- Bank of England peak rate - Natwest forecast high of 4.5%
- US jobless claims data on Thursday is worse than it appears
- Goldman Sachs tip further RBA rate hikes in the wake of the hawkish Australian budget
- PBOC sets USD/ CNY mid-point today at 6.9481 (vs. estimate at 6.9472)
- Bridgewater CIO says gold is under rated, has a long way to run
- FX option expiries for Friday, 12 May 2023 at the 10am New York cut
- Deutsche Bank on the Bank of England rate hike - the Committee "remains divided"
- Yellen will talk with JPMorgan Chase CEO Jamie Dimon & Citigroup CEO Jane Fraser next week
- CBA says Australian budget not inflationary, and that the RBA cash rate has peaked
- New Zealand April Manufacturing PMI 49.1 (prior48.1)
- ICYMI - China's use of yuan to buy Russian commodities surges
- ICYMI - US could start buying oil for the Strategic Petroleum Reserve (SPR) after June
- McCarthy says hasn’t been enough progress for Congressional leaders to meet with Biden
- Forexlive Americas FX news wrap 11 May: USD moves higher on safety flows.
- Dow falls again. Nasdaq up marginally. S&P lower.
- Morgan Stanley still short AUD/USD, targeting 0.6200. See prospect of more RBA rate hike
- Biden's meeting with Congressional leaders on debt ceiling has been postponed
- Ex- Bank of England monetary policy maker Saunders sees inflation undershooting, rate cuts
- Trade ideas thread - Friday, 12 May 2023
The debt ceiling negotiations news out of the US late afternoon was that the Friday meeting planned between US President Biden and Congressional leaders had been cancelled, postponed until next week. The news further said that staff-level discussions were continuing but had not reached a stage of bothering to bring the leaders together. The White House said that ongoing staff-level negotiations were a positive. Huh, we’ll see. It could be an “interesting” weekend if less encouraging developments are forthcoming.
Apart from this news, data, and central banks were all quiet.
Major FX rates moved very little indeed, all confined to small ranges only.
Asian equity markets:
Japan’s Nikkei 225 +0.8%
China’s Shanghai Composite -0.6%
Hong Kong’s Hang Seng -0.4%
South Korea’s KOSPI -0.6%
Australia’s S&P/ASX 200 -0.2%
Offshore yuan found some minor support against a larger trend (USD/CNH a touch down on the session)
