Bill Ackman is the founder and CEO of Pershing Square Capital Management.The bottom line from his note is that:we are short in size the 30-year TBolding mine. Ackman on the Twitter, saying he is surprised at how low longer-term US rates have stayed citing structural...
Australia June exports -2% m/m (prior +4%) & Imports -4% m/m (prior +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,...
Australian Q2 Retail Sales -0.5% q/q (prior -0.8%)
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,...
Bank of Japan intervenes to buy an unlimited amount of 5 to 10 year JGBs
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,...
PBOC sets USD/ CNY central rate at 7.1495 (vs. estimate at 7.1933)
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...
New Zealand data – ANZ World Commodity Price Index fell 2.6% m/m in July (prior -1.7%)
The ANZ World Commodity Price Index fell 2.6% m/m in Julyin June it fell 1.7% In local currency (New Zealand dollar) terms the index fell 3.8% m/m, as the NZD appreciated 1.2% in Trade Weighted Index termsANZ cite meat, dairy and aluminium prices all falling as global...
Westpac says Reserve Bank of Australia now on hold until first rate cut in September 2024
Westpac says the rate hike cycle in Australia is over. RBA now on hold until first rate cut in September 2024The RBA is now confident that the latest data points to it achieving its inflation target by mid 2025; hurdle for more rate hikes looks very high; especially...
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Chinese authorities are investigating suspicious commodity trades
Bloomberg has the report saying Chinese authorities are accelerating a crackdown on some commodities transactions they view as offering little economic benefit:have escalated probes into trades they suspect are being used to obtain cheap financing or government...
Japan Jibun S&P Global July Services PMI 53.8 (prior 54.0)
> Japan Jibun S&P Global July Services PMI 53.8 (prior 54.0) <!--> --> Eamonn Sheridan Thursday, 03/08/2023 | 00:37 GMT-0 03/08/2023 | 00:37 GMT-0 <!--> --> Flash reading is here:Final for July:Services 53.8Composite 52.2Earlier: ADVERTISEMENT...
The yield on the 10 year Japanese Government Bond has hit its highest since April 2014
Has risen to 0.64%.Last week the limit was raised to 1% from 0.5%.Do we get Bank of Japan intervention today (to buy 10-year JGBs and thus lower the yield)?-Meanwhile a USD/JPY update. It leapt higher after the Bank of Japan widened the band last Friday:MoneyMaker FX...
PBOC is expected to set the USD/CNY reference rate at 7.1933 – Reuters estimate
People's Bank of China USD/CNY reference rate is due around 0115 GMT.The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate...
ICYMI – China considering even more limits on children’s’ use of smartphones, gaming
China is seeking to put further limits on smartphone use amongst under 18 year olds. The Cyberspace Administration of China (CAC) has proposed draft rules that would cap the phone time of children aged 16 and 17 to a maximum of two hours per dayfor kids between 8 and...
The latest statement from the Reserve Bank of Australia is due on Friday
The Reserve Bank of Australia's Statement on Monetary Policy is released quarterly. The next is due on Friday August 4 at 11.30am Sydney time.0130 GMT, 9.30 pm US Eastern timeCommonwealth Bank of Australia on what to expect:The RBA will provide a full refresh of its...
Australian July Services PMI falls to 47.9 (prior 50.3)
S&P Global / Judo Bank Final Services PMI for July 2023.Services is 47.9, tumbling into contraction from 50.3 in June third monthly fall in the services activity indexbiggest monthly fall since the start of the Reserve Bank of Australia's tightening cycle in May...
Bank of England Monetary Policy meeting preview: 25bp rate hike but it’s a very close call
A couple of preview snippets to follow up on earlier posts:TD:This meeting is a tricky one: incoming data and projections are likely to support a 25 bps hike, but the MPC may be tempted to repeat a 50 bps hike alongside a dovish lean to speed up their journey to...
Largest ever crude oil inventory draw an anomaly, oil price fell
Oil inventory surveys this week indicated enormous drawdowns:ANZ's wrap-up of Wednesday's moves explains:... a sharp drawdown in inventories. US commercial stockpiles fell by 17,049kbbls last week, according to Energy Information Administration data. While it was the...
Brazil central banks cuts its benchmark rate by 50bp (vs. 25bp cut expected)
Brazil's central bank, Banco Central do Brasil, has cut its benchmark rate, Selic target rate, by 50 basis points.The consensus was for a 25bp cut. The Bank says that 25 was considered but the improvement in inflation dynamics was enough for a 50 point move:the...
Head of a large US shale firm forecasts oil as high as US$100 this year
Scott Sheffield is the chief executive officer of large shale firm Pioneer Natural Resources. He is forecasting crude between $80 - $100 for the balance of this year. Citing:Demand rising faster than supplySupply factors:Global oil inventories will fall through...
Nomura expect a +25bps rate hike from Bank of England today, but +50 remains on the table
Nomura preview the Bank of England monetary policy decision due today, Thursday, 3 August 2023. Analysts at the bank say the debate around the Monetary Policy Committee table will be on +25 or +50 basis points, but +25 will win out. With the inflation data having...