A heads up of relevance to AUD traders, Lowe to answer questions in parliament Wedneday local timeAppearance by Philip Lowe, Governor, and Brad Jones, Assistant Governor (Financial System), before the Senate Economics Legislation Committee (Budget Estimates),...
Quant-funds’ net exposure to U.S. stocks is at the highest level since December 2021
An interesting piece in the Wall Street Journal, which is gated but here is the link if you can access it. In summary:The market’s steady rise has puzzled analysts and portfolio managers as the S&P 500 has churned more than 9% higher this year (and the...
Bank of Japan Governor Ueda says we have not reached sustainable 2% inflation
Bank of Japan Governor Uedahave not reached sustainable 2% inflation inflation to slow a great deal around the middle of fiscal year 2023BOJ will patiently maintain easy monetary policy as there is still distance to go to stable 2% inflationBOJ will continue with bond...
Australia Building Permits (April) -8.1% m/m (expected +2.0%)
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 7.0818 (vs. estimate at 7.0821)
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...
JPY rising in Tokyo morning trade
Yen has caught a bid, with USD/JPY dropping from early highs circa 140.50 to just under 140.10 as I post. The only news of note from Japan today has been Suzuki:It seems difficult to pin the move on his remarks, he usually doesn't have much of an impact. But there...
OPEC secretary general says will welcome Iran back to the oil market when sanctions lifted
OPEC's Secretary General Haitham Al Ghais visited Iran and spoke with the Iranian oil ministry's website SHANA on Monday.He affirmed that OPEC will welcome Iran’s full return to the oil market when sanctions are lifted. While Iran is a current OPEC member its exports...
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Japanese Finance Minister Suzuki wants fiscal policy for yen credibility
Japanese Finance Minister Suzuki comments:says must guide fiscal policy in line with international normssays his Ministry of Finance's fiscal panel calls for maintaining yen credibility in guiding fiscal policy - said that economic fundamentals that have backed the...
The PBOC is expected to set the USD/CNY reference rate at 7.0821 – 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...
Morgan Stanley outline 3 factors weighing down on China’s consumers
A research piece from Morgan Stanley over the weekend saying that Chinese consumer spending won’t return to pre-COVID levels anytime soon. MS forecast:an expected +9% in Chinese consumers’ spending during 2023but lower at +4.8% in 2024The factors MS point to:1. unlike...
Australian weekly Consumer Confidence survey 76.8 (prior 77.9)
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 Treasury secretary says he expects nominal wage growth to accelerate
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,...
Japan April unemployment rate 2.6% (expected 2.7%)
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,...
UK shop price inflation rises to record high, industry data for May 2023 shows
British Retail Consortium said prices in UK supermarkets and retail chains rose 9.0% y/y in Mayprior was an 8.8% increase in AprilUK shop price inflation hit a new record high since industry stats on it began in 2005Food price inflation slowed to 15.4% from 15.7%....
Preview of China official PMI data – manufacturing is likely to have contracted even more
China's two Purchasing Managers' Index (PMI) surveys will be published by the National Bureau of Statistics (NBS) on Wednesday, 31 May 2023. at 0130 GMT, which is 9.30pm on Tuesday, 30 May 2023 US Eastern time China's factory sector is struggling to bounce out of the...
New Zealand Building Permits (April) -2.6% m/m (prior +6.6%)
Down 26% y/y.Comments from Stats NZ:“April 2023 marks the third consecutive month that the number of homes consented has been down by more than 25 percent when compared with the same month of the previous year,” construction and property statistics manager Michael...
ECB’s Wunsch: continued expansive fiscal policy requires stronger monetary policy reaction
Governor, Nationale Bank van België / Banque Nationale de Belgique and hence European Central Bank Governing Council member Pierre Wunsch spoke on Saturday: at the Dubrovnik Economic Conference of the Croatian National BankPosting this as a bit of a catch-up ICYMI (as...
Goldman Sachs on China’s economy: Confidence a big problem, private investment very weak
Goldman Sachs analysts cited in a media piece (gated):“Confidence is a big problem” “For consumers, there are concerns about the future — you don’t really want to spend. Private investment is also very weak. You talk to entrepreneurs, there is still a reluctance to...
ICYMI: ECB’s de Cos says Bank needs to hike higher, hold “for an extended period of time”
Bank of Spain´s governor, and hence a European Central Bank monetary policy maker on the Bank's Governing Council, Pablo Hernández de Cos spoke at event in Barcelona on Monday.His main points made re policy:"The process of tightening our monetary policy is well...