US:The Fed hiked by 25 bps as expected and kept everything unchanged at the last meeting.Fed Chair Powell reaffirmed their data dependency and kept all the options on the table.Inflation measures since then showed further disinflation. The labour market displayed...
Germany July factory orders -11.7% vs -4.0% m/m expected
Prior +7.0%; revised to +7.6%Yowza. That headline screams like a shocker but things need to be put into context. As noted last month here, factory orders in Germany saw staggering jumps in both May and June due to large individual orders i.e. anything more than €50...
A couple of light releases to move things along in Europe
The dollar is in a good spot after yesterday's advance, although sitting marginally lower so far today. The bond market selling is seeing a breather and that is helping with broader market sentiment - for now at least.There is some verbal intervention by Japan in...
BOJ’s Takata: We won’t evaluate currencies by focusing on certain levels
Overseas factors having greater impact on currenciesWe need to stand ready to flexibly respond to uncertaintyAction in July was a flexible responseThe fact that he is being rather sensitive about currency developments might spook yen shorts a little. USD/JPY is down...
BOJ’s Takata: Stronger than expected US economy having an impact on currencies
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,...
Dollar in control as traders keep their eyes on the bond market
The return of Treasuries trading yesterday after the long weekend was the key development in broader markets. Higher yields drove the dollar higher and put together, that weighed on equities as well. The dollar rally even saw the currency rose to its highest levels...
ForexLive Asia-Pacific FX news wrap: Verbal JPY intervention vs. CNY buying intervention
Japan's Finance Ministry's Vice Finance Minister for International Affairs Kanda spoke in the Tokyo morning. Kanda is the MoF official who will instruct the BOJ to intervene, when he judges it necessary, and is often referred to as Japan's 'top currency diplomat'....
US ISM Services PMI coming up – USD impact – preview
ISM Services PMI is due at 10am US Eastern time.Bank of America preview comments. Analysts at the bank are looking for further USD appreciation and discuss their preview in those terms. In the near-term, we see tomorrow's ISM Services as the next key watchpoint for...
China’s major state owned banks selling USD/CNY – spot FX intervention
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,...
Chinese state media says property restrictions not appropriate, should be removed
Chinese state media outlet the Securities Times had an article today saying that restriciton in place in the past are no longer appropriate. restrictive policies such as housing purchase restrictions, loan restrictions, and sales restrictions in the real estate market...
Coming up from the Fed on Wednesday – Beige Book and Collins, Logan speaking
Speakers from the Federal Open Market Committee (FOMC) on Wednesday include Collins and Logan.1230 GMT, which is 0830 US Eastern time: Federal Reserve Bank of Boston President Susan Collins speaks on the economy and policymaking and participates in a...
BOJ’s Takata says Japan is seeing early signs of hitting 2% inflation
Bank of Japan's Takata:says Japan is seeing early signs of hitting 2% inflationsays Japan's economy is recovering moderatelysays he believes that the Bank of Japan must patiently maintain easy monetary policy given the very high uncertainty on the outlookAt the same...
Australian data: Q2 GDP +0.4% q/q (vs. expected +0.3%)
Economic growth data from Australia in the April to June quarter of 2023.+0.4% q/qexpected +0.3%, prior +0.2%+2.1% y/yexpected 1.8%, prior 2.3%The Chain Price Index inflation indicator is at -2.2% for the quarter. A better-than-expected result for the growth data...
PBOC sets USD/ CNY central rate at 7.1969 (vs. estimate at 7.3097)
The 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...
Goldman Sachs says a risk is that China faces a more persistent, Japan-style, slowdown
Goldman Sachs compares the Chinese economy to the US economy, noting its now revised its US recession forecast down to 15%, from 20%.More on this here:GS also eyeing a stronger USD:On China though, not so optimistic:China faces short- and long-term challenges from its...
Bank of Canada preview – on hold at 5%. Look to fade USD/CAD rallies.
The Bank of Canada meet on Wednesday, 6 September 2023. The decision is due at 1400 GMT, which is 10 am Eastern time. The consensus is for the Bank of Canada to hold its key interest rate steady at 5.00%. Earlier previews: Preview comments from CIBC:the downside...
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CBA expect the first RBA rate cut in Q1 24, but the risk is for later
Commonwealth Bank of Australia analysts after yesterday's RBA decision. In summary:cash rate steady at 4.10% in September, the third consecutive on hold decisionA tightening bias was retained, with uncertainty around services inflation still top of mind. China risks...
Morgan Stanley says US investors are pricing in too much optimism in equities
Michael Wilson, Morgan Stanley's chief investment officer, sounding the warning on US stock prices again. Summary points from a client note:Breadth remains weak for S&P 500 and NasdaqAI beneficiaries continue to support US investors are pricing in too much...
Coinbase will launch a new lending platform that’s aimed at large institutional investors
Crytocurrency exchange Coinbase Global has told Reuters that its launching a digital asset lending platform.to be aimed at large institutional investorsReuters adds that Coinbase has raised US$57 million for its new crypto-lending platform according to a regulatory...