all is said and done, we're now looking at...
As posted earlier, the PBOC cut two policy rates on Tuesday:Expectations are that the Bank will also cut the rate on the 1 year Medium-term Lending Facility (MLF) tomorrow, Thursday, 15 June 2023. There is 200 bn yuan of a maturing MLF expected to be rolled over, if...
The International Monetary Fund (IMF) with its In summary:New Zealand is likely to continue slowing in the near term as monetary tightening takes hold. Inflation is declining but will remain high for a while. The current account balance has deteriorated significantly,...
The Griffin spoke with the Financial Times, gated:Said Chinese authorities are bumping higher GDP growth up their list of priorities. Said that analysts at his firm expect Chinese economic growth to come in better than expected, which would assist in a US 'soft...
Market RecapMajor US indices continue to add to recent gains overnight (DJIA +0.43%; S&P 500 +0.69%; Nasdaq +0.83%), as further cooling in US inflation reflects some degree of success in policy moves thus far and provides room for the Federal Reserve (Fed) to put...
Session wrap Forex news for Asian trading on Wednesday, 14 June 2023 <!--> Eamonn Sheridan Wednesday, 14/06/2023 | 03:00 GMT-0 14/06/2023 | 03:00 GMT-0 --> It was a very light day for news and data ahead of the Federal Reserve decision due later today. After...
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 cut the retail prices of gasoline and diesel, effective today, Wednesday, 14 June 2023. This is the sixth cut (so far) this yearGasoline and diesel prices will be reduced by 55 yuan (about 7.69 U.S. dollars) per tonne and 50 yuan per tonneChina's state planner,...