Nomura say to expect a 25 bps rate increase from the Bank today, followed by additional rate increases in August and September. Nomura say there was a chance the Bank was going to do nothing in June, but that evaporated due to last week's positive labour market...
Chinese Vice Premier He Lifeng said the economy has recovered and turned for the better
A Chinese media report on Chinese Vice Premier He Lifeng meeting with Singapore's Temasek Chairman Lim Boon Heng earlier this week in Beijing.He is a member of the Political Bureau of the Communist Party of China Central Committee and close to President Xi Jinping....
BoA on the Federal Reserve’s FOMC, “pay particularly close attention to Governor Waller”
A snippet from a piece via Bank of America on who to listen to at the Federal Open Market Committee (FOMC), singling out Federal Reserve Board Governor Christopher WallerBoA note that according to Waller "core inflation is just not moving and that’s going to require...
Bank of England Monetary Policy Committee preview: Where to for GBP? 3 scenarios.
The consensus expectation for the meeting of the Bank of England's Monetary Policy Committee today, Thursday, 22 June 2023, is for a 25bp rate hike. The announcement is due at 1100 GMT, which is 0700 US Eastern time.I posted earlier on the bleak task facing the...
Reminder – Mainland China and Hong Kong are out on holiday today
I posted this earlierBut ICYMI, a reminder!Its Dragon Boat Festival day and markets are closed in China and HK. For FX markets, open as usual today are New Zealand, Australia, Japan and Singapore. The absence of HK will drain a little liquidity from FX markets....
Poll shows Japanese firms remain deeply pessimistic
The results of the latest Reuters Corporate Survey, conducted for Reuters by Nikkei Research, has been published. From the report's part on the business environment::corporate managers turned slightly less pessimistic, with 74% saying conditions would be "not so good"...
NZ data: May Exports NZD 6.99bn (prior 6.8bn) & Imports 6.95bn (prior 6.38bn)
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,...
JP Morgan preview Bank of England rate hike coming today: BoE have to create a recession
First from the JP Morgan preview of the Bank of England Monetary Policy Committee meeting coming up Thursday, 22 June 2023. UK inflation points to a cruel, cruel summerwe strongly feel that the BoE should hike 50bpsHowever, with no forward guidance on the issue .. we...
The Australian government will finalize its decision on the next RBA governor within weeks
Australian Treasurer Chalmers' statement on the central bank .Current Reserve Bank of Australia Governor Lowe's term expires in September. He has made some bad missteps during his tenure, including the foolish promise () to the Australian people back in 2020 that the...
Fed insider shares on his interview with Chicago head Goolsbee
Federal Reserve Bank of Chicago President Austan Goolsbee spoke with the Wall Street Journal's Nick Timiraos.Greg had a summary post here (its comprehensive):But if you'd like to see the full interview it can be found here on Twitter (I haven't figured out how to...
Goldman Sachs gives 5 reasons to add downside protection to equity holdings
A note on Wednesday from Goldman Sachs reiterates the firms projection for the S&P500 to rise to 4,500 by year-end 2023 and to 4,700 in 12 months.Goldman Sachs do, however, add a but. Analysts at the firm acknowledge that some portfolio managers expect a recession...
Private oil survey data shows headline crude oil draw
The inventory data from the private survey is out now, official data follows Wed. morning (US time).Via Twitter:Expectations I had seen centred on:Headline crude +0.3 mn barrelsDistillates +0.7 mn bblsGasoline +0.1 mn-This data point is from a privately-conducted...
Forexlive Americas FX news wrap: Powell can’t put a floor under the US dollar
Headlines from the Fed chair:Other news:Markets:NZD leads, JPY lagsGold down $3 to $1932WTI crude oil up $1.45 to $72.64S&P 500 down 23 points to 4365US 10-year yields flat at 3.72%The US dollar was steadily sold off in North American trading.Powell didn't offer...
Economic calendar in Asia Thursday, 22 June 2023 – NZD data – & China is out on a holiday
It's a light calendar ahead. The data that is to be published is unlikely to give more than a transitory wobble to FX rates. Mainland China and Hong Kong are on holiday today for Dragon Boat Festiva (Tuen Ng Festival). Theabsence of these major Asia timezone markets...
Trade ideas thread – Thursday, 22 June 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,...
Major indices close lower for the 3rd consecutive day
The major US stock indices are closing lower for the 3rd consecutive day. That losing streak goes back to Friday. Remember markets were closed on Monday in the US.The final numbers are showing:Dow industrial average -102.37 points or -0.30% at 33951.40S&P index...
MUFG sees aggressive BOE rate hike amid surging UK inflation; 4 key takeaways
MUFG discusses the possibility of a more aggressive monetary policy tightening by the Bank of England (BoE) in response to a concerning inflation print in the UK.Here are the key takeaways from the text:High Inflation: The May Consumer Price Index (CPI) in the UK...
US crude oil settles at $72.53
The price of WTI crude oil settles the day at $72.53. That is up $1.34 or 1.88%. The high price reaches $72.72. The low price reached $70.80. Looking at the daily chart, the 100-day moving averages about $74.62. The price is not closed above its 100 day moving average...
USD continues it’s move lower
The USD was mixed at the start of the trading day. Below are was the dollar changes vs the major currencies near the start of the US session. The USD at the start of the US trading dayLooking at the snapshot of the strongest to the weakest now shows the USD is lower...
Fed’s Bostic: Wants to give economy more time to adjust to rate hike before doing more
Pressing ahead now with additional rate increases could 'needlessly drain' momentum from the economyPolicy hasn't been restrictive long enough for effects to hit, so it's prudent to waitRisk of waiting is that inflation rebounds, but 'that's not my baseline'Some...