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...
Bank of Canada monetary policy decision due Wednesday, 7 June 2023 – ‘on hold’ preview
CIBC expect the Bank of Canada to remain on hold at the policy meeting today:1400 GMT is 10am US Eastern time. Via CIBC, tipping no change at the meeting todat:US and Canadian labour markets have continued to drive above their non-inflationary speed limits. So central...
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PBOC is expected to set the USD/CNY reference rate at 7.1194 – 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...
RBA Governor Lowe says if inflation stays high we will feel a lot of pain
Reserve Bank of Australia Governor Lowe spoke earlier:RBA Gov Lowe: Further tightening of monetary policy may be neededFollow up Q&A now. Lowe:Lowe adds: Australians shoulddn't fall into a state of despair. Says there is a path back to better times and increasing...
Blinken met Saudi Crown Prince – discussed cooperation
A statement from the US State Department after Secretary of State Blinken met with Saudi Arabia's crown prince: Blinken emphasized that our bilateral relationship is strengthened by progress on human rights Discussed deepening economic cooperation, especially in the...
Oil: signs of tightness in the physical market will need to emerge for oil prices to rally
A snippet from ANZ's outlook for oil. The Energy Information Agency said that oil demand in the US will grow at just under 1% in 2023 due to a forecast slump in diesel demand. The distillate fuel is being impacted by tighter monetary policies in the US as the Fed...
RBA Gov Lowe: Further tightening of monetary policy may be needed
> Central Banks > RBA Gov Lowe: Further tightening of monetary policy may be needed Central Banks <!--> --> <!--> --> Live link is here:Full text is here:Headlines via Reuters: Too early to declare victory in the battle against inflation June...
Australian Manufacturing Index May -5.1 (prior -20.2) & Construction -6.6 (prior -12.4)
Survey results for manufacturing and construction indexes for May 2023 from the Australian Industry Group.AiG Manufacturing Index -5.1prior -20.2Construction -6.36prior -12.4More board 'Australian Industry Index" is -10.9prior -20.2---From the report:Key findings The...
Lloyds Banking Group to launch £600m Telegraph auction after seizing control
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,...
Goldman Sachs says the probability of US recession in 12 months is 25% (vs previously 35%)
In March Goldman Sachs assigned a recession probability to 35% after the collapse of Silicon Valley Bank.Analysts at the bank have trimmed that to 25%, Citing two main factors:“We have become more confident in our baseline estimate that the banking stress will...
No Fed Blackout for Clarida. ICYMI: says one or two Fed rate hikes ahead is a close call
Ex- Federal Reserve Vice Chair Richard Clarida comments overnight, speaking on Bloomberg television.Said that with economic data coming in stronger as the Fed prepares to meet next week"We could get an additional hike or two in this cycle," "It's a closer call than I...
Meanwhile, in China: Monkeypox cases detected in Beijing
The report is of two monkeypox cases detected in Beijing, which comes via Chinese state media. Given the "massaging" of data out of China I suspect the number is greater than two. I could be wrong. Via Global Times:Beijing has recently detected two cases of monkeypox....
PIMCO: Investors can get equity-like returns by investing in bonds
HIMCO have been making public statements and hitting media outlets, Bloomberg TV for example, with comments that investors can get equity-like returns by investing in short-term publicly traded bonds, which are generating yields of 6% to 8%.“We haven’t seen this...
Private oil survey data shows headline crude oil draw vs. build expected
The inventory data from the private survey is out now, official data follows Wed. morning (US time).Via Twitter:Expectations I had seen centred on: Headline crude +1 mn barrels Distillates +1.3 mn bbls Gasoline +0.9 mn--This data point is from a privately-conducted...
Economic calendar in Asia Wednesday, 7 June 2023: RBA’s Lowe speaks, China May trade data
Yesterday's Reserve Bank of Australia meeting was very much 'live'. While the consensus was for no change the rate hike didn't come as a shock. Recent wage rise info and inflation data (and even higher inflation data) were all sweat points for the RBA.And so we got a...
Trade ideas thread – Wednesday, 7 June 2023
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,...
Little movement in the major indices today, but indices all close higher
The major indices are closing higher on the day but with not much activity:Dow Industrial Average Rose 10.40 points or 0.03% at 33573.29S&P index rose 9.94 points or 0.23% at 4283.74NASDAQ index rose 46.90 points or 0.36% at 13276.41The biggest mover was the...
Forexlive Americas FX news wrap: SEC launches suit against Coinbase
Markets:Gold flat at $1962US 10-year yields flat at 3.69%WTI crude down 59-cents to $71.56S&P 500 up 11 points to 4282Bitcoin up 5.9% to $27,150AUD leads, EUR lagsBitcoin was the star of the show with trading light in FX. The SEC went after Binance yesterday and...
Chris Christie enters the US presidential race
It looks like the 2024 US Presidential race will be a repeat of the last one but there's still plenty of time between now and November 2024 for that to change.One guy who will look to mix it up is former New Jersey governor Chris Christie. He's an extreme long shot...