- Binance has suspended US currency deposits - cites SEC law suit
- China's economy stumbling, likely headed for a lost decade says ex-IMF official
- Bank of Japan Governor Ueda says will patiently maintain current monetary easing
- China - Government adviser says rates should be cut again to boost economic recovery
- Commonwealth Bank of Australia says chance of Australian recession this year is 50%
- China CPI for May 0.2% y/y (expected 0.3%) & PPI -4.6% y/y (expected -4.3%)
- PBOC sets USD/ CNY reference rate for today at 7.1115 (vs. estimate at 7.1122)
- BoJ Governor Ueda says will take into account effect and cost of policy measures
- PBOC is expected to set the USD/CNY reference rate at 7.1122 – Reuters estimate
- US media report: Saudi crown prince threatened ‘major’ economic pain on U.S. amid oil feud
- US news - Former President Trump has been indicted in classified documents probe
- CIBC on "Upside risks to AUD" - forecast to 0.69
- ICYMI: Weighty consensus expects the ECB to hike rates in June and July, sticky inflation
- Chinese May inflation data due today. CPI expected a touch higher, PPI lower - preview
- JP Morgan says US regional banking crisis stress is unlikely to trouble the eurozone
- Bank of America on US stocks - ‘Sentiment at odds with valuation’
- BoA expect EUR/USD to remain weak until there is a shift in the Fed's stance
- BoC Beaudry says the Bank does not have a pre-determined bias towards further tightening
- NASDAQ index leads US stocks higher
- Forexlive Americas FX news wrap: US dollar slumps after jump in initial jobless claims
- Trade ideas thread - Friday, 9 June 2023
USD/JPY rose during the session from under 139.00 to around 139.25 as I post. Bank of Japan Governor Ueda spoke before parliament sticking to his support for easy monetary policy. There is more on what Ueda said in the bullet points above, but the summary is the man is not in a hurry to dial back easy policy any time soon.
Also today we had inflation data from China. Consumer level inflation, CPI, is extremely subdued while wholesale price inflation, PPI, slipped even further into deflation. USD/CNH popped back above 7.13.
On the crypto front, Binance has suspended USD deposits, citing SEC legal action against the firm. Bitcoin dropped a little, but only a little, on the news.
Asian equity markets:
Japan’s Nikkei 225 +1.6%
China’s Shanghai Composite -0.1%
Hong Kong’s Hang Seng +0.1%
South Korea’s KOSPI +1.0%
Australia’s S&P/ASX 200 +0.35%
