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 data – Q2 Construction work done +0.4 q/q% (expected +1.0%)
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 July inflation data 4.9% y/y (vs. 5.2% expected)
A nice surprise for the monthly inflation data point. While it was always likely that the Reserve Bank of Australia will be paying more attention to the quarterly CPI reading due just ahead of its November policy meeting this sign of slower inflation will be welcome...
PBOC sets USD/ CNY central rate at 7.1816 (vs. estimate at 7.2773)
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...
Australian July inflation data due soon – an outside chance its higher than in June
The monthly CPI data is due from the Australian Bureau of Statistics at 11.30am Sydney time (0130 GMT and 2130 uste)ING preview:July CPI inflation data is forecast to decline to 5.2%YoY from 5.4% in June. But the July data will also include some chunky electricity...
PBOC is expected to set the USD/CNY reference rate at 7.2773 – 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...
Bank of Japan monetary policy board member Naoki Tamura speaking soon
Heads up for the speech at 0130 GMT, which is 2130 US Eastern time:Bank of Japan board member Naoki Tamura delivers a speechAfter that will be a news conferenceOver the weekend we heard from Bank of Japan Governor Ueda, he didn't flag any imminent change to...
Standard Chartered cut their RBA terminal rate forecast by 25 basis points
Standard Chartered were forecasting a 25bp rate hike at the Reserve Bank of Australia's September and November meetings but have dropped the September rate hike forecast. Are now expecting just one further rate hike of 25bp in November. Stan Chart reasoning:We still...
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Chinese refining giant Sinopec sees Chinese economy extending recovery, fuel demand up
Chinese refining giant Sinopec Corp says its planning to maintain steady refinery output during the second half of 2023. The firm is expecting domestic fuel demand to further recover. plans 127 million metric tons of crude throughput, about 5.04 million barrels per...
MUFG says risks for the EUR are skewed to the downside (including ECB pause in September)
This summary is via the folks at eFX. For bank trade ideas, check out eFX Plus. For a limited time, get a 7 day free trial, basic for $79 per month and premium at $109 per month. Get it here. MUFG suggests a tight decision is in the offing for the European Central...
ICYMI: RBA’s Bullock says Inflation is still too high, it’ll be her #1 priority as new gov
Reserve Bank of Australia Deputy Governor Michele Bullock spoke Tuesday afternoon/evening Australian time. Justin had her pertinent comments:Bullock will be the next Reserve Bank of Australia Governor from mid - September.Deputy RBA governor Michele Bullock and RBA...
New Zealand July building permits -5.2% m/m (vs. +0.2% expected)
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,...
Toyota is planning a huge increase in factory output, globally and domestically
Toyota is optimistic on economic growth as far as demand for its vehicles goes. Reuters with the info, citing the Mid-Japan Economist newspaper Toyota plans Sep-Nov quarter global output increase of 10% year-on-year to about 2.74 million unitsPlans Sep-Nov quarter...
Announcement of Chinese mortgage rate cuts likely today
An announcement that China’s largest banks would cut interest rates on existing mortgages and deposits was expected on Tuesday but it didn't come. It still looks likely though. The announcement could come on Wednesday instead. Big state-owned lenders are expected to...
ICYMI – Bitcoin jump as Grayscale wins lawsuit against the SEC
The news on Tuesday US time that:A D.C. court ruled that the SEC improperly rejected the Bitcoin spot ETF. The court ordered the petition for review be granted and the commission's order be vacated. This means the SEC was wrong to reject the application for a spot...
Australian monthly inflation data due soon – previews
I posted earlier on this ICYMI:The monthly CPI data from Australia does not show all components of the CPI, that'll have to wait for the quarterly data release. For the July - September quarter we'll get that in October. Nevertheless, we will receive some information...
HSBC like setting long trades into risk assets, “above all into US equities”
A note from overnight (Tuesday US time) from HSBC, analysts at the bank like buying into risk assets, especially US equities, citing: “A key difference to a month ago is that our short-term sentiment and positioning index is now way off contrarian sell territory and...
FedEx will hike shipping rates, customs fees from January 1 2024
FedEx Express shipping rates, Ground and Home Delivery rates will all jump by an average of 5.9% to 6.9% for U.S. domestic, export and import services."The price adjustments reflect incremental costs associateded with the current operating environment," said the...