Bringing inflation to 2% by the end of 2025 is the bare minimumRate hike is a possibility, not a certaintyHe touts the headline but then goes on to say that is is just merely a 'possibility'. That's no firm conviction that policymakers are leaning towards a rate hike...
Germany August construction PMI 41.5 vs 41.0 prior
> Germany August construction PMI 41.5 vs 41.0 prior Latest data released by HCOB - 6 September 2023 <!--> Justin Low Wednesday, 06/09/2023 | 07:30 GMT-0 06/09/2023 | 07:30 GMT-0 --> <!--> , ADVERTISEMENT - CONTINUE READING BELOW --> Tags...
Market Update – September 6 – Saudis, Russia extend voluntary production cuts
US stocks fell on Tuesday – with the exception of the US100 – weighed down by higher oil prices and rising Treasury yields. Saudi Arabia will extend its 1 million barrel per day voluntary oil production cut until the end of the year, according to the...
WTI Crude Oil Technical Analysis – Time for a pullback
Although Global growth seems to be more and more in peril as the economic data of the biggest economies in the world keep on deteriorating, Crude Oil is finding strength from the supply side as OPEC+ tries to maintain prices above the 70$ level and some are...
Japan’s Matsuno says watching FX moves with high sense of urgency
Sharp FX moves are undesirableImportant for FX to move stably reflecting fundamentalsWill respond appropriately if necessary without ruling out any optionIt's the usual verbal intervention by Japan and a rehash of what Kanda commented earlier here. But as the yen...
FX option expiries for 6 September 10am New York cut
There are a couple to take note of on the day, as highlighted in bold.The first being a set of expiries for EUR/USD at 1.0740-50, which could keep price action more limited closer to said levels before rolling off later in the day. As for technical upside, the 1.0800...
ECB’s Villeroy: We are near or very near the peak on interest rates
Our option are open at the next and upcoming rate meetingsMaintaining rates for a sufficiently long period now counts more than further rate hikesI think markets can very well agree on his last point but with the euro area economy stumbling, how long can the ECB put...
ECB’s Villeroy: There is a slowdown but no recession
Had first successes against inflation but need to persevereMust bring inflation down to 2% level between now and 2025On the headline, that's typically the tagline for when a recession comes. The moment the R-word is mentioned, that's when you know you're in trouble....
USDCHF Technical Analysis – This breakout might be significant
US:The Fed hiked by 25 bps as expected and kept everything unchanged at the last meeting.Fed Chair Powell reaffirmed their data dependency and kept all the options on the table.Inflation measures since then showed further disinflation. The labour market displayed...
Germany July factory orders -11.7% vs -4.0% m/m expected
Prior +7.0%; revised to +7.6%Yowza. That headline screams like a shocker but things need to be put into context. As noted last month here, factory orders in Germany saw staggering jumps in both May and June due to large individual orders i.e. anything more than €50...
A couple of light releases to move things along in Europe
The dollar is in a good spot after yesterday's advance, although sitting marginally lower so far today. The bond market selling is seeing a breather and that is helping with broader market sentiment - for now at least.There is some verbal intervention by Japan in...
BOJ’s Takata: We won’t evaluate currencies by focusing on certain levels
Overseas factors having greater impact on currenciesWe need to stand ready to flexibly respond to uncertaintyAction in July was a flexible responseThe fact that he is being rather sensitive about currency developments might spook yen shorts a little. USD/JPY is down...
BOJ’s Takata: Stronger than expected US economy having an impact on currencies
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,...
Dollar in control as traders keep their eyes on the bond market
The return of Treasuries trading yesterday after the long weekend was the key development in broader markets. Higher yields drove the dollar higher and put together, that weighed on equities as well. The dollar rally even saw the currency rose to its highest levels...
ForexLive Asia-Pacific FX news wrap: Verbal JPY intervention vs. CNY buying intervention
Japan's Finance Ministry's Vice Finance Minister for International Affairs Kanda spoke in the Tokyo morning. Kanda is the MoF official who will instruct the BOJ to intervene, when he judges it necessary, and is often referred to as Japan's 'top currency diplomat'....
US ISM Services PMI coming up – USD impact – preview
ISM Services PMI is due at 10am US Eastern time.Bank of America preview comments. Analysts at the bank are looking for further USD appreciation and discuss their preview in those terms. In the near-term, we see tomorrow's ISM Services as the next key watchpoint for...
China’s major state owned banks selling USD/CNY – spot FX intervention
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,...
Chinese state media says property restrictions not appropriate, should be removed
Chinese state media outlet the Securities Times had an article today saying that restriciton in place in the past are no longer appropriate. restrictive policies such as housing purchase restrictions, loan restrictions, and sales restrictions in the real estate market...
Coming up from the Fed on Wednesday – Beige Book and Collins, Logan speaking
Speakers from the Federal Open Market Committee (FOMC) on Wednesday include Collins and Logan.1230 GMT, which is 0830 US Eastern time: Federal Reserve Bank of Boston President Susan Collins speaks on the economy and policymaking and participates in a...
BOJ’s Takata says Japan is seeing early signs of hitting 2% inflation
Bank of Japan's Takata:says Japan is seeing early signs of hitting 2% inflationsays Japan's economy is recovering moderatelysays he believes that the Bank of Japan must patiently maintain easy monetary policy given the very high uncertainty on the outlookAt the same...