- China's Customs Bureau says H1 2023 exports were +3.7% y/y, while imports were -0.1% y/y
- Heads up for a People's Bank of China news conference on Friday, China time
- PBOC sets USD/ CNY central rate at 7.1527 (vs. estimate at 7.1623)
- Australia Consumer Inflation Expectations (July) 5.2% (prior 5.2%)
- 2 different reasons the yen has been rising (hard!)
- Russia’s flagship Urals crude oil has popped above the US$60 price cap for the first time
- China Securities Journal says H2 2023 policy mix will stabilize the country's economy
- Rates traders still see an FOMC July rate hike but chance of a September hike has plunged
- US FTC says it will appeal to block the MSFT - Activision deal
- New Zealand data - Card retail sales +1.0% m/m in June vs. expected -0.2%
- New Zealand data - Food Price Index (June) +1.6% m/m (expected +1.5%)
- New Zealand manufacturing PMI for June 47.5 (prior 48.9)
- JP Morgan response to the US June CPI report - soft landing path a "smidgeon" wider
- US Senator Warren says Powell should stop the rate hikes
- Goldman Sachs response to the US CPI report - affirms a final FOMC rate hike July
- ICYMI - ECB's Vujčić says inflation risk still elevated, but more balanced
- ICYMI - China's Premier met with tech firms and promised more support
- Major currency pairs broke out today. Technical stories changed. Want to catch up?
- Forexlive Americas FX news wrap 12 Jul: US CPI softer. USD/yields lower. Stocks higher
- JP Morgan forecasts AUD/USD as high as 0.70, and NZD/USD to as low as 0.61
- US stocks close higher for the 3rd consecutive day
- Trade ideas thread - Thursday, 13 July 2023
News flow was very light during the session.
The better US CPI report continued to impact on financial markets in Asia. Regional equity markets rose following the data and the positive Wall Street response.
FX markets were more subdued though. EUR, AUD, NZD, GBP all gained small. The big moves came during the US time zone.
USD/JPY dropped to lows under 138.20 briefly but rebounded to above 138.60. There was no news nor data from Japan of note.
As I post this markets locally are awaiting Chinese trade data for the June 2023 month. Exports and imports are both expected to have fallen from May.
Asian equity markets:
Japan’s Nikkei 225 +1.3%
China’s Shanghai Composite +0.7%
Hong Kong’s Hang Seng 2.3%
South Korea’s KOSPI +0.9%
Australia’s S&P/ASX 200 +1.4%
