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Wages data from Japan is not supportive of demand-induced inflation. Cash earnings +2.5% y/y expected +0.7%, prior +0.8%But in real terms, adjusted for inflation wages are down 1.2% y/yHousehold spending data is also lacklustre, coming in at -4.0% y/yexpected -2.4%,...
The headline comments from Bank of Japan Deputy Governor Uchida are here:Its from the Nikkei, which is usually gated, but if you can access it here is the link:Yeah, he isn't indicating any near-term change to YCC:Uchida said he was "very aware" of yield curve...
Former Japanese Vice Finance Minister Eisuke Sakakibara comments on USD/JPY reported via Bloomberg (gated):“It may go beyond 160, maybe next year,” At levels around 160 per dollar, authorities “may be tempted to intervene to strengthen the yen.”On the Bank of...
Via a note from UBS Wealth Management on the S&P500, noting the stalling rally this week after a strong YTD. In brief from the note:the market is too upbeat about the prospect that the Fed can achieve a soft landing for the US economy Risks remain that the Fed...
While Twitter felt sick in the first week of July, Facebook announced Threads, its microblogging service with a new and exciting feature – no Elon Musk. Let's delve into how the release of this new mobile app could potentially impact the financial markets.Twitter...
Germany's Bundesbank President (and European Central Bank Governing Council member) Nagel spoke on Thursday.He was at at a DEKRA event. DEKRA is a global vehicle inspection company based in Germany, known for their testing, inspection, and certification services. They...
Bank of Japan Deputy Governor Uchida in Japan's Nikkei media this morning: Will maintain YCC from perspective of sustaining easy monetary conditions Want to make decision from perspective of how to sustain easy policy with eye on impact on financial intermediation,...
WGC is the The World Gold Council, a gold lobby group. More on them below. The group says its expects central banks in developed markets are nearing the conclusion of their tightening cycles. And that market consensus is that the US will have a slight recession in...
Nomura believes that the USD/JPY exchange rate may continue to strengthen in the short term, driven mainly by improvements in US economic data. However, as the JPY weakens, there is an increased likelihood of foreign exchange intervention or policy changes by the Bank...
Markets:WTI crude oil up 7-cents to $71.86US 10-year yields up 9.6 bps to 4.04%EUR leads, CAD lagsGold down $7 to $1909S&P 500 down 0.8%The US economy continues to run hot. The ADP number was shockingly strong, setting up what could be a 15th consecutive beat on...
The data incoming today is from Japan. Yen is not being shoved around by Japanese data right now though, its responding to speculation over Bank of Japan pivots and Japanese authorities jawboning the yen. US-centric data is impacting though:USDJPY bounces higher after...
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,...
The major US indices are all closing lower with the Dow Industrial Average leading the way with a decline of near 1%. However, things could have been worse.The Dow industrial average was down as much as 517.18 pointsthe S&P index was down as much as -61.76...
The EURUSD started the trading date near highs for the day and also testing its falling 200 hour moving average and downward sloping trendline on the hourly chart below). The level came near 1.09000 level.The ADP report showed a eye opening 497K new jobs with leisure...
Consensus estimate +225K (range +110K to +288K)Private +200KFebruary +311KMarch +236KApril +190KMay +339KUnemployment rate consensus estimate: 3.6% vs 3.7% priorParticipation rate prior 62.6% Prior underemployment U6 6.7%Avg hourly earnings y/y exp +4.2% y/y vs +4.3%...
The Price of WTI crude futures are settling at $71.80. That's just one penny higher than yesterday's settlement level at $71.79. The high price it today it reached $72.34. The low was at $70.22.Oil prices experienced volatility due to various factors. Initially,...
Powell AI imageStrong data has kicked off something of a rethink regarding Fed policy today as the market looks at a higher-for-longer scenario.In the initial aftermath of the data, the implied odds of a July hike rose to 92% from 85% but that's since pared back to...
The Nasdaq has trimmed its decline to 1.0% as dip buyers wade in.There's plenty of thinking about how to trade tomorrow's non-farm payrolls report (which everyone expects to be strong) and next week's CPI report (which everyone expects to be weak). While the upside...
Atlanta Fed GDPNow Q2 growth estimateThe Atlanta Fed GDPNow estimate for 2Q growth rose to 2.1% from 1.9% last. In their own words:The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2023 is 2.1 percent on July 6,...
MUFG, a major Japanese financial group, has discussed the recent hawkish repricing of the Bank of England's (BoE) rate hike expectations. They believe that the UK fixed income market sell-off, which began in mid-May, is extending into July. However, MUFG maintains...