- Goldman Sachs: India will overtake the US to become world’s 2nd-largest economy by 2075
- Australian PM Albanese is considering delaying his planned trip to Beijing until next year
- Japan finance minister Suzuki wants the G7 to meet on sidelines at next G20 meeting
- ICYMI - China stepped up support for its ailing property market
- Australian June business confidence rises to 0, from prior -3
- PBOC sets USD/ CNY central rate at 7.1886 (vs. estimate at 7.2177)
- Opinion is split on the potential for the US SEC to approve a spot BTC ETF
- Westpac Australian consumer sentiment +2.7% m/m in July (prior +0.2%)
- USD/JPY forecast as low as 136 (end-2023) - watch the Fed, not the BOJ
- ICYMI - UK Chancellor Hunt said working with Bank of England to bring inflation back to 2%
- Australian weekly consumer confidence survey falls again, to 73.3 (prior 74.1)
- Australian private survey of household spending drops 1.7% m/m in June (prior +3.1%)
- ICYMI: ECB's Herodotou spoke Monday, said high inflation worse than high interest rates
- UK Data - BRC like for like retail sales rose 4.2% y/y in June (prior was +3.7%)
- JP Morgan says OPEC+ needs to cut output by another 700,000 barrels/day in H2 & into 2024
- Standard Chartered have pumped their 2024 bitcoin forecast to as high as US$120,000
- ICYMI - IEA boss Birol said China oil demand set to strengthen, sees H2 oil mkt tightness
- ICYMI - ECB's Nagel said euro-area inflation is still too high
- Forexlive Americas FX news wrap 10 Jul.Used car prices help to send yields / USD lower
- Barclays expects US equities to fall in H2 of 2023, forecasts S&P500 at 4150 by year-end
- BoA says stagflation (a worst case scenario) risk could send EUR/USD down to parity
- US major indices push higher into the close. End the day near session highs
- Trade ideas thread - Tuesday, 11 July 2023
There was no fresh news nor data out of Japan today. USD/JPY continued its drop from Monday, falling under 141.00 for the first time since the middle of last month. The fall in US Treasury yields thus continued to reverberate here during the morning Asia session.
Asian equities benefited from the decline in US yields, a supportive lead from Wall Street, and also from some support measures announced late on Monday for China’s property sector.
Also continuing to rise was EUR/USD, tracking above 1.1010. GBP, AUD, NZD and CAD are all also up a little against the USD.
On the data front the (minor) focus for the session was Australian June business confidence and conditions. Confidence improved a little while conditions remained stable.
Asian equity markets:
Japan’s Nikkei 225 +0.3%
China’s Shanghai Composite +0.1%
Hong Kong’s Hang Seng +1.1%
South Korea’s KOSPI +1.3%
Australia’s S&P/ASX 200 +1%
BTC had a surge but dropped back, more in the bullets above:
