Session wrap Forex news for Asian trading on Thursday, 6 July 2023 <!--> Eamonn Sheridan Thursday, 06/07/2023 | 03:00 GMT-0 06/07/2023 | 03:00 GMT-0 --> It was a narrow range day for major FX during the Asia session. The data agenda was very light, with a...
Germany’s Bundesbank President (and ECB Governing Council member) Nagel speaking Thursday
Germany's Bundesbank President (and European Central Bank Governing Council member) Nagel is speaking on Thursday, 6 July 2023. 1600 GMT/1200 US Eastern time Nagel speaks at the DEKRA Dialog eventDEKRA is a global vehicle inspection company based in Germany, known for...
RBA is expected to hike by +25bp in August according to 23 of 25 analysts – Reuters poll
The next Reserve Bank of Australia meeting is August 1. Reuters polled 25 analysts, 23 expected a +25 bp rate hike, to 4.35%2 expect a pause 10 of 22 expect the RBA to raise rates once more in September, taking rates to 4.60% by the end of this quarter. The other 12...
Federal Reserve speakers today include Dallas branch President Logan
Federal Reserve Bank of Dallas President Lorrie Logan is the only Fed speaker I have on the agenda. Perhaps others will pop up in media interviews.At 1245 GMT/ 0845 US Eastern time Logan participates in the "Policy Challenges for Central Banks" panel before the 2023...
JP Morgan say there’s a risk that the Bank of England will push interest rates to 7%
JP Morgan economists say their central forecast is a rise to 5.75% (hitting there in November) but warn there are 'potential upside to rates if expectations do become unanchored or remain high'. Which could force the BoE to lift to 7% and precipitate a hard landing...
Australian exports in May +4% m/m (prior -5%) & Imports +2% (prior +2%)
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 reference rate of 7.2098 is much lower than the 7.2510 expected
The reference rate setting is here:Which is another mid-rate way below what was expected. In open market operations (OMOs) the PBOC injects 2bn yuan via 7-day reverse repos (RRs) at an unchanged rate of 1.9% 193bn yuan of RRs mature today thus a net 191bn yuan drain...
PBOC sets USD/ CNY mid-point today at 7.2098 (vs. estimate at 7.2510)
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...
Bank of America sees a broader breadth US equity rally in 2023 H2
Comments via Bank of America on US equities - market breadth and funds inflowBoA expects stocks other than tech to join in the rally in H2“Just to get to the historical average 12-month breadth of 50% by year-end, about a quarter of stocks in the S&P 500 would...
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US jobs report is due on Friday, 7 July 2023 – NFP preview
A snippet from Deutsche Bank previewing the nonfarm payroll report due at 8.30 am US Eastern time on Friday, 7 July 2023. With the headline number ranging from +217k to +472k over the last 6 months, these are not currently close to recessionary levels. However, the...
PBOC is expected to set the USD/CNY reference rate at 7.2510 – 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...
A forecast for EUR/USD back to parity by the end of 2023 due to EU economy deteriorating
Snippet via Capital Economics on their EUR/USD view:We expect the euro to depreciate markedly on the back of a further deterioration in economic activityUSD to appreciate, Capital Eco say, citing their pessimistic outlook for major developed market economies (US and...
ICYMI: Iran attempted to seize two oil tankers near the Strait of Hormuz – shots fired
ICYMI - Reports on Wednesday, US time, that Iran tried to seize 2 oil tankers near Strait of Hormuz. Shots were fired at one of the tankers. The U.S. Navy conveyed the information, saying Iran tried to seize two oil tankers near the strategic Strait of Hormuz early on...
ChatGPT traffic drops about 10% from May to June
Artificial Intelligence site ChatGPT has seen a surprising drop in traffic.The report comes from the analytics firm Similarweb, which says:Worldwide desktop and mobile web traffic to the ChatGPT website, chat.openai.com, dropped 9.7% from May to June, according to...
PBOC-backed news said ample tools to stabilize FX market even if yuan enters a panic slide
Financial News is a PBOC media outlet in China. It published a commentary piece saying China has ample tools to stabilize the foreign-exchange market even if the yuan enters a “panic” slide. Such as:foreign-exchange risk-reserves ratiobanks’ FX deposit-reserve...
MUFG’s 4 reasons every BOJ meeting is live for a surprise, & forecast USD/JPY drop to 130
Analysts at Mitsubishi UFJ Financial Group Inc.'s (MUFG) are not expecting the yen weakness we've been seeing to carry on:Yen ... looks over-extended to the downside Their forecasts for USD/JPY out for the next 12 months:Q3 2023 136.00 Q4 2023 134.00 Q1 2024 132.00 Q2...
Goldman Sachs do not expect near term intervention in yen – also looking for BOJ YCC tweak
Goldman Sachs has expressed skepticism regarding the necessity of an urgent intervention in the Yen, similar to what happened last Fall. The bank cites three main reasons for this viewpoint: Key Points: 1. Muted Year-over-Year Moves: Goldman notes that the...
More from Fed’s Williams: an ‘open question’ how fast inflation will cool next year
Federal Reserve Bank of New York President John Williams. As head of the NY Fed Williams has a permanent vote on the FOMC, and indeed is its vice-chair. Williams is a big wheel at the Federal Reserve. Earlier from him:Adding more now, from comments as part of...
Forexlive Americas FX news wrap 5 Jul. Fed minutes support Fed members inflation concerns
The USD is ending the day as the strongest of the major currencies. The dollar gained in the Asian and early European trading, and then got another boost from the Fed minutes this afternoon. The strongest to weakest of the major currenciesAt the June meeting, some...