- Japanese household spending rose less than expected in July - recap
- Fed speakers today include Williams and Waller - then the 'blackout' period begins
- Chinese banks used swaps to build short positions in the dollar of around US$100 billion
- Federal Open Market Committee (FOMC) blackout period begins on the weekend
- Australian July home loans +2.9% m/m (expected +1.0%)
- Friday morning trade has been cancelled in Hong Kong due massive storm
- PBOC sets USD/ CNY reference rate for today at 7.0925 (vs. estimate at 7.0927)
- Former PBOC Gov says China requires proactive fiscal policy, accommodative monetary
- Fed’s Goolsbee says trend of economic data justifies multiple rate cuts
- For AAPL traders: Goldman Sachs on 4 surprises that could drive stock to $276 price target
- Citi forecasting Brent crude oil into the US$60 range
- Japan data - July household spending +0.1% y/y (expected +1.2%)
- It's a near coin flip (not quite though) between a 25bp and 50bp Fed interest rate cut
- Goldman Sachs on what its gonna take from NFP for a 50bp interest rate cut from the FOMC
- Here's why the Bank of England is expected to cut interest rates by only 10bp!
- JP Morgan forecasts Brent crude oil to low $60s
- Options are pricing in big stock swings on NFP Friday
- ICYMI - China will cut the retail prices of gasoline and diesel on Friday (i.e. today)
- Forexlive Americas FX news wrap: US dollar weakens after softer ADP but ISM services firms
- Broadcom earnings beat on the top and bottom lines, but the stock is lower
- Trade ideas thread - Friday, 6 September, insightful charts, technical analysis, ideas
Major FX ranges in Asia today were extremely limited. Even JPY was subdued as traders awaited the US non-farm payroll report due at 8.30am US Eastern time.
- Goldman Sachs on what its gonna take from NFP for a 50bp interest rate cut from the FOMC
- What would it take from non-farm payrolls to get a 50 basis point cut?
- Preview: Why August non-farm payrolls frequently disappoint
- What would it take from non-farm payrolls to get a 50 basis point cut?
- Goldman Sachs NFP preview, say that August payrolls often have a negative bias initially
- Friday's NFP result could prompt a 50bp rate cut by the Federal Reserve
Regional equities traded lower again. Hong Kong cancelled its Friday morning trading session, due to the No. 8 Storm Signal issued by the HK Observatory.
The data release of note for the session was from Japan, where July household spending showed a huge miss:
- Consumer spending +0.1% in July y/y compared with the median market forecast for 1.2%
- Month-on-month saw it down 1.7% against the -0.2% expected
Federal Reserve Bank of Chicago President Austan Goolsbee spoke with Dow Jones / Market Watch saying he sees a series of rate cuts ahead. He wasn’t specific though, not nominating size or dates.
Former People's Bank of China Governor Yi Gang was more forthright, saying China’s economy needs both proactive fiscal and accommodative monetary policies.
Ahead for the US session is not only the NFP, but also speakers from the Federal Reserve including
- Federal Reserve Bank of New York President John Williams at 0845 (1245 GMT) US Eastern time
- and Federal Reserve Board Governor Christopher Waller at 1100 US Eastern time (1500 GMT).
After that it’ll be quiet from the Federal Reserve for more than a week:
As I post USD/JPY is dribbling to its session low:
