Federal Reserve Bank of Cleveland President Loretta Mester speaks on her economic outlook before the 50 Club of Cleveland Monthly Meeting. Monetary policy path depends on how economy performsFed will likely need to hike rates one more time this yearEconomy on ‘good...
UK data – BRC shop price inflation 6.2% y/y in September (vs. 6.9% in August)
British Retail Consortium data for UK shop price inflation, its dropped to its lowest in a year at 6.2% y/y prior 6.9%6.2% is the lowest since September of 2022Via Reuters:"We expect shop price inflation to continue to fall over the rest of the year," BRC Chief...
Goldman’s: China’s oil demand oil supported by record internal mobility, & is sustainable
Goldman Sachs says demand in China for many major commodities has been growing at what they refer to as 'robust rates', ahead of their earlier forecasts. China’s demand for copper has risen 8% y/yfor iron ore +7% y/yfor oil +6% y/y More:“The improvement in...
BoA have hiked their forecasts for Japanese inflation – core CPI above 2% through 2025
Yesterday we had Japanese firms forecasting above-target inflation out for 5 years:BoA, too, has been busy raising their inflation forecasts for Japan. Core-core to stay above 2% through 2025 (core-core is the Japanese measure of CPI excluding fresh food and energy...
Australian Weekly ANZ Roy Morgan Consumer Confidence survey 78.2 (prior 76.4)
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,...
RBA policy decision due Tuesday, 3 October 2023 (Sydney time) – “a certain hold”
The Reserve Bank of Australia statement is due at 2.30pm Sydney time:0330 GMT, 2330 US Eastern time Westpac expects:We retain our call that RBA will remain on hold until next August when the first rate cut can be expectedWe are certain that the Board will decide to...
Goldman Sachs say equity sell off made valuations for technology stocks historically cheap
A note via Goldman Sachs on Monday ahead of the NASDAQ rally:US equities hang on for a gain as the Nasdaq leads the wayGS says:the selloff led to historically cheap valuations for technology stocks at a time when earnings estimates are still risingand that this is an...
Nomura forecasts EUR/USD to 1.02, toward parity is “very possible” if oil price stays firm
Nomura analyst speaking with Bloomberg TV on Monday:EUR/USD towards 1.02 & towards parity is very possible as long as oil prices don't find a way to collapseU.S yields ... U.S rates suggest that EUR/USD should be at 1.01 to 1.03 already and if oil gets to $100/bbl...
Ford temporarily lays off workers in Chicago & Ohio due to strike impact
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,...
Citi Says Oil to Collapse to Low $70s in 2024
Bloomberg (is gated) reported on Citi's view that the price of oil will fall sharply in 2024:Brent crude will collapse to the low $70s a barrel next yearglobal oil market to swing back to a surplusshift reflects “more oil coming into the market,” “Higher prices in the...
New Zealand Q3 business confidence -53% (vs. -63% in Q2)
The New Zealand Institute of Economic Research (NZIER) Quarterly Survey of Business Opinion (QSBO).Business confidence improved a little but is still deeply negative53% of businesses expect a worsening in general economic conditions over the coming monthswas -63% in...
Forexlive Americas FX news wrap 2 Oct. USD/yields move higher after better PMI data
The USD is ending the day as the strongest of the major currencies outpacing the JPY. The AUD is ending as the weakest ahead of the RBA rate decision in the new trading day. The central bank is expected to keep rates unchanged at 4.10%. Focus will be on hints going...
ICYMI – Pershing Square’s Ackman said the US economy beginning to slow, & the Fed is done
Ackman was interviewed on CNBC. He has been more in the spotlight recently since his great call on bonds a few months back:And again, from a couple of weeks back:Just last week:From his interview Monday, some highlights:Fed is probably doneI think the economy is...
US equities hang on for a gain as the Nasdaq leads the way
Maybe tech stocks aren't a long duration trade. They certainly impressed today, even if the buying might have been related to the turn of the quarter. Tesla disappointed on deliveries but it erased a 3% premarket decline to finish up 0.5%. Meanwhile, the other big cap...
Economic calendar in Asia Tuesday, 3 October 2023 – RBA monetary policy decision
China remains closed for its week-long holiday. The Reserve Bank of Australia is widely expected to hold the cash rate unchanged and sound a hawkish tone. Further ahead:This snapshot from the ForexLive economic data calendar, access it here.The times in the left-most...
Trade ideas thread – Tuesday, 3 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,...
GBPUSD trades to a new session low and looks to test the 38.2% retracement
The GBPUSD is trading to a new session low as the clock ticks toward the end of day. in the process, the price is ticking down toward the 38.2% retracement of the move up from the September 26, 2022 low. That retracement level comes in at 1.20763.After a trend move...
The US may be entering an era of higher yields but the rest of the world isn’t
It's almost too frightening to contemplate what might be happening in the bond market. If the latest move up in Treasury yields is really about debt, deficits and an oversupply of bonds then god help us because the pain of getting it all back into order will be...
NZDUSD is lower on day, but moves toward an equilibrium level defined by 100/200 bar MA
The NZDUSD is trading within a value area with a high value area between 0.5985 – 96 on the top side, and 0.5879 – 94 on the downside. Yes, there have been extensions to the upside and downside over the last 7 weeks of trading, but most of the price action is between...
US warned China that more semiconductor export curbs are coming – report
The Biden administration warned China that more computer chip-making export curbs are coming early this month. This would be an update around the one-year anniversary of the measures first unveiled on Oct 7, 2022.The report said China was given advance notice as 'part...