Federal Reserve Chair Powell is speaking from midday US Eastern time on Thursday, 19 October 2023:1600 GMTPowell participates in discussion on the economic outlook before an Economic Club of New York luncheon, in New YorkAnalysts brief preives. Chief US economist at...
JP Morgan warns that if the Fed cuts rates it’ll be for the wrong reasons, stocks to fall
Hugh Gimber, global market strategist at JPMorgan Asset Management spoke on CNBC (gated):believes Fed cuts in 2024 would likely coincide with declining corporate earnings, creating headwinds for stocks“I think the key point for me is that the reason the Fed cuts next...
AUD/USD dripping lower still after mixed jobs report
The labour market report for September disappointed on jobs growth but did show a drop in the unemployment rate. Data is here ICYMI:The report is unlikely to be too concerning for the Reserve Bank of Australia, the labour market is still very tight despite the slowing...
China new home prices for September -0.2% m/m (prior -0.3%) and -0.1% y/y (prior -0.1%)
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,...
PBOC sets USD/ CNY reference rate for today at 7.1795 (vs. estimate at 7.3226)
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...
AUD/USD a few tics weaker after the September jobs report
While the twin headlines show jobs were added and the unemployment rate dropped the internals of the September Labour Market report are a little soft. AUD/USD was a touch lower before the release, alongside a slight strengthening for the USD across most major FX...
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Australia Sep. Jobs +6.7K (vs. +20K expected) & Jobless rate 3.6% (vs. 3.7% exp)
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,...
PBOC is expected to set the USD/CNY reference rate at 7.3226 – 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...
JP Morgan says “Cash is a trap”
The JP Morgan analysts may be talking their book, comments from J.P. Morgan Asset Management and J.P. Morgan Global Wealth Management"Cash is a trap" "important to take a long-term view"Recommend stocks and bonds mix:portfolio comprising 60% stocks and 40% bonds may...
Japan September exports +4.3% y/y (expected +3.1%) Imports -16.3% y/y (expected -12.9%)
Japan trade data for September 2023. The Ministry of Finance says the September exports are the largest value ever. The really weak yen has helped boost the 'largest export value' on record result. More:Exports to the US +13% y/y (also largest value ever)to the EU...
Former BOJ board member: Bank may scrap negative interest rates by the end of this year
ICYMI, former Bank of Japan policy board member Makoto Sakurai spoke in an interview, saying the Bank may scrap negative interest rates by the end of this year to adjust the currently excessive level of monetary easing.Via a Bloomberg report (gated):“They could do it...
Fed’s Cook speaking – does not comment on the economy nor monetary policy
Federal Reserve Board Governor Lisa Cook is speaking on the Federal Reserve's mandate (the Fed has a dual mandate of promoting price stability and maximum sustainable employment).In her prepared remarks Cook does not comment on the economy nor monetary policy:Perhaps...
The US has officialy eased some restrictions on Venezuela’s oil, gas & gold sectors
U.S. Treasury department news via Reuters:Says it is issuing 6-month license authorizing transactions in Venezuela's oil and gas sectors Says it has also issued general license authorizing dealings with Venezuela's mining company MinervenSays general license will be...
USD/JPY nudging 150, Rabobank expect “USD strength will dominate in the coming month”
Rabobank are looking for further USD strength in the near term and the Bank of Japan to tweak policy a little further out:"Given the potential issues involved with maintaining its yield curve policy at current settings and the risk that JPY weakness would accentuate...
ICYMI – SEC’s Gensler says still considering Bitcoin ETF proposals
Securities and Exchange Commission Chair Gary Gensler spoke in an interview with Bloomberg TV:says regulators are still weighing proposals for Bitcoin ETFsstill speaking with firms seeking spot Bitcoin ETFswe have not one but multiple I think it's eight or 10 filings...
Headwinds seen for GBP, will be weaker than EUR in the year ahead
A note via Danske has a negative view for GBP, forecasting EUR/GBP to 0.88 on a 12 month time horizon,In brief, citing:looming debt problems in the UKThe UK government would have to start making significant reductions to the deficit and bigger reductions than what...
US President Biden to address the nation on Thursday at 8pm US Eastern time
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,...
Biden said Egypt’s president has agreed to open a border crossing into Gaza for 20 trucks
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,...
UK Times: Biden gives Israel ‘private backing’ to invade Gaza
The UK Times (gated) with the report saying Israeli PM Netanyahu has won private backing from President Biden to press ahead with a ground invasion of GazaOn a visit to Israel, Biden told Netanyahu he remained “fully in support” of Israel’s plans.The Times cites...