Japan FinMin Suzuki: Excessive FX Moves Aren’t Desirable
Japan FinMin Suzuki: Excessive FX Moves Aren’t Desirable Following are the latest moves of the key assets:
Read moreUS Dollar Credit Supply: Relatively low supply seen in August
US Dollar Credit Supply: Relatively low supply seen in August US Dollar Credit SupplyRelatively low supply seen in AugustYTD corporate supply now sits at US$500bn of the US$650bn forecast for the year• Supply in August totalled US$35bn, lower than previous year’s level. Although this ishigher than June’s supply and, more notably, July’s. We expect supply in Septemberto increase to the usual heavy amount for the month. Corporate YTD supply now sitsat US$500bn, and after redemptions, YTD net supply now sits at US$117bn.• Net supply this year will still be low, but we revise our forecast modestly higher toUS$650bn on the...
Read moreBuoyant US dollar
Buoyant US dollar on course for its longest weekly winning streak since 2014 By Rae Wee SINGAPORE, Sept 8 (Reuters) – The dollar was headed for its longest weekly winning streak in nine years on Friday, bolstered by a resilient run of U.S. economic data that has also put the end of the Federal Reserve’s rate-hike cycle into question. In Asia, traders were keenly watching moves in the Chinese currency, after the onshore yuan CNY=CFXS tumbled to a 16-year low in the previous session. The U.S. dollar index =USD, which measures the greenback against its major peers, steadied at 105.02 in early trade, not far from the...
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Exness reports
Exness reports eye-popping $4.5 trillion in August volumes FX trading volumes are climbing again as economic uncertainty spurred by uncomfortably high inflation and central banks’ policies encouraged speculators to pile back into the market. The busiest August for FX broker Exness had set its highest monthly volumes on record. Total trading volumes on the Exness’ platform ticked higher last month to an eye-popping $4.5 trillion, up 15 percent from $3.9 trillion in July. Over a yearly basis, the multi-regulated FX broker’s turnover was up by two thirds when compared with $2.8 trillion reported back in August 2022. Activity on Exness’ trading platform Read more…
Offshore Yuan Sinks
Offshore Yuan Sinks Toward Record Low After China Cuts Fixing The offshore yuan weakened toward its lowest on record against the dollar, as a cut to the daily reference rate for the managed currency stoked bets China is comfortable with a gradual depreciation. China’s currency declined to about 7.36 per dollar in overseas trading, beyond the psychologically important level of 7.35 and close to the weakest since the creation of the offshore yuan market in 2010. The move came after the People’s Bank of China set its so-called fixing at a two-month low on Friday. The PBOC is faced with Read more…
ECB’s Hike-or-Pause
ECB’s Hike-or-Pause Dilemma Going Down to the Wire, Poll Shows Economists see the European Central Bank lifting interest rates one last time to tame inflation — they’re just not sure it will happen next week. A Bloomberg survey shows an almost even split between those anticipating a 10th consecutive hike on Thursday and those anticipating a “hawkish pause” before the deposit rate reaches a record 4% in October. Respondents see the ECB confirming by December that borrowing costs are at the peak. They’re penciling in a first rate cut of three in 2024 for March — well before ECB officials Read more…
Fed Might Have to Raise Rates More, Pimco’s Wilding Says
Fed Might Have to Raise Rates More, Pimco’s Wilding Says if you know the labor market the unemployment rate is still at at these levels kind of three five to three eight you know it’s possible the fed you know might even have to do more. Following are the latest moves of the key assets:
The two-month Pound correction is not over yet
The two-month Pound correction is not over yet Business activity in the UK is losing ground, as is the case in Europe and China, although the final reading for August saw the services PMI rise to 49.5 from the first estimate of 48.7. According to today’s PMI, the services sector moved from growth to contraction in August, falling to 49.5. At the end of last week, the PMI for the manufacturing sector fell to 43.0. Apart from April and May 2020, the index was only lower between October 2008 and February 2009. This dynamic clearly shows the harshness of the Read more…
Australian Economy Defies Rate Hikes as Exports Drive Growth
Japan Top Currency Diplomat Kanda: FX Moves Should Reflect Fundamentals; Seeing Speculative Moves in FX; Watching FX with High Sense of Urgency Australia’s economy maintained its momentum in the three months through June, with the expansion underpinned by exports and sectors less impacted by the Reserve Bank’s 12 interest-rate increases. Gross domestic product advanced 0.4%, the same pace as the prior quarter and in line with economists’ estimates, official data showed Wednesday. From a year earlier, the economy grew 2.1% from an upwardly revised 2.4%. While the result likely bolsters the Reserve Bank’s confidence it can bring the economy in Read more…
Bank of Canada Poised to Hold Rates at 5% But Threaten More Hikes
From bnnbloomberg.ca Bank of Canada Poised to Hold Rates at 5% But Threaten More Hikes From bnnbloomberg.ca Bank of Canada Poised to Hold Rates at 5% But Threaten More Hikes From bnnbloomberg.ca Bank of Canada Poised to Hold Rates at 5% But Threaten More Hikes From bnnbloomberg.ca Bank of Canada Poised to Hold Rates at 5% But Threaten More Hikes (Bloomberg) — The Bank of Canada is likely to hold interest rates steady on Wednesday as policymakers consider whether a slowing economy means it’s time to end its historic campaign to tighten policy. Economists and investors expect Governor Tiff Macklem Read more…