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...
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Singapore Q2 GDP +0.3% q/q (vs. 0.3% expected) (preliminary data)
The Advance, or preliminary, reading for economic growth in Singapore for the April to June quarter of 2023+0.3% q/qexpected 0.3%, prior -1.6%+0.7% y/yexpected 0.6%, prior 0.4%The +0.3% q/q has meant Singapore does not drop into recession (2 consecutive quarters of...
New RBA Governor announced to replace Lowe: Michele Bullock
Reserve Bank of Australia Governor Lowe finishes his term in September. Australian Prime Minister Albanese and Treasurer Chalmers have announced the new Governor at a press conference.Current Deputy Governor Michele Bullock has been appointed as the new head of the...
More from Fed’s Waller – September is a live meeting for a rate hike
Federal Reserve Board Governor Christopher Waller speaks on his economic and policy outlook before the Money Marketeers of New York University.From the Q&A now: September is a live meeting for monetary policy Biggest shock is job market, economy strength in face...
ANZ revise their RBA peak rate forecast to 4.1% (from 4.35%)
ANZ was forecasting a peak rate at 4.35% but have revised that forecast to 4.1%. ANZ say that instead of another hike the RBA will hold the cash rate at 4.1% for longer.ANZ:While it’s possible the Reserve Bank could hike in August, on balance we think an extended...
Announcement of the next RBA Governor is coming at 7.40pm NY time (2340 GMT)
Australian Prime Minister Albanese and Treasurer Chalmers will hold a press conference at 7.40pm ujset2340 GMT9.40am Sydney timeTo announce who will be the next Reserve Bank of Australia Governor. Three front runners are said to be deputy Reserve Bank Governor Michele...
Japanese media report the BOJ is likely to raise its FY2023 inflation forecast above 2%
Yomiuri with the report on the Bank of Japan. The Bank meet on July 27 and 28 and will revise forecasts at this meeting. Can the bank hold off from further tweaks to YCC if they expect the CPI to hold above target? The Bank has been insistent they see CPI falling from...
Fed’s Waller says he is in favour of raising the Fed Funds rate at the July FOMC meeting
Federal Reserve Board Governor Christopher Waller speaks on his economic and policy outlook before the Money Marketeers of New York University.Headlines via Reuters: Favors raising rates at the July Federal Open Market Committee (FOMC) meetingIncreasingly confident...
Deutsche Bank forecast an even higher EUR/USD, say 1.2 at year end is possiible
George Saravelos is global co-head of FX research at Deutsche Bank. This from a note to clients on the US dollar. I haven't seen the note so this from news wire reports about the place. USD to weaken through 2024 and into 2025EUR/USD forecast is 1.15 by end-2023, and...
Oxford Economics says a US recession is likely, S&P 500 unlikely to climb above 2022 high
Oxfor Economics on the US economy and benchmark index S&P500, in brief:US recession still looks likelythe Fed's chances of creating a soft landing for the U.S. economy is fuelling bullish sentiment see an economic slowdown starting later this year, this will stop...
JPM forecast Brent oil to $86 at the end of 2023
JP Morgan on oil, expecting the price to rise. JPM pointing to inventories beginning to draw down as a key factor now at the amrgin. see Brent higher, in the $80s, during the July - September quartersee Brent finishing the year at $86-Overnight re Russian production...
ICYMI – China’s exports and imports in June fell more than expected
An ICYMI if you are watching developments in China's economy. Another sign of softness was the June trade data released yesterday:China's exports fell In June month at their fastest since the onset of the pandemic three years ago. Weaker global demand was cited in...
Australia media report that Reserve Bank of Australia Governor Lowe will no be reappointed
Reserve Bank of Australia Governor Lowe's term finishes up in September. He is seeking reappointment. Local public broadcaster ABC says he will not be reappointed. The Australian Federal government Cabinet is expected to meet this morning to decide on his replacement....
Forexlive Americas FX news wrap 13 Jul: USD continues its drop helped by PPI
The USD fell sharply to the downside today with the greenback falling the most vs the NZD (-1.59%), the AUD (-1.49%) and the GBP (-1.15%). The declines were fueled by more tame inflation data. Pipeline producer prices inched up 0.1% in June, with the annual increase...
JP Morgan maintains a bearish outlook on EUR/USD, targeting 1.05 (before 1.2 in 2024)
JP Morgan EUR/USD, Key Points: 1. European Growth Data Loses Momentum: The weakening trend in European growth data continues to intensify and extend, manifesting increasingly in hard data and bolstering JP Morgan's bearish narrative on the euro. Despite this, the...
NZD traders – it’s a New Zealand market holiday on Friday, 14 July 2023
It's a public holiday in New Zealand today, Friday, 14 July 2023. Local markets are closed. Liquidity in the NZD is limited at the best of times and will be further thinned out today. NZD/USD has been trading in a similar pattern to all major XXX/USD, i.e. gaining...
NASDAQ index leads the charge. Major indices up for the 4th consecutive day.
The NASDAQ index continued to lead the stock indices higher. The Dow industrial average is lagging but still close higher for the 4th consecutive day.Top sectors in the Dow included Communication services, up 2.32%, Technology, up 1.5% and Consumer discretionary,...
Economic calendar in Asia 14 July 2023 – Federal Reserve speaker (Waller)
It's a quiet data agenda ahead for the session but we will be getting comments from Fed hawk Waller:Federal Reserve Board Governor Christopher Waller speaks on the economic outlook before the Money Marketeers of New York University. The timing, 2245 GMT / 6.45 pm NY...
Trade ideas thread – Friday, 14 July 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,...