- ING says demand for oil is holding up relatively well
- Bank of Japan monetary policy meeting next week - preview
- Both US President Biden & Iranian President Raisi will appear on US 60 Minutes Sunday
- National Australia Bank forecast a 50bp rate hike from the RBA on October 4
- China August retail sales +5.4% y/y (expected +3.5%), Industrial production +4.2% (3.8%)
- Data dump from China coming at the top of the hour - economic activity data for August
- Japan Fin Min Suzuki says concerned about one-sided yen weakening
- Yuan falling further, offshore yuan circa 7.026
- China August new home prices -0.29% m/m and -1.3% y/y
- PBOC sets USD/ CNY reference rate for today at 6.9305 (vs. estimate at 6.9228)
- Update on Biden to tighten technology exports to China even further
- RBA Gov Lowe says cash rate should at least average 2.5% over time
- More from RBA Gov Lowe says the Bank is closer to normal setting for rates
- RBA Gov. Lowe says inflation is too high
- Bank of England finds consumer inflation expectations have risen to their highest ever
- South Korea August unemployment rate, lowest ever recorded
- New Zealand data - BusinessNZ Manufacturing PMI for August rises to 54.9
- Here are the 2 conditions that need to be met for the yen to bottom out, reverse its fall
- Drop in S&P500 futures upon reopening - FedEx withdrawing earnings forecast cited
- Forexlive Americas FX news wrap:The data dump in US worries mkts. Stocks lower. Yields up
- US President Biden will speak Sunday - 60 Minutes interview
- JP Morgan have another reason to be bearish yen
- Trade ideas thread - Friday, 16 September 2022
The yen was once again a focus. USD/JPY fell early in the session, dropping under 143.00 and chopping in a tight range under the figure. We had remarks from Japanese finance minister Suzuki, the usual attempts at talking the yen up. But the yen once again fell in response to such comments, USD/JPY climbing back to touch 143.50.
Elsewhere it was a mixed bag for FX against the dollar. EUR, AUD, NZD & GBP all traded on the bid side against the big dollar but the moves have been largely traced to leave us with very little net change on the session.
The offshore yuan, CNH, consolidated. USD/CNH spent much of the session trading north of 7.02. The People’s Bank of China set the reference rate for onshore yuan at its weakest (i.e. USD/CNY at its highest) since August 18 of 2020. Data from China today showed better than expected for August retail sales, industrial production, and the unemployment rate.
Reserve Bank of Australia Governor Lowe appeared in committee at the Australian parliament. His comments gave some indications of a 50bp rate hike coming up at the October 4 RBA policy meeting, but there were also indications it could be just 25bp. A bit wishy-washy. National Australia Bank revised their forecast for the October meeting to +50 from its prior call of +25.
Speaking of central bank forecasts, ANZ in New Zealand have changed their RBNZ forecast to an OCR peak at 4.75% (previously 4%), with 25bp hikes added to their profile in February, April, and May next year.