I posted earlier on the woes at FoxConn:Says Bloomberg:Chinese authorities are again shaking the confidence of foreign firms with a series of arrests and an investigation into FoxconnBut its not really about FoxConn, or any individual firm, the Chinese Communist Party...
Deutsche Bank slash their EUR/USD year end forecast to 1.07 (from 1.15)
Snippet from DB on the euro, saying their view on it is neutral and hence they've lowered their end-2023 forecast to 1.07 from 1.15 previously. DB says the main reason they remain neutral EUR/USD is the pair has failed to break higher this year due to the relative...
China tax and other officials have launched an investigation into iPhone maker FoxConn
Global Times report over the weekend:Chinese mainland tax authorities have conducted tax inspections on key enterprises of Foxconn Natural resources department has also conducted on-site investigations into the land use of key enterprises of Foxconn in Henan and Hubei...
PBOC sets USD/ CNY reference rate for today at 7.1792 (vs. estimate at 7.3109)
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 traders – Reserve Bank of Australia Governor Bullock speaks Tuesday on Monetary Policy
RBA Governor Bullock spoke last week:On Tuesday, 24 October 2023 at 7 pm Sdyeny time, which is 0800 GMT and 0400 US Eastern time Bullock is speaking again. Monetary Policy in Australia: Complementarities and Trade-offsat the Commonwealth Bank of Australia Global...
Japan’s ruling LDP won 1 seat and lost 1 seat in Sunday’s Diet by-elections
There were two by-elections in Japan on Sunday:one for a lower house seatone for an upper house seatthe ruling Liberal Democratic Party won the lower house (House of Representatives) seat but lost in the House of Councillors poll, whiohc was taken by an...
PBOC is expected to set the USD/CNY reference rate at 7.3109 – 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...
China’s envoy to the Middle East on Gaza, says rising risk of large-scale ground conflict
China's envoy to the Middle East had comments reported via Chinese Communist Party state media.China's official statements have completely avoided referring to Hamas' heinous terrorist murders, rapes and kidnappings that kicked off this recent war. As such, Chinese...
Morgan Stanley says “crypto winter” may be in the past. Optimistic for an April 24 halving
This from last week ICYMI (like I did). Morgan Stanley's Wealtyh management unit writes that insight into cyrpto pricing next moves can come from its 'four “seasons” of cryptocurrency’s historical trading cycle'.now is a good time to search for insights from past...
Bank of America is wary of crowded USD long trade, but still see USD/JPY to 155
Bank of America is wary of a market positioned very long in US dollars and levels that may be at overshoot. Analysts at the bank, though, make an exception against the yen, saying that the potential for disruption to oil supply due to war in the Middle East is not yet...
Future RBA interest rate hikes “finely balanced”, and here are 3 other risks to Australia
A note via Westpac's new Chief Economist, Luci Ellis. Luci Ellis was previously the Assistant Governor (Economic) at the Reserve Bank of Australia, a position she held since December 2016. news of her departure from the Bank crossed in July. Ellis has issued a note...
ICYMI – Fed’s FSR cites concerns on persistent inflation, and commercial real estate
The Federal Reserve released its October 2023 Financial Stability Report on Friday at 1600 US ET. I can't say I endorse that timing. Main points of concern from the report:chance for persistent inflation to keep interest rates higherpotential losses in the commercial...
Reminder – Hong Kong and New Zealand markets are closed for holidays on Monday, 23 October
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,...
Globex is open, US equity index futures higher
Sunday evening futures has begun.US equity index futures gapped upgold has gapped down, oil alsoI posted over the weekend that:Mentioning that:No ground war over the weekend should be likely to prompt tentative moves back into non-safe haven assets at the beginning of...
Middle East update – no ground moves into Gaza, but air strikes continue (Syria hits also)
I posted over the weekend:Since that post there is still no move on the ground into Gaza however there is still plenty of activity:Israel and Egypt worked together to send a second convoy of 14 aid trucks into Gaza, via the Rafah crossing on SundayOn Sunday the US...
[속보]청약통장 싹 다 바뀝니다! 매월 (이금액만) 넣으세요 ]#3.1경제독립tv
https://www.youtube.com/watch?v=isuUpQW1i3o [속보]청약통장 싹 다 바뀝니다! 매월 (이금액만) 넣으세요 ]#3.1경제독립tv 나에게 힘이되는 "돈되는 복지정보"!! 최신 "재테크 소식"을 가장 빠르고, 정확하게 받고 싶다면 3.1경제독립tv" "좋아요", "구독", "알림설정" 부탁드리겠습니다! 감사합니다 ^_^~ [3.1경제독립 tv 채널...
Very early Asian trade took USD/JPY briefly above 150.10
New Zealand markets are closed today but very early FX trade was conducted on screens, as it always is on Mondays. In VERY early trade there were deals done briefly above 150, the high touch was 150.11. Volume was tiny, the bids hit on the way back down also recorded...
FT reports that the EU is considering a gas price cap extension to avert winter crisis
The Financial Times is gated but the gist of the article is that the European Union is considering extending its emergency gas price cap introduced in February.In response to concern of supply disruption and price jumps from a couple of fronts:the conflict in the...
Weekend: Russia’s Gazprom to supply extra gas to Hungary and China over the coming winter
Russian news agency TASS reported that Gazprom will supply extra gas to Hungary and China through the coming winter.Russian President Vladimir Putin met the leaders of both countries during a trip to China last week.Gazprom will be making up some of the lost exports...
An empty economic calendar in Asia Monday, 23 October 2023. NZ and HK on holiday.
The data agenda of relevance to major traded FX is empty today. There is Singapore inflation data (September) due much later (0500 GMT, 0100 US Eastern time).New Zealand and Hong Kong markets are closed for holidays today,Labour Day and Chung Yeung Festival...