Author: FX
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…
UNITED NATIONS/BEIRUT/JERUSALEM (Reuters) – Lebanese Prime Minister Najib Mikati has expressed hope that a ceasefire can be reached soon to end fighting between Israel and Iran-backed Hezbollah that has shaken his country and raised fears of a ground invasion. But there was no let-up in violence. Israeli airstrikes overnight hit around 75 Hezbollah targets in the Bekaa Valley and southern Lebanon, including weapons storage facilities and ready-to-fire launchers, the Israeli military said on Thursday. In the latest deadly strike, at least 23 Syrians, most of them women and children, were killed when Israel hit a three-story building in the Lebanese…
Prior -22.0; revised to -21.9The reading is an improvement to the month before. However, in the grand scheme of things, German consumer sentiment remains depressed mostly. GfK notes that:”After the sever setback in the previous month, the slight improvement in consumer sentiment can be interpreted as stabilisation at a low level. The consumer climate has not made any progress since June 2024 so the slight increase cannot be interpreted as the start of a noticeable recovery.” Source link
Australian dollar buyers may be gearing up for action after a short downswing. Think AUD/USD is ready to extend its weeks-long uptrend? We’re taking a closer look at the 4-hour chart! AUD/USD 4-hour Forex Chart by TradingView Risk assets like the Australian dollar turned lower yesterday after a lack of fresh catalysts encouraged some traders to second-guess China’s latest monetary stimulus measures and price in their global growth concerns. The U.S. dollar, on the other hand, had a good Wednesday despite a light U.S. data calendar. The Greenback pulled back some of its weekly losses ahead of Thursday’s FOMC member…