- Chart from Morgan Stanley shows ECB rate hike timing really sucks
- Reports that China's Didi’s car-sharing arm is going into liquidation
- JPMorgan’s Kolanovic: ‘mild recession’ is already priced in and so the worst is behind us
- HK fin min: "Hong Kong will “absolutely not” decouple its currency from the US dollar "
- "Moody’s lowers US economic growth forecasts" & "Moody's lowers European growth forecasts"
- PBOC sets USD/ CNY reference rate for today at 6.7483 (vs. estimate at 6.4790)
- Coinbase is facing a probe by the US SEC over crypto listings
- Poll shows a small majority expect a 25bp rate hike from the Bank of England in August
- USD/JPY little changed following the release of BOJ June meeting minutes
- BOJ June minutes - must watch impact of FX moves
- Australian weekly consumer confidence inches (barely) higher
- Amazon Prime to ramp its price higher in Europe and the UK. Up to 43% price hikes.
- South Korean Q2 GDP +0.7% q/q, beating estimate of +0.4%
- US Treasury officials scramble to find evidence the economy is not in recession
- ICYMI - China Shenzhen order 100 major firms into "closed-loop" systems to counter COVID
- Biden and Xi are expected to speak this week - not yet confirmed
- BOJ USD/JPY intervention is predicted if the rate rises above 140
- ICYMI - European crypto "exchange" Bitstamp has obtained approval to operate in Italy
- FOMC preview - Goldman Sachs will focus on slowing economy and the US dollar impact
- ICYMI - ECB's Visco says the Bank will raise rates in a gradual way
- Trade ideas thread - Tuesday, 26 July 2022
- Russia passes Saudi Arabia as the largest crude oil supplier to China
- Shares of Wal-Mart fall after companies lowers profit outlook
With still some time left until Wednesday’s FOMC statement the waiting game played out in the form of a small but pretty much across the board loss for the US dollar.
News flow was very light, minor items only.
Data flow was barely existent.
We did get minutes released from the Bank of Japan June policy meeting. As always, the minutes are somewhat dated given the ‘Summary’ published two weeks after each meeting covers much the same ground. Speaking of the same ground, there was nothing new from the Bank of Japan in these minutes, more of the same. The BOJ is locked onto its easy policy course for now.
US equity futures softened, not helped by the bleak outlook from Walmart announced after regular trading hours in the US (see bullets above).
Bitcoin lost further ground - news crossed of the US SEC to investigate Coinbase (see bullets above).
