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BlackRock’s CIO Rieder says the Fed Funds rate is too restrictive today, sees mid-24 cut
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,...
China data – Caixin Services PMI for November 51.5 (expected 50.8)
China Caixin Services PMI for November 2023expected 50.8, prior 50.4Key points from the report:Business activity and new orders increase at quickest rates in three months Confidence around the year-ahead improves Inflationary pressures weakenComposite is 51.6prior...
PBOC sets USD/ CNY central rate at 7.1127 (vs. estimate at 7.1476)
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Australian Q3 current account balance shows surprise deficit vs. a large surplus expected
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Japan data: Final November Jibun Bank Services PMI: 50.8 (prior 51.6)
The final numbers for Jibun / S&P Global PMIs from Japan for November 2023.Services show a big drop, but remain in expansion, at 50.8. This is the slowest in a year.vs prior 51.6Composite slips into contraction at 49.6prior 50.5***The final for the manufacturing...
PBOC is expected to set the USD/CNY reference rate at 7.1476 – Reuters model
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...
UK BRC Sales Like For Like in November +2.6% y/y (exp +2.5%)
The British Retail Consortium (BRC) data.like-for-like sales +2.7% y/yvs expected +2.5%, prior +2.7% BRC data is not adjusted for inflation, so November's sales growth represents a fall in the volume of goods purchased. "The cost-of-living crisis has taken its toll on...
New Zealand data: ANZ Commodity Price Index for November -1.3% m/m (prior 2.9%)
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ICYMI – Mark Zuckerberg sold Meta shares for the first time in two years
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USD/JPY has ticked higher after Tokyo inflation data
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Tokyo area CPI data for November 2023 comes in way above the 2% BOJ target rate. Again.
The data release shows inflation dipping from October:USD/JPY has jumped higher after this data. Inflation in Tokyo, while well above 2%, has come in slightly under estimates.The expectations I had seen for the:CPI excluding fresh food & energy was 3.7%CPI...
South Korea November CPI -0.6% m/m (expected -0.15%)
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ICYMI: OPEC+ oil supply cuts can “absolutely” continue past Q12024 said Saudi oil minister
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Australia Consumer Confidence dip to 76.4: ANZ citing significant inflation changes needed
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Australian November Services PMI 46.0 (prior 47.9)
Judo Bank / S&P Global November Services PMI comes in at a dismal 46.0, which is its lowest reading (outside of periods of lockdown during the pandemic) in the survey's 8-year historyprior 47.9Composite is 46.2prior 47.6Last week we had the flash reading for...
New Zealand data shows non-residential building activity down in September quarter.
Data from Stats NZ shows that the seasonally adjusted volume of building activity in New Zealand was $8.6 billion in the September 2023 quarter. This is down 2.4% on the quarter:+10% y/y volume of non-residential building work was down 5.9% q/qvolume of residential...
Forexlive Americas FX news wrap: US factory orders slump but the dollar bounces
Markets:Gold down $2028WTI crude oil down 80-cents to $73.27US 10-year yields up 3.7 bps to 4.26%S&P 500 down 27 points to 4573USD leads, AUD lagsThe theme on Monday was giving back some of the recent enthusiasm. Everything that worked in November reversed --...
Economic calendar Asia 5 December 2023 – Japan (Tokyo) inflation, China PMI. RBA rate set
It's a busy session ahead. The first notable event is Tokyo area inflation for November: National-level CPI data for November will follow in about three weeks, it takes longer to gather and collate the national data.Tokyo CPI is a sub-index of the national CPIIt...