- S&P put the odds of a recession over the next 12 months at near enough to a coin toss
- El-Erian says get out of these distorted markets that have created a lot of damage
- ECB monetary policy meeting preview - cheat sheet for EUR/USD
- Australian trade data: Exports -10% m/m (prior +5.1%) & imports +5% m/m (+0.7%)
- PBOC sets USD/ CNY mid-point today at 6.9148 (vs. estimate at 6.9204)
- Knock out options 145 in USD/JPY - defensive sellers ahead the level
- UK survey shows hiring slow, pay growth weakest in over a year
- Japan final Q2 GDP +3.5% q/q (annualized) (expected 2.9%)
- Here's what to watch for to warn of imminent Bank of Japan (BOJ) yen intervention
- UK house price survey slumps further
- New Zealand data, volume of total manufacturing sales -4.9% q/q (prior -3.4%)
- More on UK PM Truss to scrap the country's ban on fracking
- Deutsche Bank maintain their year-end S&P 500 target at 4750, but outline a case for 3000!
- UK media report the country's fracking ban will be removed on Thursday, 8 September 2022
- ECB monetary policy meeting preview - the risk now is not hiking by 75 bps
- More info on UK to grant 'dozens' of new North Sea oil and gas exploration licences
- A 'what to expect' for EUR/USD on a 75bp European Central Bank rate hike - ECB preview
- Trade ideas thread - Thursday, 8 September 2022
- Oil - private inventory survey shows headline build vs. draw expected
- UK to grant 'dozens' of new North Sea oil and gas exploration licences
- Forexlive Americas FX news wrap: Bank of Canada delivers a 75 bps hike
- NASDAQ index snaps it's 7 day losing streak
USD/JPY moved higher in very early trade from lows around 143.75 to (briefly) above 144.50 before falling back to dip under 144.00 and then stabilise (as I update). I posted early in the session on the barrier defence ahead of 145.00 (in the bullet points, above), watch this ahead.
There were no official statements out of Japan today.
AUD, NZD, GBP, CAD all traded back a little against the USD, but the ranges were not large.
EUR/USD drifted a little lower but its pending fresh input from the European Central Bank monetary policy announcement and Lagarde’s news conference coming later today. There are previews in the points above.
The notable data on the session was Australia’s July trade balance. The surplus pretty much halved in the month, a big negative surprise. Exports slumped 10% m/m. Iron ore (-15% m/m), coal (-17%), and tourist departures for overseas travel were cited as major contributing factors. Imports continued to recover.
The People’s Bank of China took some succour from the touch of softness for the USD in Wednesday trade, setting the USD/CNY reference rate just over 6.91. A breather for the Bank. Its not unhappy with the weaker yuan but would like to slow the pace of decline to dilute the risk of capital flight from the country.
