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...
Goldman Sachs says to shrug off higher yields, may not hold back tech stock rally
From Goldman Sachs’ trading desk, a snippet from a note on yields (not) impacting on technology stocks:“As investors become more comfortable with a higher rate environment, yields on 10-year Treasuries may not need to fall back into the 3′s for longer duration assets...
Forexlive Americas FX news wrap: US inflation expectations tick higher
Markets:Gold up $4 to $1921US 10-year yields up 3.4 bps to 4.29%WTI crude oil down 25-cents to $87.26S&P 500 up 0.6%JPY leads, USD lagsThe US dollar generally sagged in North American trading. The euro was particularly perky and it wasn't clear why; potentially on...
ICYMI – CEO of Barclays says near the end of the FOMC hiking cycle
Barclays is beginning its cycle of slashing jobs, Chief Executive Officer C.S. Venkatakrishnan was probably relieved to be speaking about something else. Headline comments from Monday ICYMI: 'We are near the end' of the Fed's monetary actionsUnderlying economic trends...
US equity close: Nasdaq powers higher
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,...
Economic calendar in Asia 12 September 2023 – includes a Bank of England speaker (Mann)
Bank of England Monetary Policy Committee member Catherine Mann speaks in Canada in just a few hour's time. 2300 GMT, which is 1900 US Eastern time This snapshot from the ForexLive economic data calendar, access it here. The times in the left-most column are GMT. The...
Trade ideas thread – Tuesday, 12 September 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,...
US close to approving long-range missiles for Ukraine – report
The Biden administration is 'close' to approving the shipment of longer-range missiles packed with cluster bombs, according to Reuters sources.The shipment could include ATACMS with a range of 300 km or GMLRS wit ha 45-mile range. The move is supposedly in response to...
MUFG: UK labour report and US CPI could impact BOE hiking path and GBP
GBPUSD dailyMUFG discusses the high possibility that this week's UK labor report and the US CPI data could influence market expectations surrounding the Bank of England's (BoE) rate hike. Recent statements from Governor Andrew Bailey and Chief Economist Huw Pill hint...
What’s next for USD/JPY after the weekend BOJ surprise
USDJPY dailyUSD/JPY is in the middle of the daily range after falling as low as 145.90 today and the bouncing 60 pips. It's been a back-and-forth market but has defied some early loud commentary that suggested buying the dip.I spoke with Dale Pinkert on Thursday and...
Tesla powers Nasdaq to a 1% gain
Technology stock are leading a strong day for US equities today. The Nasdaq is at a session high, up 1.1% to a four-day high.Nasdaq dailyThe stock that is carrying much of the weight is Tesla, which is up 9.8% after an upgrade at Morgan Stanley and fresh price target...
Jamie Dimon says consumer strong today but it’s a mistake to think boom will continue
The latest according to Jamie Dimon:“To say the consumer is strong today, so we are going to have a booming environment for years is a huge mistake,” he saidThe consumer is 'pretty good'Excess savings are normalizingTrading at JPM is 'doing fine'Credit deterioration...
US sells 3-year notes at 4.660% vs 4.650% WI
Prior was 4.398%Bid to cover 2.75 vs 2.90 priorThe notes were trading at 4.650% in then 'when issued' market ahead of the sale."It was a very slow start to the trading week with volumes low in Treasuries with 3-year yields effectively unchanged going into the auction....
US set to sell $44 billion in three-year note auction
On-the-run 3s are trading at 4.69% ahead of the 3-year note sale, which is down from a high of 4.73% earlier.Here's BMO on the auction:While a 10-year auction will always be the benchmark for evaluating primary market demand for Treasuries, today’s 3-year auction will...
Where are we in the economic cycle
You never really know where you are in the economic cycle until it's over but there's been a groundswell of economic commentary saying that the US economy is now early in a recovery.“It’s official: we’re in a recovery," says Bank of America today.Elsewhere, Goldman...
European equity close: Stocks hang onto gains after a strong start
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,...
Societe Generale: Will the ECB opt for a rate hike or a hawkish pause this week?
ECB's LagardeSociete Generale anticipates that the European Central Bank (ECB) will maintain a hawkish pause in its upcoming September policy meeting. The bank expects a rate hike to be delayed until December, but still envisions the ECB maintaining its hawkish stance...