Author: FX
Markets got an extra dose of risk-on vibes thanks to yet another set of stimulus measures from China. Meanwhile, the Swiss National Bank (SNB) announced its third interest rate cut in a row and hinted at more to come. How did your favorite asset classes perform? Headlines: Broad Market Price Action: Dollar Index, Gold, S&P 500, Oil, U.S. 10-yr Yield, Bitcoin Overlay Chart by TradingView After yesterday’s market doubts about China following through on its stimulus plans, the Politburo came out with an announcement of concrete plans to provide fiscal support and enable the economy reach the government’s growth targets.…
By Krishna N. Das, Saurabh Sharma, Subrata Nag Choudhury and Arpan Chaturvedi NEW DELHI/AJMER/KOLKATA (Reuters) – The Indian government has slashed its goal to create thousands of new tribunals to try sex crimes speedily after states like West Bengal, where the recent brutal rape-homicide of a doctor shook the nation, fell far short of targets, according to three federal government officials and an internal document seen by Reuters. Prime Minister Narendra Modi’s government moved to establish fast-track special courts (FTSC) in 2019 to try exclusively sex crimes, after the Supreme Court that year criticised state governments for being slow to…
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Headline CPI 2.2% y/y, in line with expectations but down from Augustexpected 2.2%, prior 2.6%Core 2.0% y/y, and ditto, in line with expectations but down from Augustexpected 2.0%, prior 2.4%this is ex foodCore-core 1.6% y/y, in line with expectations and an unchanged rate from Augustexpected 1.6%, prior 1.6%this is ex food and energy and is the closest to the US measure of core inflation Will it be ‘two out of three ain’t bad?’ for the Bank of Japan? The thing is that ‘core-core’ inflation is the one to watch, its less subject to cost-push (bad inflation from the BoJ perspective)…
Gold reaches an all-time high of $2,685, buoyed by China’s stimulus and Middle East tensions. Despite strong US Dollar, Fed’s recent 50 bps rate cut fuels bullish sentiment for continued gains in Bullion. US economic data points to a ‘soft landing’ scenario, keeping market optimism high for further Gold upside. Gold hit a new all-time high of $2,685 on Thursday as the Greenback began to recover from earlier losses sustained in the Asian and European sessions. US data portrays a ‘soft landing’ scenario, while China’s stimulus and rising tensions in the Middle East boosted Bullion prices. At the time of…
The Swiss National Bank (SNB) announced a 25 basis point cut to its policy rate on Thursday, September 26, 2024, lowering it to 1.00% as widely expected. This marks the third consecutive rate reduction by the central bank, which also indicated that further cuts may be necessary in the coming quarters to ensure medium-term price stability. Key Points from the Swiss National Bank statement: The SNB lowered the policy rate by 25 basis points to 1.0%, effective September 27, 2024 Their inflation forecast was significantly reduced from 1.3% in June for 2024 to 1.2%, 2025 was revised lower from 1.1%…
USDJPY dailyJapan’s ruling party will vote for a new leader on Friday who will almost-surely be the country’s Prime Minister shortly afterwards. Current PM Fumio Kishida has stepped down and the new leader may take a more-active role in directing the Bank of Japan.There are nine candidates but three seen as leading candidates.Sanae TakaichiShinjiro KoizumiShigeru IshibaSanae Takaichi is the lone woman in the race and would be the first female Prime Minister. She is a policy dove and wants the BOJ to keep rates low. “It’s stupid to raise rates now,” she said recently.The others are more hawkish and have…
GBP/USD got pushed into another multi-year high on Thursday. Broad-market Greenback weakness has bolstered Cable further. The Pound Sterling rally is continuing unabated despite a lack of UK data. GBP/USD clipped another multi-year peak on Thursday, hitting a 31-month high bid 1.3434 as Cable gets pushed into the high end by broad-market Greenback selling. Risk appetite has swung back into the high end on the back of better-than-expected US economic figures, easing investor concerns of a potential economic slowdown. The Federal Reserve’s (Fed) recent 50 bps rate trim sparked an undercurrent of concern in global markets, with some investors spooked by…
Headlines:Markets:AUD leads, USD lags on the dayEuropean equities higher; S&P 500 futures up 0.8%US 10-year yields down 0.9 bps to 3.771%Gold up 0.8% to $2,678.03WTI crude down 2.8% to $67.77Bitcoin up 1.3% to $64,330China continues to hog the spotlight so far this week. The Politburo came out today to amplify their commitment towards all of the measures taken up this week and that spurred a surging rally in Chinese assets. The Shanghai Composite closed above the 3,000 mark for the first time since June, closing up by 3.6%. Meanwhile, the CSI 300 index ended up by 4.2% and is holding…
The Mexican Peso has made losses in line with the established trend ahead of the Banxico meeting on Thursday. Most analysts expect a moderate 0.25% cut to the central bank’s cash rate. USD/MXN steadily climbs within its rising channel, solidifying the overall bullish bias. The Mexican Peso (MXN) seesaws between tepid gains and losses in its major pairs on Thursday, ahead of the Bank of Mexico (Banxico) September policy meeting scheduled for 19:00 GMT. Given changes in interest rates can have the high impact on exchange rates, this is likely to be the most important event for the currency this…