A couple of European Central Bank superstars are on the speaker circuit on Friday, Lagarde and Nagel. 1230 GMT / 0730 US Eastern time: 'Fireside chat' between ECB President Christine Lagarde and Martin Wolf at Financial Times' Global Boardroom 2023 in London, UK1520...
PBOC sets USD/ CNY reference rate for today at 7.1771 (vs. estimate at 7.2963)
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Saudi Arabia’s oil minister blames speculative activity, OPEC exports for falling prices
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman has come out saying that global oil demand is not weak, "It’s all a ploy.” On falling prices he blames speculative activity and higher oil exports from OPEC member countries in recent months.MoneyMaker FX EA...
RBA raises the alarm: Inflation risk is higher for longer
Reserve Bank of Australia Statement on Monetary Policy (SoMP). Board's priority is to return inflation to targetConsidered whether to pause in Nov, decided a hike would provide more assurance on inflationIn hiking, judged risk of inflation staying higher for longer...
PBOC is expected to set the USD/CNY reference rate at 7.2963 – 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...
Citadel head Griffin on a new era of deglobalization, predicts decades of higher inflation
Ken Griffin, head of hedge-fund manager Citadel, said higher baseline inflation may go on for decades, citing structural changes that are pushing the world toward de-globalization.there are multiple trends "that are pushing us toward de-globalization" Griffin referred...
Japanese Government 886bn JPY fiscal injection – second extra budget planned
The Japanese government will boost its fiscal loan and investment program with an additional 886bln JPY. One of the aims is to improve the supply chain. Extra funding will come via a second extra budget. Reuters conveys the info, referring to a draft that it has...
JPMorgan is not fully on board with Powell’s message re more to be done on inflation
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ECB’s Vujcic is upbeat about a eurozone soft landing, still has a data dependent rate view
Boris Vujčić Governor of the Croatian National Bank and thus an European Central Bank Governing Council member. He spoke in an interview, sounding upbeat on achieving a eurozone soft landing. “If our current projections materialize, then we will have a soft landing...
Hidden excess: New study reveals surprising amount of US savings – soft landing ahead
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BlackRock’s Ethereum ETF plan confirmed in Nasdaq filing
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Forexlive Americas FX news: Close the flippin’ door on the bond rally
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New Zealand Manufacturing PMI drops to 42.5 in October 2023
BNZ – BusinessNZ Performance of Manufacturing Index (PSI), AKA the New Zealand Manufacturing PMI.For October 2023, comes in at 42.5, down from September's 45.3.This is apoor report indeed. NZD/USD is dribbling a little lower, circa 0.5895 or so. It fell alongside...
Economic calendar in Asia Friday, 10 November 2023: RBA’s Statement on Monetary Policy
There is not a lot on the data agenda for the session ahead, the Reserve Bank of Australia statement will be the focus although it shouldn't move the AUD too much upon release. The Statement on Monetary Policy (SoMP) will update economic forecasts and the Bank's...
Trade ideas thread – Friday, 10 November 2023
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US stock indices end winning streaks, Fed Chair Powell expresses doubt
The major US stock indices are closing lower. In doing so, both the S&P and the NASDAQ index snapped winning streaks of 9 and 8 days respectively. Nevertheless, those were the longest streaks going back to 2021. It wasn't a bad run.A snapshot of the closing levels...
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USDCHF breaks key resistance levels, maintains bullish bias
The USDCHF moved higher off of the Fed Chair comments and in the process has extended above its 200-hour moving average currently at 0.9024 and the broken 38.2% retracement of the move up from the October 24 low. That level comes in at 0.9026. Staying above both those...
Peso weakens after Banxico maintains interest rates
The Bank of Mexico chose to keep its highest benchmark policy rate at 11.25%, as expected, at its November 2023 meeting. This decision, the fifth consecutive pause, follows a series of 15 rate hikes since June 2021. Although annual headline inflation eased slightly in...
Powell Q&A: US economy has been stronger than expected this year
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