There are a couple of large ones to take note of, as highlighted in bold. All of which are for EUR/USD but their significance and relevance is only come into play in the aftermath of the US jobs report later in the day. Towards the downside, the pair has recently held close to 0.9900 so
Month: September 2022
Earlier previews: RBA monetary policy meeting Tuesday September 6 – preview (TL;DR +50bp hike coming up) Poll of analysts – RBA to hike its cash rate by 50bp on Tuesday 6 September A few snippets. NAB: The RBA continues to normalise rates and we see another 100bp of rate rises this year, to 2.85%. This
People’s Bank of China official: monetary policy to further improve cross-cyclical adjustments, maintain stable and moderate credit development will keep liquidity reasonably ample will avoid flood-like stimulus, keep prices stable This is regular sort of stuff from the People’s Bank of China. The economy is being pummelled by COVID lockdowns, a property sector implosion, power
more to come CNN with the new report: A US State Department spokesperson said the United States had received Iran’s response to the EU bid to revive the 2015 deal and would formulate its own response.“We are studying it and will respond through the EU, but unfortunately it is not constructive,” the State Department spokesperson
<p>Japan finance minister Suzuki comments now seeking to support the yen:</p><ul><li> no comment on every day-to-day forex moves</li><li>important for currencies to move stably reflecting economic fundamentals</li><li>recent fx market moves are big</li><li>to take appropriate action on fx if necessary</li><li>watching fx moves with high sense of urgency</li><li>to brief media after g7 finmin meeting tonight</li><li>excessive, disorderly forex moves
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 range. A significantly stronger or weaker rate than
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Reuters poll ahead of the Reserve Bank of Australia meeting next week (statement is at 0430 GMT on 6 September 2022 ): 27 of 29 economists in the 1 Reuters poll forecast the RBA would hike the cash rate by 50 basis points (2 of the 29 expect +40bps) at its Sept. 6 meeting, taking
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Yesterday we had some statements out of Japan on approach to 140: These sort of comments are trotted out from Japanese officials, from the Ministry of Finance, Bank of Japan, and government ministers, when the yen falls quickly. The comments tend not to have too much of an impact, as you can see. USD/JPY is
The Dow and the S&P snapped a 4 day losing streak with late day buying ahead of the jobs report tomorrow . The Nasdaq index was still down on the day and closed lower for the 5th consecutive. The good news is the market opened lower, the prices moved even lower before rotating higher and
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Gold tests the floor. Key level going forward The price of gold on the daily chart moved toward lows on the daily from March 2021 and August 21, 2021 and again in July this year. The lows came in between $1676.91 to $1681.95. Today, the low reached to $1688.91, within $7 of the high of
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EURGBP find resistance against the old ceiling The EURGBP has been on a move to the upside over the last 5 trading days with the pair moving up from a low on Monday of 0.84217 (see daily chart above). The high price today reached up to 0.86694. That high stalled right near the top of
DXY daily ANZ Research sees a scope for further USD gains into year-end. ANZ targets USD Index (DXY) at 111.20 and USD/JPY at 142 by year-end. “None of the arguments in favour of a stronger US dollar faded in August, in fact, many strengthened,” ANZ notes. “As we chart a course over the next six
NASDAQ index tests the 61.8% retracement The Nasdaq index has moved down to test the 61.8% retracement of the move up from the June 16 low that level comes in at 11562.05. The July 26 swing low (the price closed just below its 100 day moving average on that day) is also being tested at
AUDUSD trades toward key 50% midpoint target The AUDUSD is trading to the lowest level since July 15 (see weekly chart above). The move to the downside this week has moved below a swing area between 0.6826 and 0.68597 (see chart above) those levels represent some swing lows going back to May 2022. The low
The idea that good news is bad news, has traders reacting to the better-than-expected ISM manufacturing PMI. The index came in better-than-expected 52.8 vs. 52.0. Prices paid declined, employment increased as did new orders. The US jobs report is scheduled for tomorrow with expectations of 295K. US yields have moved to the upside with the
Despite the better revision, this is still the weakest reading since May 2020 as output, new business and new export orders contract sharply. Job growth is also slowly grinding towards a standstill in the sector, posting its weakest performance in 20 months. Recession much? S&P Global notes that: “August saw the UK manufacturing sector suffer
<p> Yesterday's official manufacturing PMI was awful:</p><ul><li><a href="https://www.forexlive.com/news/china-august-manufacturing-pmi-494-exp-492-non-manufacturing-526-exp-522-20220831/" target="_blank" data-article-link="true">China August Manufacturing PMI 49.4 (exp 49.2) & Non-manufacturing 52.6 (exp 52.2)</a></li></ul><p>The follow-up privately surveyed manufacturing PMI from Caixin/Markit is also a poor one:</p><p>49.5</p><ul><li>expected 50.2, prior 50.4</li></ul><ul><li>Both China manufacturing PMIs are firmly in contraction. Headwinds include:COVID outbreaks and associated restrictionsthe deeply troubled contracting property sectorpower shortages
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 range. A significantly stronger or weaker rate than
The Reserve Bank of Australia monetary policy decision is due at 0430 GMT on September 6 2022. Westpac have published a what to expect, this in brief: We are confident that the Board will decide to raise the cash rate by a further 50 basis points to 2.35%. Raising the cash rate by 50 basis