The 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...
General Motors Cruise to halt self-driving operations across all fleets
more to comeTwo days ago California GM's Cruise unit to remove its driverless cars from state roads.California's Department of Motor Vehicles (DMV) : "Based upon the performance of the vehicles, the department determines the manufacturer's vehicles are not safe for...
Japan chief cabinet secretary says expects BOJ to conduct appropriate monetary policy
Japan chief cabinet secretary Matsuno not addressing the yen directly. Expect BOJ to conduct appropriate monetary policy to sustainably, stably hit its price target, working closely with govtMonetary policy falls under jurisdiction of BOJ, no comment on govt's view on...
Australian data: Q3 PPI 1.8% q/q (prior 0.5%) 3.8% y/y (prior 3.9%)
That's a very substantial q/q rise for the PPI.This data is from the Australian Bureau of Statistics (ABS), some commentary from their report:higher prices for construction, petroleum and energy were compounded by broad-based price increases in services, particularly...
Chinese state media reports that China’s former Premier Li Keqiang has died
Reuters conveying the info.Li Keqiang was China's former Premier (2013 to 2023) not too long ago when China was still expressing an interest in further opening up and encouraging enterprise in the country. He was known as a go-to guy economic 'fixer'. He lost the...
META triggers sharp sell-off
US stocks on Thursday moved lower, with tech stocks taking another hit, after META (-3.80%) warned about advertising revenue in an uncertain economic environment. Meanwhile, Alphabet (GOOGL) fell another -2.72% on Thursday, adding to Wednesday’s decline, as it...
Japan Finance Minister Suzuki says excessive FX volatility is undesirable
Japan Finance Minister SuzukiExcessive FX volatility is undesirableImportant for currencies to move stably reflecting fundamentalsNo comment on FX levelsNo comment on FX interventionWill take thorough steps on FX with a strong sense of urgencyReferring to 'excessive'...
UBS says its way too early to begin talking about European Central Bank interest rate cuts
UBS describe the rate decision from the ECB meeting on Thursday as a non-event. Highlights from the note:the remarks following emphasised again the dour state of the euro area economyLagarde pointed to the need for steady policythe Bank is data-dependentinflation...
Japan inflation data – Tokyo area CPI for October headline 3.3% y/y vs. 2.8% prior
The only 'expected' was for the 'core' (i.e. excluding fresh food), it came in higher. headline rate was in line with its previous readingcore-core (i.e. excluding food & energy, this is the closest measure to US core inflation) came in above the prior---Tokyo...
China financial press says the PBOC is likely to cut the RRR in Q4
Hardly a week goes by without a Chinese state-sponsored media outlet saying an RRR cut is incoming. This week it's the China Securities Journal:PBOC likely to reduce the reserve requirement ratio (RRR) in Q4Will do so to support government bond issuancea front page...
The conflicting data points from the US that will keep the Federal Reserve on hold
The data from the US on Thursday showed blockbuster GDP growth:And this wasn't too shabby either:Back to the economic growth data. In response Fitch ratings, first on the headline GDP result:stunningly-strong 4.9% annualised gain in third-quarter GDPEconomic growth...
Deutsche Bank forecasting a German double-dip recession. HSBC target EUR/USD towards 1.02
Deutsche Bank says Germany's economy is set for a double-dip recession(after the recession in Q4 of 2022 & Q1 of 2023) expects a GDP contraction in Q3 2023that'll weigh on economic activity into 2024despite receding inflation, we expect that private consumption...
BetFury Drops $1,000,000 for its 4th Anniversary Celebration
BetFury celebrates its 4th Anniversary and drops $1,000,000. Each user can share the main prize along with other profitable rewards. Users are invited to join BetFury's big birthday crypto party and participate actively for a chance to win a share of the great...
JP Morgan says fair value for USD/JPY would take it closer to 152
JP Morgan on USD/JPY citing rate differentials between the US and Japan for their view on USD/JPY, says that fair value for the pair looks to be closer to 152. On the US dollar more broadly, JPM tip more strength through until the first quarter of 2024. --USD/JPY...
Morgan Stanley projects a higher US dollar through to the end of the year
Morgan Stanley are forecasting no change to the Fed Funds rate at the upcoming Federal Open Market Committee (FOMC) meeting 0- statement due on November 1.No change is an overwhelming consensus and market expectation also. MS main points:Fed is expected to acknowledge...
Forexlive Americas FX news wrap 26 Oct:
Yesterday, yields moved higher and stocks moved lower. Today was more mixed as yields moved lower, but stocks moved lower again. Crude oil followed the stock market to the downside. In the forex market, the USD was mixed which is perhaps congruent with the other...
New Zealand data: October Consumer Confidence rises to 88.1 (prior 86.4)
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,...
How does the United States export inflation?
We have all heard of exporting energy resources and human capital (basically, migration), but what about exporting something intangible like inflation?How is it possible that, in addition to goods and services, the United States has caused price increases in other...
Goldman Sachs have ECB rate cuts from Q3 2024 as their ‘base case’
The European Central Bank decision and presser, ICYMI:Via Goldman Sachs note in response to the ECB on Thursday:says ECB rate cycle is complete and expect rate cuts from the Bank to begin in Q3 of 2024add that if three is a sharp economic slow down, or a bigger than...
Another horrible day as selling continues across the board. Earnings for Amazon, Intel.
The major stock indices are down once again with the NASDAQ index leading the way once again. Yesterday the NASDAQ index fell -2.43%. The NASDAQ today fell -1.76%A snapshot of the close shows:Dow industrial average fell -251.63 points or -0.76% at 32784.29S&P...