Author: FX
By Hyunsu Yim and Kantaro Komiya SEOUL/TOKYO (Reuters) -North Korea fired a long-range missile off its east coast on Wednesday, South Korea’s military said, barely a month after Pyongyang’s last launch and its twelfth this year. The launch came after heated complaints from North Korea in recent days, accusing American spy planes of violating airspace in its economic zones and condemning a recent visit to South Korea by an American nuclear-powered cruise missile submarine. Japan’s Coast Guard said what was believed to be a ballistic missile appeared to have landed as of mid-morning. It had earlier predicted the projectile would…
The reference rate for the USD/CNY today is estimated at 7.1788 with the People’s Bank of China’s counter-cyclical factor” (CCF) included and 7.1954 without.Given the trend in the past week and more from the PBOC for a lower setting the lower fix seems more likely. Especially given the drip lower for the USD.Earlier re China today:—-People’s Bank of China USD/CNY reference rate is due around 0115 GMT.The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system…
Rio Tinto (NYSE:RIO) said Wednesday it will team up with Japan’s Sumitomo to build a “first-of-a-kind” hydrogen plant in Australia, as it aims to cut carbon emissions from the alumina refining process at its Yarwun facility. Rio (RIO) said the program is aimed at demonstrating the viability of using hydrogen in the calcination process, where hydrated alumina is heated to temperatures of up to 1,000 degrees Celsius. The project involves construction of a hydrogen plant at the Yarwun refinery and the retrofit of refinery processing equipment; if successful, the program could pave the way for adoption of the technology at…
Share: GBP/USD rallied to a 15-month high of 1.2934 after a solid employment report in the United Kingdom (UK) increased the chances the Bank of England (BoE) will need to raise rates further. That, alongside broad US Dollar (USD) weakness, underpinned the GBP/USD pair. The GBP/USD trades at 1.2923 after hitting a daily low of 1.2853. Read More…. The Pound Sterling (GBP) has sensed selling pressure after a north-side vertical move above the round-level resistance of 1.2900 as labor cost data has turned out more resilient than expected. The GBP/USD pair has picked immense strength as chances of a bulky interest rate…
GEMINI PRO STUDIO/iStock via Getty Images Walt Disney (NYSE:DIS) is reportedly exploring strategic options for Star India — once a key part of the company’s Fox media assets acquisition that has struggled after a change in cricket fortunes. The company has engaged in early-stage talks with at least one bank about how to help its India business grow while sharing costs somehow, whether that includes a joint venture or a sale of the operation, the WSJ reported. Star India was an important part of Disney’s plan to build its streaming business globally, and it came over in a $71.3B deal…
S&P 500 FORECAST:S&P 500 rises but gains are modest amid cautious mood ahead of key U.S. economic dataThe June U.S. inflation release will steal the limelight on WednesdayHigher-than-expected CPI figures could spark a sell-off in risk assets, but a soft report could create the right conditions for a bullish breakout in the SPX Recommended by Diego Colman Get Your Free Equities Forecast Most Read: British Pound Setups – GBP/USD Eyes Resistance as EUR/GBP Flirts with BreakdownThe S&P 500 rose on Tuesday, but gains were modest amid cautious sentiment ahead of a major market event on Wednesday: the release of U.S.…
The U.K. is about to drop its May GDP figures! Will growth figures encourage more rate hikes or a higher-for-longer stance from the BOE? More importantly, how can this week’s release affect GBP’s price action? Event in Focus: U.K. Gross Domestic Product (GDP) for May 2023 When Will it Be Released: July 13, 2023 (Thursday), 6:00 am GMT Use our Forex Market Hours tool to convert GMT to your local time zone. Expectations: May GDP m/m: -0.2% m/m forecast vs. +0.2% m/m previous May GDP y/y: -0.2% y/y forecast vs. +0.5% y/y previous Relevant Data Since Last Event/Data Release: May…
In the earlier post and video on the EURUSD EUR/USD The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, be The EUR/USD is the…
Share: The GBP/JPY cross tallied a fourth consecutive loss day and retreated near 181.00. The ONS from the UK reported that wages and unemployment increased in the three months leading up to May. Falling Japanese yields to limit the JPY gains. On Tuesday, the GBP/JPY continued to lose ground and at the time of writing trades at 181.25. In that sense, the GBP is weakening as the Office for National Statistics (ONS) from the UK reported that unemployment picked up in May as wages increased, a red flag for the Bank of England (BoE). On the other hand,…
RAND ANALYSIS & TALKING POINTSChinese new Yuan loans drive ZAR confidence.All eyes shift to US CPI tomorrow.Bear flag break eyes R18.50/$. Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter USD/ZAR FUNDAMENTAL BACKDROPThe South African rand extends its gains against the U.S. dollar this Tuesday as markets anticipate lesser inflationary pressures within the US via tomorrow’s US CPI report. Consumer inflation expectations dropped to fresh lows last seen in April 2021 leaving the greenback exposed to the downside. Encouraging Chinese loan data (see economic calendar below) supplemented…