The fact that dollar pairs today are keeping within 20 pips change of one another speaks to the lack of appetite so far in European trading. The changes are roughly 0.10% to 0.15% mostly, indicating that traders are really not having much to work with. This comes with...
GBPUSD Technical Analysis – Awaiting the NFP
Since the last FOMC meeting the US economic data surprised consistently to the upside leading to a more hawkish pricing for interest rates expectations. In fact, Fed Chair Powell said that the majority of the FOMC expects two or more rate hikes coming if the economy...
Aussie pares losses after RBA setback earlier
Besides the move in the Australian dollar, other major currencies are leaving a lot to be desired so far in European trading. As for the aussie rebound itself, it keeps within the range and technical levels highlighted here with the confluence of the 100 and 200-day...
FX option expiries for 4 July 10am New York cut
With it being a US holiday, the expiries board is rather thin today and there aren't any notable ones to take note of. Just keep in mind that there is a large one for EUR/USD at 1.0900 tomorrow, as that could factor into play in the day ahead.For more information on...
Germany May trade balance €14.4 billion vs €17.5 billion expected
Prior €18.4 billionThe German trade surplus narrows slightly as exports fell 0.1% on the month while imports grew by 1.7% on the month. An interesting thing to note is that German trade with Russia has dropped significantly since the whole Russia-Ukraine conflict....
China major state-owned banks reportedly to have cut dollar deposits again
The report comes via Reuters, stating that China's major state-owned banks have lowered their dollar deposit rates once again with effect from 1 July. The rates were cut by as much as 150 bps with the sources claiming that some banks were not offering rates above the...
Aussie slips as the RBA presses the pause button
The market pricing heading into today's decision showed roughly 63% odds for a no change move, so it isn't an overwhelmingly disappointing decision for aussie bulls. Besides that, the RBA kept any language changes to a minimum and the forward guidance is more or less...
Full statement of the RBA monetary policy decision for July 2023
At its meeting today, the Board decided to leave the cash rate target unchanged at 4.10 per cent and the interest rate paid on Exchange Settlement balances unchanged at 4.00 per cent.Interest rates have been increased by 4 percentage points since May last year. The...
RBA leaves the cash rate unchanged at 4.10%
Prior 4.10%Higher rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do soIn light of this and the uncertainty surrounding the economic outlook, the RBA decided to hold interest rates steady this...
Australian Dollar Dips After RBA Pauses on Hiking Cycle. Will AUD/USD Go Lower?
Australian Dollar, AUD/USD, RBA, CPI, Fed – Talking PointsThe Australian Dollar slipped after the RBA left rates unchanged at 4.10%The move caught some traders off guard and the Aussie Doller tumbled below 0.6650The unreliable monthly CPI was cited by the RBA. Will...
Reserve Bank of Australia policy decision & statement due the bottom of the hour – preview
The RBA announcement is coming up at 2.30pm Sydney time, which is 0430 GMT and 0030 US Eastern time. Earlier previews are here:TD are looking for a rate hike:Another line-ball call with consensus expecting no hike and OIS market pricing in an approximate 50% prob of a...
IAEA head says they will be discussing Iran’s nuclear programme amid uncertainty
The head of the International Atomic Energy Agency is Director General Rafael Mariano Grossi. Speaking in Tokyo.Says we will be discussing the nuclear program of Iran amid uncertaintyand also discussing North Koreathere is still a possibility of an incident at the...
Explainer: What would Japanese intervention to boost the weak yen look like?
I posted on signs of forex intervention to be aware of:Reuters have a piece up that covers some points that might be of interest:The decision is highly political. When public anger over the weak yen and a subsequent rise in the cost of living is high, that puts...
China Banks Offer 25-Year Loans to LGFVs to Avert Credit Crunch
Bloomberg (gated) with the item: China Banks Offer 25-Year Loans to LGFVs to Avert Credit CrunchChina’s biggest state banks are offering local government financing vehicles loans with ultra-long maturities and temporary interest relief to prevent a credit crunch amid...
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Japan finance minister Suzuki says keeping in close high-level contact with US on FX
More yen intervention of the verbal kind from Japan.Japan finance minister Suzuki says keeping in close contact with the US at the vice-ministerial level on FXAdds that he doesn't have anything to add beyond what he has already said previously on recent yen...
Reminder – US markets are closed for a holiday on Tuesday, 4 July 2023
I posted this Friday and again yesterday but if you did miss it, it's the US Independence Day holiday today, July 4.Markets will be closed: stock exchangesbondsFX (FX never entirely closes but it'll be super-thin, negligible, liquidity)As for Globex, I posted its...
ICYMI – China restricts export of metals used in high performance chips
Probably the biggest news over the past 24 hours or so, Greg had it on Monday:China will restrict exports of products and materials that incorporate the metals gallium and germanium. these are critical to the manufacturing of semiconductors, 5G base stations, and...
Reserve Bank of Australia policy decision still to come, an ‘on hold’ preview
ING preview the Reserve Bank of Australia decision due at 2.30pm Sydney time:0430 GMT0030 US Eastern time Of 32 economists surveyed by Bloomberg, 13 expect a rise of 25bp to 4.35%, while 19 (including ourselves) expect no change to the current 4.1% cash rate target....
PBOC sets USD/ CNY reference rate for today at 7.2046 (vs. estimate at 7.2386)
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...