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...
A couple of releases to move things along in Europe today
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...
Welcome to Fed day
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...
Another rate cut expected from the People’s Bank of China on Thursday. To the 1 year MLF.
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...
IMF says New Zealand’s economy is in the midst of a necessary, policy-induced slowdown
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,...
Citadel’s Ken Griffin optimistic on growth in China
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...
Cooling US inflation provides room for Fed’s wait-and-see: Silver, Hang Seng Index, GBP/USD
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...
ForexLive Asia-Pacific FX news wrap: Awaiting the Federal Open Market Committee
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...
Japan Prime Minister Kishida considering dissolving lower house of parliament
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 from Wednesday, the 6th cut this year
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,...
Morgan Stanley warns on other markets downside risk from China property sector instability
Goldman Sachs were out with a note on China's property dangers earlier this week:Via a Morgan Stanley outlook report along similar lines. Analysts caution that if monetary easing measures fail to support the ailing sector, it will also lead to concerns of a spillover...
JP Morgan are expecting an on hold FOMC decision that could end the hiking cycle
JP Morgan Asset Management are expecting cooling inflation to prompt a hold at the Federal Open Market Committee (FOMC) meeting. We expect the Fed to leave the federal funds rate unchanged although both the post-meeting statement and the dot plot will likely emphasize...
PBOC sets USD/ CNY mid-point today at 7. 1566 (vs. estimate at 7.1550)
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...
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Here’s a forecast for a rate hike from the Federal Open Market Committee (FOMC) today
TD with an out-of-consensus forecast for a rate hike at today's Federal Open Market Committee (FOMC).We maintain our long-held view that the Fed will tighten rates by a final 25 bps in June to a range of 5.25%-5.50%. If the Fed decides to 'skip' the June meeting, we...
CME FedWatch Tool shows a (nearly) two-thirds chance of an FOMC July rate hike
This is based on the probabilities of changes to the Fed Funds rate and U.S. monetary policy, as implied by 30-Day Fed Funds futures pricing data.For the June meeting, later today on Wednesday, 14 June 2023 its showing 100% for no change, for Fed Funds to stay in the...
PBOC is expected to set the USD/CNY reference rate at 7.1550 – Reuters estimate
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,...
New Zealand FPI (May) +0.3% m/m (expected +0.3%)
New Zealand food price index for May 2023 comes in at +0.3% m/mexpected +0.3%, prior +0.5%for the y/y +12.1%The New Zealand Food Price Index (FPI) is a measure of the changes in the average price of food items sold in New Zealand.calculated and published monthly by...
BNP Paribas Federal Open Market Committee (FOMC) preview – why there’ll be a hike in July
The US Federal Reserve Federal Open Market Committee (FOMC) statement is due at 2pm US Eastern time, with Chair Powell's press conference following at 2.30pm.BNP Paribas are in line with consensus, its pretty much unanimous, that the FOMC will leave Fed Funds...
Australian weekly consumer confidence survey 72.7 (prior 77.7)
The Australian ANZ - Roy Morgan consumer confidence survey is conducted weekly.It shows consumers are persistently, and deeply, pessimistic. High inflation and a central bank that is hiking rates aggressively, and yet still floundering, is weighing on sentiment....