- China to continue to tax cut & exemption policies for NEV purchases in the next 4 years
- Federal Reserve Chair Powell testifies Wednesday, 21 June. Mester, Goolsbee speak also.
- BOJ's Adachi says inflation has risen faster than I expected
- PBOC sets USD/ CNY mid-point today at 7.1795 (vs. estimate at 7.1802)
- Australian leading index -0.27% m/m (prior -0.03%)
- U.S. President Joe Biden on Tuesday called Chinese President Xi Jinping a dictator
- BOJ Minutes show belief that current monetary policy easing should be maintained (d'uh)
- Chinese financial media cites analysts expecting further rate and RRR cuts this year
- Japan - Reuters Tankan 3rd consecutive month of large manufacturer sentiment improving
- More on testimony from Fed's Cook & Jefferson: critical, essential to bring down inflation
- ECB's Simkus said he wouldn't be surprised in the Bank hiked rates again in September
- New Zealand fin min Robertson says Economic environment remains challenging
- ECB's Rehn warned that underlying inflation pressures are only falling gradually
- ECB's Vujčić said Bank will work to bring inflation down, soft landing not always possible
- Goldman Sachs on EUR/CHF - see it lower
- Morgan Stanley on stocks, say excitement, buying happening at an "inopportune" time
- Forexlive Americas FX news wrap 20 Jun: US housing starts/building permits soar.
- Cava Stock Doubled on IPO. Now is the Moment to Make Money on Greek Food
- Goldman Sachs ramp up their S&P500 forecast to 4,700
- Fed's Jefferson and Cook both say must remain focused on returning inflation to 2%
- Shares of FedEx fall after disappointing revenues and soft guidance for the year ahead
- Stephen Roach says China's growth problem driven by ideology, won't be solves by stimulus
- US equities bounce from the lows but give some back late
- Trade ideas thread - Wednesday, 21 June 2023
Offshore yuan slid a little further again during the session, with USD/CNH rising briefly just over 7.20. China’s Ministry of Finance announced continued tax incentives for New Energy Vehicles in another drip of stimulus.
USD/JPY had a minor move higher. We had Bank of Japan April meeting minutes published today. The Minutes did not provide any reason to expect a reduction in easing policies any time soon.
Elsewhere major forex rates did not depart from limited ranges. Traders await testimony from Federal Reserve Chair Powell Wednesday, US time.
Asian equity markets:
Japan’s Nikkei 225 +0.4%
China’s Shanghai Composite -0.2%
Hong Kong’s Hang Seng -1.6%
South Korea’s KOSPI -0.4%
Australia’s S&P/ASX 200 -0.2%
USD/CNH:
