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...
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Standard Chartered-owned crypto firm launches in Hong Kong: Zosia
UK banking firm Standard Chartered owns Zodia Custody, the crypto security firm.Zodia is launching its services in Hong Kong.Julian Sawyer, CEO of Zodia, said that Hong Kong was a market where demand for crypto is driven by institutions, rather than retail. Zodia...
Australian data – September Retail Sales +0.9% m/m (vs. +0.3% expected)
A huge beat on expectations for September retail sales from Australia. +0.9% m/mexpected +0.3%, prior +0.2%all categories performing stronglyAnother data point that'll surely add to the case for a Reserve Bank of Australia rate hike at next week's policy meeting (on...
Australia rejected a free trade deal with the EU – “not been able to make progress”
Talks between Australia and the European Union on a Free Trade Agreement have broken down.both parties failed to reach a compromise on a number of sticking pointsAustralian Trade Minister Don Farrell:“Unfortunately, we have not been able to make progress”“Negotiations...
PBOC is expected to set the USD/CNY reference rate at 7.3165 – 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...
I’ve just spotted the first ‘Santa Rally’ post of the season
Via a Deutsche Bank note on Friday saying, in brief:We close out a difficult week with Amazon’s earnings from last night setting a more positive tonea lot of concerns over where we are in the cycleHowever, one has to consider how much seasonals have played a part...
Citi’s Morse says oil market is weaker than priced, also China diesel demand has peaked
Edward Morse, global head of commodities strategy at Citi, spoke with CNBC on Friday. says there’s a “geopolitical premium” in oil pricesbut that “the physical oil market is really a lot weaker than where the prices are predicting at the moment""People have been...
Bank of Japan decision on JGB yield cap due this week – yen “a hissing volcano”
In a report in Japanese media the Nikkei compares the yen to a volcano.This ahead of the Bank of Japan monetary policy meeting this week (the statement is due on Tuesday, 31 October 2023, Japan time). The central market focus for the meeting is any change to the Bank...
US SEC investigating tampering at Two Sigma hedge fund: unauthorized model adjustments
A weekend report via the Wall Street Journal (gated)A researcher at Two Sigma Investments adjusted the hedge fund’s investing models without authorization, the firm has told clients, leading to losses in some funds, big gains in others and fresh regulatory...
WTI & Brent oil down, equity stock indexes up – Sunday evening futures trade opens
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,...
China state media puff piece: policy bank steps up support for information infrastructure
Xinhua with the weekend piece. This seems little more than PR, but posting it for interest:China Development Bank, one of the country's policy banks, extended over 13.1 billion yuan (about 1.82 billion U.S. dollars) of loans to the information infrastructure and...
Jordan asked the US to deploy Patriot air defense systems to bolster its border defense
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,...
Dubai-Makhachkala aircraft effectively hijacked in Russia (Makhachkala , Dagestan)
A flight travelling from Dubai to the southern Russian city of Makhachkala in Dagestan has been, in effect, hijacked by a mob storming onto the runway at the airport. The passengers are being held on board, effectively held hostage. The flight originated in Tel Aviv....
China domestic flights to jump 34% above pre-pandemic levels. Flights to US to rise also.
A couple of weekend news items re the aviation sector in China. China's aviation regulator, the Civil Aviation Administration of China (CAAC) said it will increase domestic flights to 34% above pre-pandemic levelsThis is a big boost to the domestic sector. And, in...
Reports of US airstrikes on Iran-backed military bases in eastern Syria
Reports coming in of fresh attacks on bases in the Al Bukamal area.Iranian proxy groups operate extensively in the region. Iran backs terrorists Hamas, which controls Gaza, and Hezbollah, which operates in Lebanon, with arms as well as money. Fears of an escalation...
Weekend – ECB’s Vujcic says the Bank’s rate hike cycle is over, “for now”
Boris Vujčić Governor of the Croatian National Bank and thus an European Central Bank Governing Council member. He spoke with Croatian state broadcaster HRT1 in a TV interview on Sunday.The 'rate hikes over' news is not surprising, its pretty much what we heard all...
Economic calendar in Asia Monday, 30 October 2023 – Australian retail sales data
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,...
Trade ideas thread – Monday, 30 October 2023
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,...
Monday morning open levels – indicative forex prices – 30 October 2023
Good morning/afternoon/evening and welcome to the new forex week - On a Monday morning, market liquidity is very thin until it improves as more Asian centres come online.Prices are liable to swing around on not too much at all, so take care out there.Indicative rates,...