- Fed's Bostic will be speaking today, Wednesday, 5 October 2022
- NZD/USD is back to where it started, fully retraces its post-RBNZ spike
- Goldman Sachs launches Sonar Dark X algo - to maximize non-displayed liquidity capture
- CHF traders - heads up for a SNB speaker Wedmesday, 5 October 2022 - Maechler
- European Central Bank is holding a non-monetary policy meeting Wednesday, 5 October 2022
- More detail on White House efforts to stop OPEC from cutting oil output - Yellen unleashed
- Reserve Bank of New Zealand cash rate hike as expected - full text
- RBNZ cash rate hike by 50bp, as expected
- Japan Jibun Markit Services PMI for September (final): 52.2 (prior 49.5)
- Bank of Korea says consumer inflation to stay high around 5 to 6% for some time
- The key reason the RBA slower rate hike is not applicable to elsewhere
- EUR/USD - "high risk of a return to 0.9500 over the coming weeks"
- Ireland's central bank raises 2023 CPI projections, lowers GDP forecast
- Reminder: Chinese markets are closed today, and all week. Hong Kong markets return today.
- South Korea data:September core inflation has risen at its fastest y/y since December 2008
- Goldman Sachs say USD/JPY could reach 155 & GBP/USD drop under parity - here's how
- Goldman Sachs rank recession risk: 1. UK (already in one), 2. Canada, 3. USA, 4. Australia
- Australia S&P Global Services PMI (Final, September) 50.6 (prior 50.2)
- Reports that the US is lobbying OPEC+ nations not to cut oil output (... well, d'uh)
- Gold shortage? Banks diverting physical away from India in favour of China and Turkey.
- Forexlive North American FX news wrap: US stocks soar for the 2nd day helped by JOLTs jobs
- An unnamed OPEC source says the cartel is considering output cuts up to 2 mn barrels / day
- Trade ideas thread - Wednesday, 5 October 2022
- Oil - private survey of inventory shows headline draw vs. expected build
- US stock markets soar for the second day in a row
The Reserve Bank of New Zealand met market expectations today with a 0.5% rise for its cash rate target, taking it from 3.0% to 3.5%. This was the fifth consecutive 50bp rate rise from the Bank.
NZD/USD popped higher on the statement, to highs just over 0.5800 before dropping back to be, as I update, barely changed on the session.
As the kiwi retraced its rise FX nearly across the board fell against the USD, although it was not a day of wide ranges. AUD, GBP, EUR, CAD all fell away a little.
USD/JPY was a bit of an exception. It dropped to lows under 143.60 early in the session but has since recovered to a high above 144.30. This is a decent range for the Asian timezone. There was little specific news for it.
The RBA decision yesterday to slow rate hikes (+25bp from the RBA vs, +50 expected) was a factor in the bullish risk appetite seen on Tuesday. The RBNZ today, though, ploughed ahead with its 50bp hike, which may give a pause to risk in the day coming up.
News flow was light, and data releases were lower-tier in importance.
Regional equities gained, taking their lead from another strong up day on Wall Street.
The OPEC+ meeting is ahead for the day, with murmurings of an up to 2mn barrel/day output cut. The US is lobbying, hard, for no cut from the cartel (see bullets above).
