8

An ICYMI on the Swiss National Bank and the campaign being waged in Switzerland to ban it from investing in defence companies.

  • A referendum will go to voters, current polling show 54% are in favour of the limit on such investments
  • The SNB and pension funds would be prohibited from providing financing for a company that derives more than 5% of revenue from arms sales
  • Estimates from the SNB are it would be forced to liquidate its holdings in around 300 companies, which account for just over 10% of the value of its global stock portfolio.
The vote is on November 29.

An ICYMI on the Swiss National Bank and the campaign being waged in Switzerland to ban it from investing in defence companies.


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Sat 24 Oct 2020 06:03:29 GMT

PBOC Governor Yi Gang says will reduce restrictions on cross-border use of the yuan

People's Bank of China Governor speaking on Saturday at the Bund Summit conference held in Shanghai:  Report comes via .  --- China has plans to promote the yuan's use as a reserve currency. 

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PBOC Governor Yi Gang says will reduce restrictions on cross-border use of the yuan


Eamonn Sheridan
Sat 24 Oct 2020 06:03:29 GMT
Category: Central Banks
0


People's Bank of China Governor speaking on Saturday at the Bund Summit conference held in Shanghai:  Report comes via .  --- China has plans to promote the yuan's use as a reserve currency. 

Asset 24 View More
Thu 22 Oct 2020 10:34:18 GMT

BOE's Bailey: After the crisis, businesses will need equity investment on a scale not seen in normal times

Remarks by BOE governor, Andrew Bailey There isn't much else besides the headline comment for now, and it is likely he won't be touching on policy at all in the panel discussion today as it pertains more towards sustainable finance and climate change.

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BOE's Bailey: After the crisis, businesses will need equity investment on a scale not seen in normal times


Justin Low
Thu 22 Oct 2020 10:34:18 GMT
Author: Justin Low
Category: Central Banks
0
Remarks by BOE governor, Andrew Bailey There isn't much else besides the headline comment for now, and it is likely he won't be touching on policy at all in the panel discussion today as it pertains more towards sustainable finance and climate change.

Asset 24 View More
Thu 22 Oct 2020 09:27:37 GMT

1

BOE's Haldane: We are studying negative rates, but doesn't mean that it will be used

Further comments by Haldane The messaging from the BOE on negative interest rates policy (NIRP) is still a confusing one, as evident by comments by MPC member Vlieghe yesterday and .

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BOE's Haldane: We are studying negative rates, but doesn't mean that it will be used


//az705044.vo.msecnd.net/20190207/boe.png Justin Low
Thu 22 Oct 2020 09:27:37 GMT
Author: Justin Low
Category: Central Banks
1
Further comments by Haldane The messaging from the BOE on negative interest rates policy (NIRP) is still a confusing one, as evident by comments by MPC member Vlieghe yesterday and .

Asset 24 View More
Thu 22 Oct 2020 09:04:07 GMT

1

BOE's Haldane: UK household spending has been 'remarkably resilient'

Comments by BOE chief economist, Andy Haldane A bit more of an upbeat tone by Haldane, but this is very much just a presumption. As much as household spending has held up amid the virus crisis, the record drop in consumer credit suggests that the UK economy is not even close to firing on all cylinders:

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BOE's Haldane: UK household spending has been 'remarkably resilient'


//az705044.vo.msecnd.net/20201022/10-22-2020-5-02-58-pm.png Justin Low
Thu 22 Oct 2020 09:04:07 GMT
Author: Justin Low
Category: Central Banks
1
Comments by BOE chief economist, Andy Haldane A bit more of an upbeat tone by Haldane, but this is very much just a presumption. As much as household spending has held up amid the virus crisis, the record drop in consumer credit suggests that the UK economy is not even close to firing on all cylinders:

Asset 24 View More
Thu 22 Oct 2020 06:13:48 GMT

BOJ says that Japanese financial system is maintaining stability as a whole

BOJ comments in its latest report on the Japanese financial system - Financial system has significant buffers against risks - But uncertainty over the pandemic's outlook, economic impact is very high The bright spot for the BOJ is that economic conditions in Japan isn't exactly worsening significantly over the past few months, but the road to recovery remains an arduous one and it will be tough for policymakers to restore confidence - especially on inflation.

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BOJ says that Japanese financial system is maintaining stability as a whole


//az705044.vo.msecnd.net/20190718/japan-flag.png Justin Low
Thu 22 Oct 2020 06:13:48 GMT
Author: Justin Low
Category: Central Banks
0
BOJ comments in its latest report on the Japanese financial system - Financial system has significant buffers against risks - But uncertainty over the pandemic's outlook, economic impact is very high The bright spot for the BOJ is that economic conditions in Japan isn't exactly worsening significantly over the past few months, but the road to recovery remains an arduous one and it will be tough for policymakers to restore confidence - especially on inflation.

Asset 24 View More
Thu 22 Oct 2020 02:37:49 GMT

South Korea central bank is suspected of buying dollars to curb Wons gains

Earlier South Korean finance minister spoke Earlier, the finance minister was on the wires saying: Looking at the USDKRW, the pair has seen a modest rise over the last few minutes, but remains below a topside trend line on the hourly chart below.  The pair has been trending to downside since running away from its 100 and 200 hour MA back on September 14. Since then, the pair has tested the falling 100 hour MA (blue line) on September 28 and more recently on October 7, but has accelerated the downside (higher KRW) since the last test (price moving farther away from the lagging 100 hour MA line). 

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South Korea central bank is suspected of buying dollars to curb Wons gains


//az705044.vo.msecnd.net/20201022/2020-10-21_19-43-42.jpg Greg Michalowski
Thu 22 Oct 2020 02:37:49 GMT
Category: Central Banks
0
Earlier South Korean finance minister spoke Earlier, the finance minister was on the wires saying: Looking at the USDKRW, the pair has seen a modest rise over the last few minutes, but remains below a topside trend line on the hourly chart below.  The pair has been trending to downside since running away from its 100 and 200 hour MA back on September 14. Since then, the pair has tested the falling 100 hour MA (blue line) on September 28 and more recently on October 7, but has accelerated the downside (higher KRW) since the last test (price moving farther away from the lagging 100 hour MA line). 

Asset 24 View More
Thu 22 Oct 2020 01:17:11 GMT

4

PBOC sets USD/CNY reference rate for today at 6.6502 (vs. yesterday's 6.6781)

Central rate for onshore yuan trading for session ahead set by the People's Bank of China The PBOC set the USD/CNY reference rate 0.6502 which is lower than the fix at 6.6781 yesterday.

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PBOC sets USD/CNY reference rate for today at 6.6502 (vs. yesterday's 6.6781)


Greg Michalowski
Thu 22 Oct 2020 01:17:11 GMT
Category: Central Banks
4
Central rate for onshore yuan trading for session ahead set by the People's Bank of China The PBOC set the USD/CNY reference rate 0.6502 which is lower than the fix at 6.6781 yesterday.

Asset 24 View More
Wed 21 Oct 2020 22:35:48 GMT

RBA Deputy Gov. Debelle does not make comments on monetary policy

There will be Q&A after his speech The speech text from RBA Deputy Gov. Debelle is on the RBA's website. The prepared text seems to not discuss monetary policy or the economy but instead focuses on:

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RBA Deputy Gov. Debelle does not make comments on monetary policy


Greg Michalowski
Wed 21 Oct 2020 22:35:48 GMT
Category: Central Banks
0
There will be Q&A after his speech The speech text from RBA Deputy Gov. Debelle is on the RBA's website. The prepared text seems to not discuss monetary policy or the economy but instead focuses on:

Asset 24 View More
Wed 21 Oct 2020 22:24:40 GMT

RBA's Debelle to speak at the bottom of the hour. AUDUSD trades between moving average levels.

Due to speak at FX Weeks Australia 2020 Focus will be on clues as to further easing by the RBA.  The AUDUSD traded higher with the sharply lower dollar yesterday.  The move to the upside stalled near the 50% retracement and falling 200 hour moving average (green line) on the hourly chart above, the 50% retracement comes in at 0.71313. The falling 200 hour moving average currently comes in at 0.71255. The high price yesterday. Extended to 0.7136 before finding some modest selling into the close as stockings faltered and anxiety about a US stimulus deal started to fade a bit.

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RBA's Debelle to speak at the bottom of the hour. AUDUSD trades between moving average levels.


//az705044.vo.msecnd.net/20201021/2020-10-21_15-28-52.jpg Greg Michalowski
Wed 21 Oct 2020 22:24:40 GMT
Category: Central Banks
0
Due to speak at FX Weeks Australia 2020 Focus will be on clues as to further easing by the RBA.  The AUDUSD traded higher with the sharply lower dollar yesterday.  The move to the upside stalled near the 50% retracement and falling 200 hour moving average (green line) on the hourly chart above, the 50% retracement comes in at 0.71313. The falling 200 hour moving average currently comes in at 0.71255. The high price yesterday. Extended to 0.7136 before finding some modest selling into the close as stockings faltered and anxiety about a US stimulus deal started to fade a bit.

Asset 24 View More
Wed 21 Oct 2020 20:48:45 GMT

Fed's Bullard: So far so good as far as Fed policy

Fed's Bullard speaking in virtual discussion on economy As the clock ticks toward the quiet period before the next FOMC decision on November 5, Fed's Bullard is getting in some last words.  In a virtual discussion on the economy, the nonvoting member says:

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Fed's Bullard: So far so good as far as Fed policy


Greg Michalowski
Wed 21 Oct 2020 20:48:45 GMT
Category: Central Banks
0
Fed's Bullard speaking in virtual discussion on economy As the clock ticks toward the quiet period before the next FOMC decision on November 5, Fed's Bullard is getting in some last words.  In a virtual discussion on the economy, the nonvoting member says:

Asset 24 View More
Wed 21 Oct 2020 20:29:57 GMT

RBNZ Robbers: NZ well will prepared for Covid 19 challenge

RBNZ Simone Robbers speaking RBNZ Simone Robbers is on the wires saying:

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RBNZ Robbers: NZ well will prepared for Covid 19 challenge


Greg Michalowski
Wed 21 Oct 2020 20:29:57 GMT
Category: Central Banks
0
RBNZ Simone Robbers speaking RBNZ Simone Robbers is on the wires saying:

Asset 24 View More
Wed 21 Oct 2020 18:01:29 GMT

1

Fed's Beige Book: Economic activity improved at slight to modest pace

The latest Fed report on the economy

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Fed's Beige Book: Economic activity improved at slight to modest pace


Adam Button
Wed 21 Oct 2020 18:01:29 GMT
Author: Adam Button
Category: Central Banks
1
The latest Fed report on the economy

Asset 24 View More
Wed 21 Oct 2020 12:52:06 GMT

Fed's Brainard: Aside from virus, biggest downside risk is no fiscal support

Comments from the Fed Governor (and rumored Treasure Sec candidate) She's teeing up two huge factors in the stock market right now. The main one is the importance of stimulus as we continue to play the deal-or-no-deal game. The second is that big publicly-listed companies are tearing apart small mom-and-pop competition because the Fed is helping the big guys get ultra-cheap financing while the small businesses get turned away at the bank.

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Fed's Brainard: Aside from virus, biggest downside risk is no fiscal support


//az705044.vo.msecnd.net/20170529/fed-brainard.png Adam Button
Wed 21 Oct 2020 12:52:06 GMT
Author: Adam Button
Category: Central Banks
0
Comments from the Fed Governor (and rumored Treasure Sec candidate) She's teeing up two huge factors in the stock market right now. The main one is the importance of stimulus as we continue to play the deal-or-no-deal game. The second is that big publicly-listed companies are tearing apart small mom-and-pop competition because the Fed is helping the big guys get ultra-cheap financing while the small businesses get turned away at the bank.

Asset 24 View More
Wed 21 Oct 2020 12:17:37 GMT

1

Ramsden: BOE could push UK yields lower

Comments from the BOE's Ramsden Every time they talk about negative rates it feels like we're getting closer to making it a reality even though Ramsden is speaking out against them here:

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Ramsden: BOE could push UK yields lower


//az705044.vo.msecnd.net/20170727/david-ramsden.png Adam Button
Wed 21 Oct 2020 12:17:37 GMT
Author: Adam Button
Category: Central Banks
1
Comments from the BOE's Ramsden Every time they talk about negative rates it feels like we're getting closer to making it a reality even though Ramsden is speaking out against them here:

Asset 24 View More
Wed 21 Oct 2020 07:41:31 GMT

2

ECB's Lagarde: Price stability is at the center of the ECB's work

Comments by ECB president, Christine Lagarde

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ECB's Lagarde: Price stability is at the center of the ECB's work


Justin Low
Wed 21 Oct 2020 07:41:31 GMT
Author: Justin Low
Category: Central Banks
2
Comments by ECB president, Christine Lagarde

Asset 24 View More
Wed 21 Oct 2020 05:54:42 GMT

BOJ's Sakurai: No big change to view on economy, prices outlook compared to July

Comments by BOJ board member, Makoto Sakurai - It is clear Japanese economy is starting to recover - Now is the time to monitor impact of the steps BOJ has taken so far In short, he is mainly preempting that there won't be any additional policy action taken by the central bank at next week's meeting. However, though it is to do with the government's travel campaign rather than a change in view.

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BOJ's Sakurai: No big change to view on economy, prices outlook compared to July


//az705044.vo.msecnd.net/20180731/bank-of-japan.png Justin Low
Wed 21 Oct 2020 05:54:42 GMT
Author: Justin Low
Category: Central Banks
0
Comments by BOJ board member, Makoto Sakurai - It is clear Japanese economy is starting to recover - Now is the time to monitor impact of the steps BOJ has taken so far In short, he is mainly preempting that there won't be any additional policy action taken by the central bank at next week's meeting. However, though it is to do with the government's travel campaign rather than a change in view.

Asset 24 View More
Wed 21 Oct 2020 01:32:03 GMT

BOJ's Sakurai says the Bank's easing is exerting the intended effects

Bank of Japan  board member, Makoto Sakurai On this: The main effect sought is a 2% inflation rate. So. No it is not. 

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BOJ's Sakurai says the Bank's easing is exerting the intended effects


Eamonn Sheridan
Wed 21 Oct 2020 01:32:03 GMT
Category: Central Banks
0
Bank of Japan  board member, Makoto Sakurai On this: The main effect sought is a 2% inflation rate. So. No it is not. 

Asset 24 View More
Wed 21 Oct 2020 01:15:32 GMT

PBOC sets USD/ CNY reference rate for today at 6.6781 (vs. yesterday at 6.6930)

Central rate for onshore yuan trading for the session ahead set by the  People's Bank of China  Another decent rise for the yuan at the setting. 

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PBOC sets USD/ CNY reference rate for today at 6.6781 (vs. yesterday at 6.6930)


Eamonn Sheridan
Wed 21 Oct 2020 01:15:32 GMT
Category: Central Banks
0
Central rate for onshore yuan trading for the session ahead set by the  People's Bank of China  Another decent rise for the yuan at the setting. 

Asset 24 View More
Tue 20 Oct 2020 17:09:57 GMT

1

Fed's Evans: Economic recovery is 'very uneven'

Comments from the Chicago Fed President in a virtual discussion This is a generally-upbeat take.

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Fed's Evans: Economic recovery is 'very uneven'


//az705044.vo.msecnd.net/20190807/fed-evans.png Adam Button
Tue 20 Oct 2020 17:09:57 GMT
Author: Adam Button
Category: Central Banks
1
Comments from the Chicago Fed President in a virtual discussion This is a generally-upbeat take.

Asset 24 View More
Tue 20 Oct 2020 14:52:04 GMT

For what it's worth, Atlanta Fed GDPNow at 35.3% vs. 35.2% last

There are lots of caveats to the modeled data  Atlanta Fed GDPNow GDPNow is not an official forecast of the Atlanta Fed. Rather, it is best viewed as a running estimate of real GDP growth based on available economic data for the current measured quarter. There are no subjective adjustments made to GDPNow-the estimate is based solely on the mathematical results of the model. In particular, it does not capture the impact of COVID-19 and social mobility beyond their impact on GDP source data and relevant economic reports that have already been released. It does not anticipate their impact on forthcoming economic reports beyond the standard internal dynamics of the model.

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For what it's worth, Atlanta Fed GDPNow at 35.3% vs. 35.2% last


//az705044.vo.msecnd.net/20201020/2020-10-20_7-48-21.jpg Greg Michalowski
Tue 20 Oct 2020 14:52:04 GMT
Category: Central Banks
0
There are lots of caveats to the modeled data  Atlanta Fed GDPNow GDPNow is not an official forecast of the Atlanta Fed. Rather, it is best viewed as a running estimate of real GDP growth based on available economic data for the current measured quarter. There are no subjective adjustments made to GDPNow-the estimate is based solely on the mathematical results of the model. In particular, it does not capture the impact of COVID-19 and social mobility beyond their impact on GDP source data and relevant economic reports that have already been released. It does not anticipate their impact on forthcoming economic reports beyond the standard internal dynamics of the model.

Asset 24 View More
Tue 20 Oct 2020 10:29:49 GMT

BOE's Vlieghe: Tiering has been effective in getting the benefits of negative rates, while reducing costs

Further comments by BOE policymaker, Gertjan Vlieghe The headline comment continues to make a case for negative rates to be introduced by the BOE in the future. A bit of a clarification to one of his earlier remarks :

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BOE's Vlieghe: Tiering has been effective in getting the benefits of negative rates, while reducing costs


Justin Low
Tue 20 Oct 2020 10:29:49 GMT
Author: Justin Low
Category: Central Banks
0
Further comments by BOE policymaker, Gertjan Vlieghe The headline comment continues to make a case for negative rates to be introduced by the BOE in the future. A bit of a clarification to one of his earlier remarks :

Asset 24 View More
Tue 20 Oct 2020 09:34:55 GMT

1

BOE's Vlieghe: Not yet at a point where we can reach a conclusion on negative rates

Comments by BOE policymaker, Gertjan Vlieghe - It appears downside risks are starting to materialise - Risks are skewed towards even larger job losses - Difficult to see a scenario where all furlough workers are reintegrated seamlessly Despite the constant half-hearted push back against negative rates, the fact that the BOE are acknowledging the need for more action and the shortcomings of other policy steps clearly indicate which direction they are leaning to moving forward.

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BOE's Vlieghe: Not yet at a point where we can reach a conclusion on negative rates


//az705044.vo.msecnd.net/20160717/gertjan-vlieghe.png Justin Low
Tue 20 Oct 2020 09:34:55 GMT
Author: Justin Low
Category: Central Banks
1
Comments by BOE policymaker, Gertjan Vlieghe - It appears downside risks are starting to materialise - Risks are skewed towards even larger job losses - Difficult to see a scenario where all furlough workers are reintegrated seamlessly Despite the constant half-hearted push back against negative rates, the fact that the BOE are acknowledging the need for more action and the shortcomings of other policy steps clearly indicate which direction they are leaning to moving forward.

Asset 24 View More
Tue 20 Oct 2020 08:17:43 GMT

BOJ to consider changing inflation forecasts amid government travel campaign - report

Bloomberg reports, citing people familiar with the matter The report says that the BOJ is likely to consider changing its inflation forecasts at its monetary policy meeting next week, to reflect the short-term impact on prices of the government's travel campaign (more on the campaign ).

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BOJ to consider changing inflation forecasts amid government travel campaign - report


//az705044.vo.msecnd.net/20201020/10-20-2020-4-16-32-pm.png Justin Low
Tue 20 Oct 2020 08:17:43 GMT
Author: Justin Low
Category: Central Banks
0
Bloomberg reports, citing people familiar with the matter The report says that the BOJ is likely to consider changing its inflation forecasts at its monetary policy meeting next week, to reflect the short-term impact on prices of the government's travel campaign (more on the campaign ).

Asset 24 View More
Tue 20 Oct 2020 03:11:28 GMT

BOJ expected to cuts its outlooks for the economy, inflation next week

Bank of Japan expected to cut this fiscal year's economic, price forecasts in its quarterly projections due next week Reuters with the report of the expected downgrades citing unnamed sources. 

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BOJ expected to cuts its outlooks for the economy, inflation next week


Eamonn Sheridan
Tue 20 Oct 2020 03:11:28 GMT
Category: Central Banks
0
Bank of Japan expected to cut this fiscal year's economic, price forecasts in its quarterly projections due next week Reuters with the report of the expected downgrades citing unnamed sources. 

Asset 24 View More

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