Japanese Finance Minister Shunichi Suzuki spoke earlier at his regular news conference. He didn't have much of note to say: Specific monetary policy up to boj to decideExpects the BOJ to conduct monetary policy appropriatelyExpects the BOJ to work closely with the...
China Property Developer giant Country Garden wins approval to extend bond payments
Reuters reporting, citing unnamed sources: Country Garden wins approval to extend six onshore bond repayments by 3 yearsThis is a positive news item for Chinese stocks, especially those in the property sector. Many of these are Hong Kong-listed. Its also good news for...
UBS on Ueda and PBOC warning: Verbal intervention in FX needs fundamentals to back it up
UBS with some advice for Bank of Japan Governor Ueda re this:And the PBOC re this:UBS are blunt:Bank of Japan Governor Ueda commented about perhaps being able to judge if (nominal) wage growth was sustainable at the end of the year. The fevered world of foreign...
Japan’s 20-year bond yield has hit its highest since May 2014
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 August Business confidence 2 (was 1 in July) & Conditions 13 (11 in July)
National Australia Bank Business Survey for August 2023Australian business conditions showed a broad uptick in sales, profits and jobsemployment sub index +3 to +9sales index +1 to +18profitability +2 to +13forward orders, an indicator for the demand outlook +1 to...
PBOC sets USD/ CNY central rate at 7.1986 (vs. estimate at 7.2859)
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...
BoJ offers to buy an unlimited amount of JGBs: fixed rate, residual maturities 5yr-10yr
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,...
New Zealand Treasury forecasts unemployment lower than earlier estimated, GDP growth ahead
New Zealand Treasury statement, pre-election economic and fiscal update:forecasts the jobless rate at 4.8% in 2023/24 vs. earlier at 5.0%forecasts economic growth in Q2 2023, Q3 2023 and Q4 2023 increases bond program by NZ$9bn over four yearssees annual average GDP...
Australian monthly consumer confidence for September falls 1.5% m/m to 79.7
Westpac - Melbourne Institute Consumer Confidence for September 2023 falls 1.5% from August to to dismal 79.7.Numbers under 100 mean that pessimists outnumber optimists in the surveythe index has been below 100 mark since March 2022, the longest streak since the early...
PBOC is expected to set the USD/CNY reference rate at 7.2859 – 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...
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Former IMF official rings alarm bell on US dollar – US needs to “get its act together”
An interesting piece on what could bring down the USD:Whether the dollar retains its global role will depend not simply on the United States' relations with Russia, China, or the BRICS countries. Rather, it will hinge on whether the US brings its soaring debts under...
US wage rises continue – California fast food workers to get a $20 minimum wage
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,...
Australia data – ANZ Roy Morgan weekly consumer confidence 77.6 (prior 78.7)
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,...
BOJ policy adjustment could come earlier than expected
Via a Bloomberg article headlined: Top Fund Managers Pile Into Japan Banks on BOJ Tightening Bets.(Bloomberg is gated) refers to comments from Bank of Japan Governor Ueda reported over the weekend, summary here ICYMI:A couple of snippets from the Bloomberg piece on...
US bank economists see a slower US economy, no recession, & 100bp of Fed cuts from May ’24
The latest from the American Bankers Association’s Economic Advisory Committeecomposed of 14 chief economists from some of North America’s largest banksForecasts, in brief:real economic growth slowing to less than 1.0% annualized over the next three quartersmedian...
New Zealand retail sales indicator for August +0.7% m/m (prior 0.0%)
New Zealand electronic card retail sales for August 2023:+0.7% m/m+3.7% y/yprior +2.2%Card spending data covers around 68% of core retail sales in NZ. Its used as the main retail sales indicator for the country.Other data from New Zealand today shows a record net...
Deutsche Bank have flipped their BOJ forecasts after Ueda’s negative rates comments
Ueda's interview response flagged a possible end to negative rates from the Bank as well as a possible date for the change. The massive change of tone from the Governor rocked USD/JPY to its biggest drop in months. Summary and links here ICYMI:Deutsche Bank are...
Morgan Stanley say its lonely being bullish US Treasuries, advise to buy the dips
Morgan Stanley is bullish US bonds but would like clients to join them:“They say it’s lonely at the top.”“The same can be said for being bullish on bonds at the highs in yield. We stand alone, with conviction, telling investors to buy government bonds.”“We continue to...
ICYMI – The PBoC warned traders to be wary of short yuan speculation
The headlines from the People's Bank of China are here, the Bank's statement came as Ueda was rocking the yen-carry traders and after the Bank handed down a strong CNY fixing, stronger than estimated by a new record margin. Smart timing from the PBOC:ps. Ueda and the...