Lagarde is up twice during the sessions ahead, along with Panetta and de Guindos.Times below are GMT / US Eastern time:0815 / 0415 Welcome address (via video) by ECB President Christine Lagarde at 2023 ECB Conference on Monetary Policy: bridging science and practice...
Crypto: Ripple obtains full license to operate in Singapore
Four months ago, in June, the Monetary Authority of Singapore granted an initial in-principle approval. Now have a full license to act as a major payments institution. Ripple will continue to provide regulated crypto payment services in Singapore.Should be a bullish...
Japan chief cabinet secretary Matsuno: Will continue to take appropriate steps on FX
Japan chief cabinet secretary Matsuno: No comment on whether Japan intervened in fx marketImportant for currencies to move stably reflecting fundamentalsExcessive fx moves undesirableWill continue to take appropriate steps on fxFinance Minister Suzuki and his head of...
Taiwan central bank says will intervene in the TWD if fluctuates dramatically against USD
The Central Bank of the Republic of China (Taiwan) with the intervention threats: Says will intervene if dramatic fluctuations of the Taiwan dollar against the us dollarWe sell us dollars to smooth the market, the Taiwan dollar is decided by supply and demandSays...
More from Japan’s Kanda (Mr. Yen) – spoke with Prime Minister Kishida
Japan's Finance Ministry's Vice Finance Minister for International Affairs 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'.More remarks from him crossing news...
Japan fin min Suzuki says will not rule out any options against excessive moves
Japan finance minister Suzuki comments: Currency rates should be set by the marketRapid FX moves undesirableFX stability is importantWon't rule out any options against excessive movesNo comment on whether Japan intervened in the FX marketWe are watching FX moves very...
NZD/USD marked lower after the RBNZ leaves rates unchanged, as expected
The Reserve Bank of New Zealand statement and minutes highlights:While the RBNZ said rates to will restrictive, it gave little to hints at future rate hikes. A more hawkish tone was expected. NZD/USD has dipped to a three week low after the announcement, continuing...
RBNZ leaves its cash rate target unchanged at 5.50%, as expected
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,...
Japan September Services PMI 53.8 (prior 54.3)
Jibun Bank / S&P Global September final PMIs. Preliminary and priors are here:And the final for the manufacturing PMI is here:---The focus for the session is on how USD/JPY responds to its collapse during US time:USD/JPY update (I cut the overnight plunge out of...
The “adults in the room” are clueless. So maybe China is behind the rise in US long rates.
The relentless plunge in US Treasuries has left a trail of bewildered investors and analysts in its wake. Bond markets are often said to be the 'adults in the room'. Not this time. Here is an interesting piece asking if maybe China is behind the rise in US long...
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US data focus for Wednesday is ADP jobs (September) and ISM Services PMI (also September)
Coming up from the US on Wednesday, 4 October 2023:The ADP employment data will be eyed for insight on the degree to which the pace of private job creation has been consistent with the FOMC’s objective of rebalancing the labour market. The data prior for this has...
Japan’s “Mr Yen” Kanda has no comment on whether Japan intervened in the FX market
Japan's Finance Ministry's Vice Finance Minister for International Affairs 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'.USD/JPY popped above 150 during US trade...
South Korea industrial output in August grew its fastest since June 2020
South Korea is often cited as a 'canary in the coal mine' for the global economy. The canary would be happy with this Industrial output index at +5.5% in August m/mexpected -0.2% prior -2.0%fastest monthly gain since June 2020on a y/y basis -0.5% vs. expected -6.2%,...
ICYMI – Deutsche Bank said a euro area mild recession cannot be “ruled out”
An overnight note from Deutsche Bank said analysts at the bank had lowered their 2023 economic growth forecast for the euro area to 0.4%. The previous forecast was 0.5%.for 2024 the forecast was left unchanged at 0.5%Warned of recession risk:Euro area GDP has been...
If FX traders liked USD/JPY at 150 they’re gonna love it at 149!
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,...
Australian final Service PMI (September) 51.8 (vs. prior 47.8)
S&P Global/Judo Bank services and composite PMIs are strong for September. From the commentary to the report (in brief):a surge in output driven by a lift in services sector activitycontinued stability of PMI price indices, especially input prices, suggests that...
Previewing the RBNZ policy decision due today – rate hike ahead of election is unlikely
The announcement is coming at 0100 GMT, which is 2100 US Eastern time.The RBNZ is widely expected to leave its cash rate target on hold, but:The Reserve Bank of New Zealand is likely to want to see Q3 inflation data, which will be released on 16 October, and labour...
RBNZ policy decision due today – surprise tightening to 5.75% is a risk (but a small one)
The Reserve Bank of New Zealand policy announcement is due at 0100 GMT, 2100 US Eastern time. I posted a preview from ANZ earlier:Indeed, a 'hawkish hold' is widely expected. KiwiBank:We’re expecting déjà vu, with no change in policy nor tone from the August update....
Yellen says US overdependent on China for critical supply chains
U.S. Treasury Secretary Janet Yellen said that the United States has become overly dependent on China for critical supply chains.Yellen was speaking at a Fortune CEO event in Washington. Adding:the US does not want to decouple economically from ChinaUS would face...