- Former Bank of Japan Governor Kuroda's new job at a Tokyo university
- Blackrock think US inflation will remain above the Fed’s target for some time
- Index measuring construction activity in China in March hit its highest in over a decade
- PBOC sets USD/ CNY central rate at 6.8854 (vs. estimate at 6.8843)
- Deutsche Bank analyst expects Bank of Japan Governor Ueda to end YCC in 2 weeks. Yen up.
- North Korea unresponsive to regular contact via inter-Korean liaison line for 6th day
- More from Fed's Kashkari: Would be much worse for jobs if we failed to get inflation down
- Goldman Sachs have 4 scenarios outlined for the S&P500 after the US CPI data
- Fed's Kashkari says the 2% inflation target should not be changed
- Japan March PPI 0.0% m/m (expected 0%) & 7.2% y/y (expected 7.1%)
- The IMF and BOJ are on a collision course over YCC changes ... this could get ugly
- Australian weekly Consumer Confidence 79.3 (prior 78.2)
- BoA says we're in the "worst phase for stocks", see S&P5000 as low as 3000
- New Zealand data - Electronic Card Retail Sales (March) +0.7% m/m (expected 1.5%)
- More again from Fed's Harker - have to be absolutely dedicated to getting to 2% inflation
- More from Fed's Harker - FOMC needs to be careful that we don't overdo it
- Lower house of Swiss parliament votes to reject the CHF109bn Credit Suisse rescue package
- Fed's Harker says its disappointing that data shows disinflation is proceeding slowly
- Deutsche Bank is targeting USD/CHF to low 0.80s, approaching the peak in Fed Funds
- ECB's Villeroy says now face the risk of entrenched inflation, Bank fully committed
- US CPI previews, BoA and JP Morgan both looking for strong core price pressures
- Goldman Sachs US CPI preview - wary of a scenario where S&P 500 will collapse at least 2%
- Private survey of oil inventory shows small headline crude oil build vs. draw expected
- Forexlive Americas FX news wrap: US dollar holds firm ahead of CPI
- US equities give up gains late, Nasdaq struggles
- Trade ideas thread - Wednesday, 12 April 2023
The USD lost some ground pretty much across the major FX board ahead of the inflation data due from the US later today. GBP, EUR, gold were all notable gainers. AUD, CAD less so. USD/JPY is a few ticks higher on the session while NZD/USD is barely net changed.
Ranges were subdued.
We had plenty of words from Federal Reserve speakers, Harker and Kashkari. Both stuck to the current script out of the Fed of sticky inflation and higher rates for longer.
News and data flow otherwise were light. From Japan we had wholesale inflation y/y (PPI for March) come in above expected but lower than the previous month (the m/m reading was unchanged from February).
Asian equity markets:
Japan’s Nikkei 225 +0.6%
China’s Shanghai Composite +0.3%
Hong Kong’s Hang Seng -0.7%
South Korea’s KOSPI barely changed
Australia’s S&P/ASX 200 +0.6%
Gold extended its gains:
