ANZ-Roy Morgan Australian Consumer Confidence survey still languishes at deeply pessimistic levels. ANZ commentary on the result is dour, as usual:among the worst ten results since January 2020 But, its not as bad as it sounds. Its worse:seven of which have occurred...
Chinese financial media says LPRs (PBOC loan rates) likely to stay unchanged for some time
The info comes via two media sources in China, China Securities Journal and Shanghai Securities News.In summary:There is a high probability that the follow-up LPR will remain stable, and the overall loan interest rate may be mainly stable. The necessity of further...
US McCarthy after meeting with Biden – say no debt limit agreement yet
more to comeUS President Biden and US House Speaker McCarthy met on debt ceiling negotiations. McCarthy holding a news conferencesays no agreement reachedhe feels discussions were productivetone of discussion was improved from previous timeswas productive in areas...
Australian preliminary PMIs: Manufacturing 48.0 (prior 48.0) Services 51.8 (prior 53.7)
Judo Bank / S&P Global Australia flash PMI data for May 2023Manufacturing unchanged at 48.0prior 48.0Services down to 51.8prior 53.7Composite lower to 51.2Commentary from the report, in brief:Both the output and new orders results are in expansionary territory....
Japanese Yen Weakens as Treasury Yields Rise, USD/JPY Triangle Breakout in Focus
Japanese Yen, USD/JPY, Treasury Yields, Ascending Triangle – Briefing:Japanese Yen weakens to wrap up the first trading day of the weekRising Treasury rates keep pressuring the yield-sensitive currencyUSD/JPY Ascending Triangle chart pattern breakout is in focus...
Morgan Stanley on the US equity rally – says it’s a “head fake”
Morgan Stanley remain unconvinced on US equity market strength. These from a Monday (US time) note to clients:“Bottom line, from a technical standpoint, last week’s price action showed signs of panic buying, in our view.” “Rather than a short squeeze, the market was...
US President Biden says he is optimisitc we will make some progress on debt ceiling
US President Biden speaking ahead of the meeting he is now having with US House Speaker McCarthy on debt limit negotiations. Optimistic we will make some progress on debt ceilingWe need a bipartisan agreement, need to sell it to our constituenciesWe should be looking...
JPMorgan CEO Jamie Dimon urges markets to brace for potentially higher interest rates
Dimon spoke at the bank's 'investor day', with much interest on his (non) retirement plans. Dimon also remarked on his interest rate outlook, saying everyone should be prepared for rates to go even higher from here.Also speaking was JP Morgan President and Chief...
Fed’s Kashkari says it way too early to declare the ‘all clear’ on banking problems
> Central Banks > Fed's Kashkari says it way too early to declare the 'all clear' on banking problems Central Banks <!--> --> <!--> --> <!--> Federal Reserve Bank of Minneapolis President Neel Kashkari was in the news earlier...
BlackRock has downgraded its view on credit, from overweight to neutral
An update from the BlackRock Investment Institute, saying that its moved from "overweight" to "neutral" on credit. Blackrock say that yields are not enough to compensate investors for tightening credit conditions.Strategically, we are neutral global investment grade....
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Forexlive Americas FX news wrap 22 May: Fed official weigh in as markets await a debt deal
A gaggle of Fed speakers weighed in with comments today. Some had more to say than others. of the 5, Fed's Bullad was the most hawkish. Others like Daly, Bostic and Barkin were more neutral and awaiting more data.Below are the summaries of each:Thomas Barkin: Federal...
PBOC left rates unchanged, but Goldman Sachs expect some movement from the Bank in June
Yesterday the People's Bank of China held rates steady as per market consensus:Goldman Sachs acknowledged after the decision that looking ahead “substantial monetary or credit stimulus” from the Bank is unlikely, citing factors such as:PBOC is still focused on curbing...
US Treas Sec Yellen reaffirms June 1 as the “hard deadline” to raise the debt ceiling
US Treasury Secretary Yellen has said June 1 over and over again. Repeats it in new debt limit guidance in a letter to all members of Congressional leadership: "I am writing to note that we estimate that it is highly likely that Treasury will no longer be able to...
A barbell close for the major indices again
The major US stock indices are closing with barbell results. The Dow industrial average closed marginally lower. The S&P index was unchanged, and The NASDAQ index closed marginally higher.Specifically looking at the closing levels:Dow industrial average fell...
ANZ rank the New Zealand dollar higher than the AUD for the week
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. "We prefer the NZD over AUD this week as the aftermath of poor China data weighs on...
Economic calendar in Asia 23 May 2023 – flash PMIs for May kick off
This snapshot from the ForexLive economic data calendar, access it here. The times in the left-most column are GMT. The numbers in the right-most column are the 'prior' (previous month/quarter as the case may be) result. The number in the column next to that, where...
Trade ideas thread – Tuesday, 23 May 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,...
US House Speaker McCarthy to hold a press conference around 7pm US Eastern time
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,...
NZDUSD goes sideways but keeps bullish bias.RBNZ decision tomorrow night (Wednesday in NZ)
NZDUSD bases against 100 hour MA/swing areaThe NZDUSD - like a number of other currency pairs - is mired in a narrow trading range. The pair has a low-to-high trading range of only 35 pips. The average of the last 22 trading days (around a month of trading is 59 pips....