Prior +0.4%Retail sales -1.0% vs -0.1% y/y expectedPrior -1.4%; revised to -1.3%Retail sales (ex autos, fuel) -1.0% vs -0.4% m/m expectedPrior +0.6%Retail sales (ex autos, fuel) -1.2% vs -0.2% y/y expectedPrior -1.4%; revised to -1.3%It may sound repetitive but this...
BOE’s Bailey says expects a ‘marked fall’ in inflation next month
September inflation figures not far off what we were expectingCore inflation fell slightly from what we expected, that is quite encouragingWe will see more evidence of lower inflation by year-endPay growth still well above anything consistent with inflation targetOn...
Little on the agenda in Europe to wrap up the week
Major currencies are once again caught in a bit of a bind, staying little changed ahead of European morning trade. Traders are finding it tough to really extrapolate from the clues offered up by the bond market as geopolitical tensions are muddying sentiment...
Stocks on course to end the week lower
The fall yesterday could be in part due to both rising Treasury yields and also the geopolitical worries surrounding the Israel-Hamas conflict. Tech stocks fell the most with the Nasdaq itself down 1% but perhaps more worryingly, we are seeing a pattern of lower...
5% yields? Not so fast..
10-year yields in the US are down 4.9 bps on the day to 4.939% now, after having come close to brush up against the key 5% mark. As geopolitical tensions are still persisting, that is perhaps offering some counter flows but I reckon bond traders might also be looking...
Gold runs up towards next technical hurdle as geopolitical tensions persist
We're seeing the high today hit near $1,982 before easing back to $1,978 on the day, still up 0.2% currently. That sees gold now move close to testing the June and July highs around $1,983-87 and that represents the next key technical hurdle before we get to the...
ForexLive Asia-Pacific FX news wrap: USD/JPY has a close look at 150
Middle East news was fairly quiet during the session here. Speculation is rife that the ground moves on Gaza will commence this weekend, perhaps the eerie quiet is support for this. US Treasuries rose a little during the session (i.e. yields dipped). If there are...
US seeks to buy 6mn barrels for its oil reserve by Jan. At $79. Price can’t be serious?
The U.S. Department of Energy is looking to purchase 6 million barrels of crude oil for delivery to the Strategic Petroleum Reserve in December and January.Part of replenishment efforts. Looking to buy the oil at $79 a barrel or lessUp from its earlier preferred range...
Federal Reserve officials, Harker and Mester, speak later on Friday
1300 GMT / 0900 US Eastern time: Federal Reserve Bank of Philadelphia President Patrick Harker speaks on the economic outlook before the Risk Management Association Philadelphia Chapter Meeting1615 GMT / 1215 US Eastern time: Federal Reserve Bank of Cleveland...
India is rejecting pressure from Russian oil suppliers to pay for crude imports in yuan
Bloomberg (gated) with the report.Reuters too had info on this, in brief: The Indian government's discomfort over letting state-controlled refiners pay for Russian oil imports with Chinese currency has held up the payment for at least seven cargoes, people with direct...
China tightens restrictions on some graphite exports
China's Ministry of Commerce statement - says the tighter restrictions are based on protecting national security and interests: Commerce Ministry adjusts export restriction on some graphiteAdjustment on export restriction on graphite effective December 1Exporters need...
Bank of Japan Governor Ueda is speaking soon – 0635 GMT
With USD/JPY knocking on the door of 150 stay tuned for a speech from Bank of Japan Governor Ueda.0635 GMT, which is 0235 US Eastern time He'll be speaking an annual trust association meetingTrying to hold back the wave. The BOJ has once again shown commitment to easy...
PBOC sets USD/ CNY reference rate for today at 7.1793 (vs. estimate at 7.3055)
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...
Japan’s Suzuki: Important for currencies to move in stable manner, reflect fundamentals
Japan finance minister Suzuki: Hard to comment on merit and demrit of income tax cuts as part of econ packageImportant for currencies to move in stable manner reflecting fundamentalsCurrency rates are set by various factorsWon't comment on forex levelsNo comment on...
USD/JPY taking a peek above 149.90
Earlier in the session the Bank of Japan once again took steps to keep it easy policy easy:It doesn't take much for traders to take such moves on board and once again look at the interest rate differential between the US and Japan that's driven USD/JPY towards 150....
ICYMI: New York Fed’s Weekly Economic Index rose to its highest since November last year
The Weekly Economic Index (WEI) is published by the New York Federal Reserve. Its an index of ten daily and weekly indicators of real economic activity, scaled to align with the four-quarter GDP growth rate.At 2.27 in the latest release (Thursday NY time) its at its...
PBOC is expected to set the USD/CNY reference rate at 7.3055 – Reuters estimate
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...
BOJ will extend 5-year loans to financial institutions, effort to contain elevated yields
A Bank of Japan statement, announces it'll provide loans against collateral to banksBOJ will extend five-year loans against collateral to financial institutions, in a effort to contain elevated yields The BOJ will conduct the funds-supply operation next TuesdayJGB...
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ICYMI – Japan’s Mr. Yen threatened to use the intervention stick again
Japan's Finance Ministry's Vice Finance Minister for International Affairs is Masato Kanda. He is the MoF official who will instruct the BOJ to intervene, when he judges it necessary. Often referred to as Japan's 'top currency diplomat'.I posted before on how...