CNY is the onshore yuan. It is permitted to trade plus or minus 2% from this mid-point, the daily reference rate. 

  • The PBOC will intervene at these boundaries to keep the CNY in the band for the day.
  • CNH is the offshore yuan and there are no restrictions on its trading range. 
People's Bank of China setting the onshore yuan weaker to open the week. Injects 50bn yuan via 7 day reverse repos. 



ForexLive

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Sun 21 Jul 2019 23:28:38 GMT

3

Is the Fed rate cut this month locked in - despite data flow still to come? Yes.

The Federal Open Market Committee meet on July 30 and 31, and between now and then there is still US data to come. - Both macro economic reports - and firms' earnings reports So, is a 25bp cut locked in?

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Is the Fed rate cut this month locked in - despite data flow still to come? Yes.


https://az705044.vo.msecnd.net/20190721/trump-powell.png Eamonn Sheridan
Sun 21 Jul 2019 23:28:38 GMT
Category: Central Banks
3


The Federal Open Market Committee meet on July 30 and 31, and between now and then there is still US data to come. - Both macro economic reports - and firms' earnings reports So, is a 25bp cut locked in?

Asset 24 View More
UK Parliamentary gridlock: Where now for Brexit?
Asset 41
Sun 21 Jul 2019 22:50:42 GMT

Most likely* China policy options ahead - more fiscal spending, PBOC liquidity injections

The little star in the headline  .... Most likely unless there is some major shock to the system (eg. trade war with US gets much worse). I posted last week on the meeting of top China officials late this month and into early August:

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Most likely* China policy options ahead - more fiscal spending, PBOC liquidity injections


https://az705044.vo.msecnd.net/20190721/china.png Eamonn Sheridan
Sun 21 Jul 2019 22:50:42 GMT
Category: Central Banks
0
The little star in the headline  .... Most likely unless there is some major shock to the system (eg. trade war with US gets much worse). I posted last week on the meeting of top China officials late this month and into early August:

Asset 24 View More
Sun 21 Jul 2019 20:43:50 GMT

2

Front page of the Financial Times - Fed to cut rates

Expectations are the Fed will be cutting by 25 basis points. The FT reflecting those expectation on its front page. The Federal Open Market Committee announcement is due July 31.

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Front page of the Financial Times - Fed to cut rates


https://az705044.vo.msecnd.net/20190721/ft-federal-reserve.png Eamonn Sheridan
Sun 21 Jul 2019 20:43:50 GMT
Category: Central Banks
2
Expectations are the Fed will be cutting by 25 basis points. The FT reflecting those expectation on its front page. The Federal Open Market Committee announcement is due July 31.

Asset 24 View More
Fri 19 Jul 2019 20:43:56 GMT

14

Fed's Rosengren: US economy doing quite well, not having a slowdown

Comments from Rosengren There's no doubt that he won't be supporting a 50 bps cut. I think we can put that entire notion to bed. I think Powell deserves a lot of blame for that talk. The market was showing a good chance of 50 bps and he kept sending out dovish messages. The market is still showing an 18% chance of 50bps.

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Fed's Rosengren: US economy doing quite well, not having a slowdown


Adam Button
Fri 19 Jul 2019 20:43:56 GMT
Author: Adam Button
Category: Central Banks
14
Comments from Rosengren There's no doubt that he won't be supporting a 50 bps cut. I think we can put that entire notion to bed. I think Powell deserves a lot of blame for that talk. The market was showing a good chance of 50 bps and he kept sending out dovish messages. The market is still showing an 18% chance of 50bps.

Asset 24 View More
Fri 19 Jul 2019 18:14:56 GMT

20

Fed officials signal 25 bps cut likely this month - WSJ

This is being treated like a signal I'm in the camp that the days of the Fed leaking signals to the WSJ are long over but the newspaper is out with a Fed 'Fed officials signal quarter-point rate cut likely at July meeting' and the market is treating it as a leak.

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Fed officials signal 25 bps cut likely this month - WSJ


Adam Button
Fri 19 Jul 2019 18:14:56 GMT
Author: Adam Button
Category: Central Banks
20
This is being treated like a signal I'm in the camp that the days of the Fed leaking signals to the WSJ are long over but the newspaper is out with a Fed 'Fed officials signal quarter-point rate cut likely at July meeting' and the market is treating it as a leak.

Asset 24 View More
Fri 19 Jul 2019 17:44:10 GMT

2

Bullard says he would like to cut rates by 25 bps this month

Bullard on rates Fed officials have characterized a cut as 'strategic' and 'pre-emptive' now along with mentioning 'insurance'. The market continues to price in a rate-cutting cycle.

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Bullard says he would like to cut rates by 25 bps this month


Adam Button
Fri 19 Jul 2019 17:44:10 GMT
Author: Adam Button
Category: Central Banks
2
Bullard on rates Fed officials have characterized a cut as 'strategic' and 'pre-emptive' now along with mentioning 'insurance'. The market continues to price in a rate-cutting cycle.

Asset 24 View More
Fri 19 Jul 2019 16:04:49 GMT

4

ECB plans to restart bond purchases - report

Speigel report Draghi plans to restart government bond purchases by November, Germany's Der Speigel reports. It also says the ECB is considering a plan that would raise the cost of banks parking funds at the central bank, in order to boost lending.

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ECB plans to restart bond purchases - report


Adam Button
Fri 19 Jul 2019 16:04:49 GMT
Author: Adam Button
Category: Central Banks
4
Speigel report Draghi plans to restart government bond purchases by November, Germany's Der Speigel reports. It also says the ECB is considering a plan that would raise the cost of banks parking funds at the central bank, in order to boost lending.

Asset 24 View More
Fri 19 Jul 2019 15:28:32 GMT

The NY Fed Nowcast GDP estimate dips to 1.4% from 1.5% last week.

Final reading for the GDP before next weeks Advanced GDP report The NY Fed Nowcast GDP estimate for the 2Q growth dipped to 1.4% (actually 1.41%) from 1.5% (actually 1.49%) last week. Building permits was the biggest negative (-0.05%) folllowed by the Phil. Fed index (-0.02%). Retail sales and food services was the largest gainer at 0.02%).  

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The NY Fed Nowcast GDP estimate dips to 1.4% from 1.5% last week.


//az705044.vo.msecnd.net/20190719/2019-07-19_8-18-54.jpg Greg Michalowski
Fri 19 Jul 2019 15:28:32 GMT
Category: Central Banks
0
Final reading for the GDP before next weeks Advanced GDP report The NY Fed Nowcast GDP estimate for the 2Q growth dipped to 1.4% (actually 1.41%) from 1.5% (actually 1.49%) last week. Building permits was the biggest negative (-0.05%) folllowed by the Phil. Fed index (-0.02%). Retail sales and food services was the largest gainer at 0.02%).  

Asset 24 View More
Fri 19 Jul 2019 15:11:17 GMT

1

No comments on the outlook from Fed's Bullard

No comments on policy in prepared presentation He said cryptocurrencies may enable illegal transactions. He will take questions later so we may get some comments.

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No comments on the outlook from Fed's Bullard


Adam Button
Fri 19 Jul 2019 15:11:17 GMT
Author: Adam Button
Category: Central Banks
1
No comments on policy in prepared presentation He said cryptocurrencies may enable illegal transactions. He will take questions later so we may get some comments.

Asset 24 View More
Fri 19 Jul 2019 13:42:01 GMT

18

Trump keeps up attack on Fed, says he likes Williams' 1st comments best

Trump weighs in on yesterday's Fed flip flop More tweets from Trump: I like New York Fed President John Williams first statement much better than his second. His first statement is 100% correct in that the Fed "raised" far too fast & too early. Also must stop with the crazy quantitative tightening. We are in a World competition, & winning big,... In a sense, he's dampening the criticism here. Now he's more aimed at 'so much' rather than any of the Fed hikes that have come at all. It points more to perhaps a pair of cuts.

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Trump keeps up attack on Fed, says he likes Williams' 1st comments best


//az705044.vo.msecnd.net/20190719/2019-07-19_9-53-20.png Adam Button
Fri 19 Jul 2019 13:42:01 GMT
Author: Adam Button
Category: Central Banks
18
Trump weighs in on yesterday's Fed flip flop More tweets from Trump: I like New York Fed President John Williams first statement much better than his second. His first statement is 100% correct in that the Fed "raised" far too fast & too early. Also must stop with the crazy quantitative tightening. We are in a World competition, & winning big,... In a sense, he's dampening the criticism here. Now he's more aimed at 'so much' rather than any of the Fed hikes that have come at all. It points more to perhaps a pair of cuts.

Asset 24 View More
Fri 19 Jul 2019 12:46:14 GMT

24

Trump laments 'much higher' interest rates in the US than other countries

Trump tweet "Because of the faulty thought process we have going for us at the Federal Reserve, we pay much higher interest rates than countries that are no match for us economically. In other words, our interest costs are much higher than other countries, when they should be lower. Correct!"

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Trump laments 'much higher' interest rates in the US than other countries


Adam Button
Fri 19 Jul 2019 12:46:14 GMT
Author: Adam Button
Category: Central Banks
24
Trump tweet "Because of the faulty thought process we have going for us at the Federal Reserve, we pay much higher interest rates than countries that are no match for us economically. In other words, our interest costs are much higher than other countries, when they should be lower. Correct!"

Asset 24 View More
Fri 19 Jul 2019 09:37:34 GMT

6

Fed's Bullard says 25 bps rate cut this month would be appropriate

The dollar catches a bit of a bid on Bullard's remarks - Current situation doesn't warrant a larger rate cut ForexLive His remarks comes from an interview with WSJ (may be gated) but do take note that this was from comments he made on 11 July. He also defended his decision as he dissented in June opting for a rate cut call:

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Fed's Bullard says 25 bps rate cut this month would be appropriate


Justin Low
Fri 19 Jul 2019 09:37:34 GMT
Author: Justin Low
Category: Central Banks
6
The dollar catches a bit of a bid on Bullard's remarks - Current situation doesn't warrant a larger rate cut ForexLive His remarks comes from an interview with WSJ (may be gated) but do take note that this was from comments he made on 11 July. He also defended his decision as he dissented in June opting for a rate cut call:

Asset 24 View More
Fri 19 Jul 2019 02:56:33 GMT

NAB on the FOMC - 25bp cut in July, and more to follow

National Australia Bank weighing in on the will it be 50 or 25 debate. - The bank is forecasting a 25bp cut from the FOMC on July 31 - Which could leave the market disappointed given the pricing for a 50bp cut But, it doesn't matter as the USD will decline. Says the US dollar nearly always falls at the beginning a Fed easing cycle (cycles since 1984), and NAB expect further easing after July.

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NAB on the FOMC - 25bp cut in July, and more to follow


Eamonn Sheridan
Fri 19 Jul 2019 02:56:33 GMT
Category: Central Banks
0
National Australia Bank weighing in on the will it be 50 or 25 debate. - The bank is forecasting a 25bp cut from the FOMC on July 31 - Which could leave the market disappointed given the pricing for a 50bp cut But, it doesn't matter as the USD will decline. Says the US dollar nearly always falls at the beginning a Fed easing cycle (cycles since 1984), and NAB expect further easing after July.

Asset 24 View More
Fri 19 Jul 2019 02:36:10 GMT

1

Fitch on the BOJ (likely to ease) , ECB (more QE) and Fed (one cut this year)

Head of sovereign ratings at Fitch on the big 3 central banks. BOJ to take more easing steps: - because of weaker economic growth - but may be responsive to what other CBs do ECB 

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Fitch on the BOJ (likely to ease) , ECB (more QE) and Fed (one cut this year)


Eamonn Sheridan
Fri 19 Jul 2019 02:36:10 GMT
Category: Central Banks
1
Head of sovereign ratings at Fitch on the big 3 central banks. BOJ to take more easing steps: - because of weaker economic growth - but may be responsive to what other CBs do ECB 

Asset 24 View More
Fri 19 Jul 2019 01:37:41 GMT

1

The New York Fed 'clarified' Williams' comments - but will anyone clarify Clarida's?

New York Federal Reserve branch head John Williams spoke on Thursday, and many in the market thought he was signalling a 50bp rate cut from the FOMC in July. Greg was all over developments::

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The New York Fed 'clarified' Williams' comments - but will anyone clarify Clarida's?


https://az705044.vo.msecnd.net/20190718/eurusd-chart.png Eamonn Sheridan
Fri 19 Jul 2019 01:37:41 GMT
Category: Central Banks
1
New York Federal Reserve branch head John Williams spoke on Thursday, and many in the market thought he was signalling a 50bp rate cut from the FOMC in July. Greg was all over developments::

Asset 24 View More
Fri 19 Jul 2019 01:16:12 GMT

PBOC sets USD/ CNY reference rate for today at 6.8635 (vs. yesterday at 6.8761)

People's Bank of China   PBOC injects 100bn yuan via 7 day RRs - net 460bn yuan injection for the week via OMOs - biggest one-week addition for six months

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PBOC sets USD/ CNY reference rate for today at 6.8635 (vs. yesterday at 6.8761)


Eamonn Sheridan
Fri 19 Jul 2019 01:16:12 GMT
Category: Central Banks
0
People's Bank of China   PBOC injects 100bn yuan via 7 day RRs - net 460bn yuan injection for the week via OMOs - biggest one-week addition for six months

Asset 24 View More
Fri 19 Jul 2019 01:02:05 GMT

BOJ Governor Kuroda coming up too

I posted on Fed speakers to coming up Friday, but I shouldn't leave out Governor Kuroda! The Bank of Japan head participates in the "Central Bank Independence" panel in New York on Friday at 2030 GMT

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BOJ Governor Kuroda coming up too


https://az705044.vo.msecnd.net/20190424/boj-kuroda.png Eamonn Sheridan
Fri 19 Jul 2019 01:02:05 GMT
Category: Central Banks
0
I posted on Fed speakers to coming up Friday, but I shouldn't leave out Governor Kuroda! The Bank of Japan head participates in the "Central Bank Independence" panel in New York on Friday at 2030 GMT

Asset 24 View More
Fri 19 Jul 2019 00:41:35 GMT

There are more Fed speakers coming up on Friday

These guys and gals of the Federal Reserve are moving markets with their meandering ponderings  Williams turned the USD in a yoyo: Down: Back up again:

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There are more Fed speakers coming up on Friday


https://az705044.vo.msecnd.net/20170510/rosengren-boston-fed-2017.png Eamonn Sheridan
Fri 19 Jul 2019 00:41:35 GMT
Category: Central Banks
0
These guys and gals of the Federal Reserve are moving markets with their meandering ponderings  Williams turned the USD in a yoyo: Down: Back up again:

Asset 24 View More
Thu 18 Jul 2019 23:01:50 GMT

7

The New York Fed wound back Williams comments at the most damaging time of the day - here's why

The announcement from the NY branch of the Federal Reserve that the words were not indicative of FOMC policy, these Which sent the dollar back up: Note the time of the NY announcement, after US markets had shut up shop for the day and before Tokyo. For forex the only centres trading with much activity at this time are New Zealand and Australia. This is the least liquid time of the 24 hour FX cycle and moves can be exacerbated by the illiquidity. 

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The New York Fed wound back Williams comments at the most damaging time of the day - here's why


Eamonn Sheridan
Thu 18 Jul 2019 23:01:50 GMT
Category: Central Banks
7
The announcement from the NY branch of the Federal Reserve that the words were not indicative of FOMC policy, these Which sent the dollar back up: Note the time of the NY announcement, after US markets had shut up shop for the day and before Tokyo. For forex the only centres trading with much activity at this time are New Zealand and Australia. This is the least liquid time of the 24 hour FX cycle and moves can be exacerbated by the illiquidity. 

Asset 24 View More
Thu 18 Jul 2019 22:31:28 GMT

13

US dollar gaining points on New York Fed disavowing Williams

This was New York Federal Reserve head Williams earlier: And, markets reacted: The New York Fed now: Sending the USD back up a few points … and some (this chart the EUR but its everywhere …

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US dollar gaining points on New York Fed disavowing Williams


https://az705044.vo.msecnd.net/20190718/eurusd-chart.png Eamonn Sheridan
Thu 18 Jul 2019 22:31:28 GMT
Category: Central Banks
13
This was New York Federal Reserve head Williams earlier: And, markets reacted: The New York Fed now: Sending the USD back up a few points … and some (this chart the EUR but its everywhere …

Asset 24 View More
Thu 18 Jul 2019 22:19:33 GMT

25

New York Fed says Williams' speech was not about potential policy actions at the July FOMC meeting

John Williams is head of the NY Fed, he spoke Thursday US time  The NY Fed giveth …. the NY Fed taketh away. USD gets a bid. ForexLive

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New York Fed says Williams' speech was not about potential policy actions at the July FOMC meeting


Eamonn Sheridan
Thu 18 Jul 2019 22:19:33 GMT
Category: Central Banks
25
John Williams is head of the NY Fed, he spoke Thursday US time  The NY Fed giveth …. the NY Fed taketh away. USD gets a bid. ForexLive

Asset 24 View More
Thu 18 Jul 2019 21:44:04 GMT

10

Citi forecasting a 50bp rate cut from the Federal Open Market Committee in July.

Citigroup strategist citing the dovish comments from Williams and Clarida - "" - Says it supports a tactical bearish view on the USD and tips the scales to a 50bp cut ---

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Citi forecasting a 50bp rate cut from the Federal Open Market Committee in July.


https://az705044.vo.msecnd.net/20190718/train.gif Eamonn Sheridan
Thu 18 Jul 2019 21:44:04 GMT
Category: Central Banks
10
Citigroup strategist citing the dovish comments from Williams and Clarida - "" - Says it supports a tactical bearish view on the USD and tips the scales to a 50bp cut ---

Asset 24 View More
Thu 18 Jul 2019 19:08:38 GMT

23

Fed's Clarida: US economy is in a good place but uncertainties have increased

Clarida speaks on Fox business network - US economy is in a good place but uncertainties have increased - Fed will act as appropriate to keep the economy growing More dovish comments from a Fed Board member (voting member). Interesting is the comment about US rates vs global rates. 

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Fed's Clarida: US economy is in a good place but uncertainties have increased


Greg Michalowski
Thu 18 Jul 2019 19:08:38 GMT
Category: Central Banks
23
Clarida speaks on Fox business network - US economy is in a good place but uncertainties have increased - Fed will act as appropriate to keep the economy growing More dovish comments from a Fed Board member (voting member). Interesting is the comment about US rates vs global rates. 

Asset 24 View More
Thu 18 Jul 2019 18:56:04 GMT

1

Even more Williams: low inflation expectations a worry as economy strong

NY Fed Pres. Williams answers questions ForexLive

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Even more Williams: low inflation expectations a worry as economy strong


Greg Michalowski
Thu 18 Jul 2019 18:56:04 GMT
Category: Central Banks
1
NY Fed Pres. Williams answers questions ForexLive

Asset 24 View More

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