Prior -26.5; revised to -26.7That's another poor reading as consumer morale is set to decline for a third month in a row heading into November, dashing any hopes of a potential recovery in household sentiment before the end of the year. GfK notes that: "The high...
FX option expiries for 24 October 10am New York cut
There are a couple to take note of for the day, as highlighted in bold.They are both for USD/JPY at the 149.50 level and the 150.00 mark. As such, the expiries should help to limit price action in between those levels so long as bond yields also keep steadier on the...
GBPUSD Technical Analysis – Is this a correction or a reversal?
US:The Fed left interest rates unchanged as expected at the last meeting.The macroeconomic projections were revised higher, and the Dot Plot showed that the FOMC still expects another rate hike by the end of the year with less rate cuts projected in 2024.Fed Chair...
ICYMI: The Bills were out to play yesterday
Ackman's message in particular arguably reverberated much more strongly as the bond market was bid and risk assets also recovered in tandem. But both tweets are playing to the same tune, so you sort of get the picture there. Anyway, it's some food for thought for...
PMIs back on the menu in European trading today
The Israel-Hamas conflict is still a considerable factor in markets but so is the retracement in the bond market, after having seen 10-year yields in the US tag the 5% level before backing off. Yields are now trading little changed at 4.84% and that is seeing the...
Reminder: A note on the UK labour market data later today
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,...
Dollar pinned after 10-year Treasury yields back away from 5% level
The trigger point came in US trading as yields fell back, with 10-year yields in particular slipping way off after having tagged the 5% level in European trading. Perhaps Bill Ackman's tweet here had some part in it as well, as we saw yields fall to 4.84% in a notable...
ForexLive Asia-Pacific FX news wrap: US yields weigh on US dollar. Separately, BTC soars.
Bitcoin rocketed higher during the session here, carrying on its gains from Monday. The prospect of Bitcoin ETFs has lit a fire under the price. BTC/USD hit US$35K during the session here, its highest since May of 2022. More broadly the USD lost ground, also carrying...
Morgan Stanley’s Wilson “remains comfortable” with year-end 3900 S&P500 target
Via a note on Monday from Morgan Stanley strategsit Mike Wilson:is expecting to see further choppy performance from equities through to the end of the yearstocks could move lower this week, but while the pullback could be followed by a boun ce he sees the index lower...
Toyota near solid-state battery breakthrough: 1,200-km range, 10-min charge
The Financial Times (gated) carried the report on Toyota nears mass production of solid-state batteries.Other outlets have since picked up the news. Japanese automaker Toyota is close to being able to manufacture solid-state batteries at the same pace as existing...
Moody’s see weak fundamentals in China’s property sector as a weight in next 12-18 months
Via Moody's: Weak fundamentals in China's property sector will further weigh on Chinese developers' credit quality over the next 12-18 months State-owned Chinese property developers will outperform market, while privately owned companies will face further strain...
Bank of America expect FOMC hold in November & a ‘close call’ December interest rate hike
Bank of America analysts are not entirely convinced of a December rate hike but say there will be no move in November. on hold at the October 31 / November 1 meetingwill hike by 25bp if the economic data holds up “We shift the last rate hike in our forecast out to...
First meeting of China – US economic working group, candid and constructive discussions
China finance ministry readout: Two sides had in-depth, candid and constructive discussions on the macroeconomic situation and policies of the two countries and the world China expressed its concern, both sides will maintain communication Two sides also had...
ICYMI – China set to approve 1 trln yuan in additional sovereign debt issuance today
I posted this earlier:And am doing so again ahead of Chinese markets opening for the day.More info, Reuters citing 3 unnamed sources:China's top legislators, the standing committee of the National People's Congress (NPC), are set to approve the extra debt...
PBOC sets USD/ CNY central rate at 7.1786 (vs. estimate at 7.2992)
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...
Bank of Japan announces an unscheduled JGB buying operation
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,...
The economic calendar for Europe, UK & US on Tuesday is a sea of red – plenty of key data
By 'sea of red' I mean the data points for release have been allocated as high-impact ones, like where the arrow is pointing. This should ensure more activity/volatility than normal as markets respond. This snapshot from the ForexLive economic data calendar, access it...
Japan looks set to extend fuel and utility price subsidies through to end April 2024
Reuters citing a draft of the government's economic stimulus package is reviewedJapan's government will extend until the end of April next year subsidies aimed at curbing fuel priceswill also extend until the spring of 2024 subsidies to curb utility billsMoneyMaker FX...
Japan Jibun preliminary manufacturing PMI for October 48.5 (prior 48.5)
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,...
US equites – BlackRock says there is too much optimism about corporate earnings
BlackRock Investment Institute with the cautionary heads up:“About half of expected earnings growth is tied to mega caps ... according to LSEG data, where the artificial intelligence (AI) mega force is well represented. Backing those out ... expectations for broad...