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The 0.50% to 1.00% frame is to respond to future risksNow, we have added room to deal with upward moves in interest ratesPolicy decision not biased towards tighteningThe 1.00% mark is defined as a "just in case" capIt is appropriate to maintain strong monetary...
Eurostoxx -0.3%Germany DAX -0.3%France CAC 40 -0.4%UK FTSE +0.1%Spain IBEX +0.2%Regional stocks got a boost from the ECB yesterday, not before the BOJ report here sent equities reeling in Wall Street trading. Higher yields today is also part of the equation after the...
The AUDUSD resumes its fall as the US data remains hot. The Fed raised rates by 25 bps as expected and kept the policy statement unchanged. The market was eager to see if the Fed Chair Powell could offer some forward guidance but got disappointed as he just reaffirmed...
> Switzerland July KOF leading indicator index 92.2 vs 90.5 expected Latest data released by KOF - 28 July 2023 <!--> Justin Low Friday, 28/07/2023 | 07:00 GMT-0 28/07/2023 | 07:00 GMT-0 --> <!--> Prior 90.8; revised to 90.7 ADVERTISEMENT - CONTINUE...
Prior +1.9%HICP +2.1% vs +1.6% y/y expectedPrior +1.6%This isn't a positive development as we also see core annual inflation rising from 5.9% in June to 6.2% in July. This continues to suggest that while there might be some hope for lower price pressures down the...
Prior +0.6%; revised to +0.5%That's a decent performance by the Spanish economy once again and it remains one of the few bright spots in Europe. That said, the struggles in the region coming into Q3 is starting to take a stronger toll and it is no exception to the...
Prior +4.5%HICP +5.0% vs +5.1% y/y expectedPrior +5.3%The slightly lower readings here compared to June is a welcome development for the ECB, after yesterday's change in language. At this juncture, even if there is to be another rate hike after the summer, it will...
Will respond to speed and level of long-term rates if they move beyond 0.50%There is still a distance to achieving 2% inflation targetAs mentioned in my earlier posts, it is now a test of the BOJ's appetite to see how much they can tolerate. But at the balance, any...
It's not just Japanese yields that are rising today in the aftermath of the BOJ. The impact is reverberating as asset managers and fund houses will have to start thinking more about the longer-term repercussions as well. For now, we are seeing a more immediate impact...
> Central Banks > BOJ governor Ueda: Need to patiently continue monetary easing to support the economy Central Banks BOJ governor, Kazuo Ueda, begins his press conference <!--> --> Justin Low Friday, 28/07/2023 | 06:35 GMT-0 28/07/2023 | 06:35 GMT-0...
There is just one to take note of, as highlighted in bold.That being for EUR/USD at the 1.1000 mark. Given recent price action since yesterday, the expiries may serve as a defensive layer for sellers to keep price pinned lower in the session ahead. The euro also has...
The Fed hiked interest rates by 25 bps as expected while keeping the policy statement basically unchanged. The market was more focused on the Powell’s press conference to see if he was going to give some forward guidance. Unfortunately, Fed Chair Powell just repeated...
Headline annual inflation for Germany's industrial state is seen coming down and this fits with expectations of a softer set of numbers in July. If the other state readings show a similar trend, this at least helps to afford the ECB some added room in justifying a...
Prior +0.2%; revised to +0.1%The French economy grew more than anticipated in Q2 but the devil is in the details. Exports were the main contributor to growth on the quarter, with the breakdown showing:Domestic demand -0.1%Inventory changes -0.1%Net foreign trade...
The latest poll by Reuters shows that 20 of 36 economists are expecting the RBA to announce a 25 bps rate hike to 4.35% next week. If so, that will represent the highest cash rate in nearly 12 years. For me, that's still quite a split decision as the other 16...
US Dollar, USD/JPY, Japanese Yen, BoJ, Fed, ECB, AUD/USD, RBA - Talking PointsThe US Dollar resumed strengthening today with volatility ticking higherThe Bank of Japan let the word out early of an adjustment, then deliveredMarkets are now reassessing the path of...
This report leak yesterday changed everything. What looked to be a straightforward BOJ decision day was then made more complicated and basically confirmed that we were to see something substantial today. And boy, did it deliver.The initial reaction earlier was for a...
10-year JGB yields (%) daily chartYields are now hitting 0.57% and this will start to test the mettle of the BOJ in how they will be conducting their "new" policy. They mentioned that the 0.50% allowance from zero is no longer a "rigid limit" but more so of a...
On the surface of it, there is no change to how the yield curve control program is functioning. The target band also remains at +/- 0.50% from zero, so essentially it is supposed to work in the same way as before. However, the Japanese central bank now says that they...