China Caixin / S&P Global PMIs for May:Services a solid beat at 57.1, fifth consecutive month of expansionexpected 55.2prior 56.4Composite 55.6prior 53.6In brief from the report:Both services supply and demand expanded furthergauges for business activity and total...
Australian Q1 data: Business Inventories +1.2% q/q (expected +0.5% q/q, prior -0.2%)
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,...
PBOC sets USD/ CNY reference rate for today at 7.0904 (vs. estimate at 7.0918)
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...
Australian private survey inflation gauge for May headline is 0.9% m/m vs. 0.2% prior
TD/Melbourne Institute Inflation gauge +0.9% m/mthis is the largest m/m jump since January this year prior +0.2% +5.9% y/yprior +6.1%Trimmed mean 0.8% m/m and 5.2% y/yprior 0.3% m/m and 5.5% y/yUh-oh. The Reserve Bank of Australia meeting is tomorrow. While consensus...
Japan Jibun / S&P Global Services PMI for May: 55.9 (prior 56.3)
Japan PMI's for May (final)Services 55.9, a record high for this indicatorpreliminary 56.3 was higher but this has been trimmed in the final results prior 55.4Service sector firms hired more staff for the fourth month in a row. The rate of job creation the second...
PBOC is expected to set the USD/CNY reference rate at 7.0918 – 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...
Reserve Bank of Australia policy meeting tomorrow – preview
The Reserve Bank of Australia meeting is on Tuesday June 6: statement is due at 2.30 pm Sydney time, which is 0430 GMT and 12.30am US Eastern timeThis via Commonwealth Bank of Australia on what they expect:We expect the RBA to leave the cash rate on hold at 3.85% at...
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JP Morgan’s Pinto says Fed to hike towards 5.5%, see a US recession
JPMorgan's President and Chief Operating Officer Daniel Pinto spoke on Friday ICYMI.Said lending is slowing due to both supply and demand issues: "There is no doubt that regional banks and smaller banks are building up liquidity , building capital, so they are lending...
BNP Paribas say Japanese government’s ‘line in the sand’ for USDJPY is around 145
This is via the folks at eFX. For bank trade ideas, check out eFX Plus. For a limited time, get a 7 day free trial, basic for $79 per month and premium at $109 per month. Get it here. The Bank of Japan (BoJ) may act before the Ministry of Finance (MoF) to address the...
Australia data – May services PMI 52.1 (prior 53.7)
Judo Bank / S&P Global Australia PMI data for May 2023, final:Services 52.1preliminary was 51.8prior 53.7Composite 51.5flash was 51.2Last week we had the final manufacturing number:From the commentary in the report, RBA outlook with the policy meeting tomorrow:The...
Goldman Sachs’ 3 reasons why Saudi oil output cut was ‘moderately bullish’
Adam had the news out of the OPEC+ meet meeting as it happened:Goldman Sachs response has followed. Net, GS see the cut worth up to $6 per barrel higher for the price: the extra Saudi cut is worth +$1-6/bbl in terms of fundamentals, depending on whether the cut lasts...
Russian defence officials say Ukraine has begun a large-scale military operation
A statement from Russia's Ministry of Defence says Ukraine, the country it invaded, has launched a large-scale operation. Info comes via Reuters, citing TASS, with not much else in detail at this time.A large counter offensive was expected from Ukraine. MoneyMaker FX...
Crude oil futures jump higher at the week’s open on Saudi output cut news
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,...
Morgan Stanley on the US jobs report (Friday’s NFP) – raises the risk of an FOMC July hike
The non-farm payroll report contained crosscurrents, links to the info from here:Bank of America acknowledged this in their comments after the data:The ambiguity of the report make it difficult to parse. We think it is just soft enough for the Fed to justify a hold in...
Oil news – US and UK naval forces responded to Iranian fast-attack boats in Gulf on Sunday
The news over the weekend was of oil output cuts:Also related to crude oil were United States and United Kingdom Royal Navy forces activity in the Strait of Hormuz on June 4. An internationally flagged merchant vessel made a radio distress call on Sunday afternoon...
NZD traders reminder – it’s a New Zealand holiday today
New Zealand has a public holiday today, Monday, 5 June 2023, for the King's Borthday. Markets in NZ are closed. This has thinned out FX liquidity in the early hours. Its insanely thinly traded at this time of week on a regular Monday without NZ being on holiday. Its...
Economic calendar in Asia for Monday, 5 June 2023 – another Chinese PMI (Caixin, services)
The services PMI due from China today is the privately conducted Caixin / S&P Global non-manufacturing PMI for May. China's National Bureau of Statistics (NBS) published its services PMI last week. As background to this second PMI due today, China has two primary...
Trade ideas thread – Monday, 5 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,...
Monday morning open levels – indicative forex prices – 05 June 2023
On a Monday morning, market liquidity is very thin until it improves as more Asian centres come online. Prices are liable to swing around on not too much at all, so take care out there.Rates guide:EUR/USD 1.0716USD/JPY 139.94GBP/USD 1.2459USD/CHF 0.9083USD/CAD...