- Germany's Bundesbank President (and ECB Governing Council member) Nagel speaking Thursday
- RBA is expected to hike by +25bp in August according to 23 of 25 analysts - Reuters poll
- Federal Reserve speakers today include Dallas branch President Logan
- JP Morgan say there's a risk that the Bank of England will push interest rates to 7%
- Australian exports in May +4% m/m (prior -5%) & Imports +2% (prior +2%)
- PBOC reference rate of 7.2098 is much lower than the 7.2510 expected
- PBOC sets USD/ CNY mid-point today at 7.2098 (vs. estimate at 7.2510)
- Bank of America sees a broader breadth US equity rally in 2023 H2
- US jobs report is due on Friday, 7 July 2023 - NFP preview
- A forecast for EUR/USD back to parity by the end of 2023 due to EU economy deteriorating
- ICYMI: Iran attempted to seize two oil tankers near the Strait of Hormuz - shots fired
- ChatGPT traffic drops about 10% from May to June
- PBOC-backed news said ample tools to stabilize FX market even if yuan enters a panic slide
- MUFG's 4 reasons every BOJ meeting is live for a surprise, & forecast USD/JPY drop to 130
- Goldman Sachs do not expect near term intervention in yen - also looking for BOJ YCC tweak
- More from Fed's Williams: an ‘open question’ how fast inflation will cool next year
- Forexlive Americas FX news wrap 5 Jul. Fed minutes support Fed members inflation concerns
- Private oil survey data shows larger headline crude draw than was expected
- More from Fed's Williams: Makes sense to slow rate rises right now, but is data dependent
- US equity close: Value struggles
- Fed's Williams - isn't happy with where inflation is, says fighting it is the Fed main job
- Trade ideas thread - Thursday, 6 July 2023
It was a narrow range day for major FX during the Asia session.
The data agenda was very light, with a widening of Australia’s trade surplus reported for May and a swing to net foreign buying of Japanese stocks in the week to July 1.
Federal Reserve Bank of New York President John Williams spoke early in the session (see bullets above), saying the June Federal Open Market Committee (FOMC) pause was the correct call but that the Committee may have to raise rates again, data-dependent.
The People’s Bank of China set the USD/CNY reference rate much lower than was expected, again (i.e. a stronger CNY). The offshore yuan swung around on the news but has since come back to be little changed on the day.
USD/JPY drifted lower, there was no commentary out of Japanese officials at all so far today:
