- China's Industry Ministry says industry facing insufficient demand and declining revenues
- GBP traders - eyes on UK inflation data due Wednesday - preview
- New Zealand CPI data higher than expected - KiwiBank says RBNZ will take comfort
- New Zealand CPI data higher than expected - ASB sees RBNZ staying on sidelines
- PBOC sets USD/ CNY reference rate for today at 7.1486 (vs. estimate at 7.1798)
- Australia data - eleventh consecutive negative print for the Leading Index growth rate
- Morgan Stanley is moving 200 developers out of mainland China in response to new data law
- 87 of 109 analysts polled expect next week's Fed rate hike to be its last
- TD on the first Federal Reserve rate cut - penciled in Q2 of 2024
- ICYMI - Credit Suisse raised its S&P 500 year-end forecast to 4,70, from 4050
- Citi's global head of commodity research sees oil in a $70 - $90 range (floor - ceiling)
- Japan data - Reuters Tankan shows Large Manufacturing and Non-manufacturing sentiment slip
- NZD marked higher after NZ CPI data higher than expected
- New Zealand Q2 CPI 1.1% q/q (vs. expected 1.0%)
- ECB officials are worried about communicating whats next after the July rate hike
- ICYMI - Morgan Stanley CEO Gorman said Fed rate cuts won't happen in 2023
- Federal Reserve rate cut seen in Q2 of 2024
- BoA believes 2024 could be a transformative year for the Japanese yen (JPY) - pressured
- Private oil survey data shows smaller headline crude draw than was expected
- Forexlive Americas FX news wrap: US dollar climbs after retail sales
- Major indices close higher. Dow up for the 7th consecutive day.
- Trade ideas thread - Wednesday, 19 July 2023
Bank of Japan Governor Ueda spoke during the US timezone, with comments indicating he didn’t sound like a guy who wants to change YCC at the end of the month. The yen weakened on the remarks and it continued to do so here during the Asian timezone, trading to highs circa 139.30.
US dollar strength was more widespread too. EUR, GBP, AUD and NZD are all lower on the session. NZD/USD was volatile (relatively). It was marked higher on the release of Q2 CPI data that came in well below Q1 levels but nevertheless slightly higher than was expected. The initial response from markets was to move closer to pricing an RBNZ rate hike by around November. The knee-jerk NZD/USD upmove was reversed over the following hours though. As I post NZD/USD is net down a few tics on the session.
Asian equity markets:
Japan’s Nikkei 225 +1%
China’s Shanghai Composite -0.1%
Hong Kong’s Hang Seng -1.3%
South Korea’s KOSPI -0.2%
Australia’s S&P/ASX 200 +0.4%
