- The US 'Inflation Reduction Act' will be voted on over the weekend - deal has been reached
- AUD/USD little changed after the Reserve Bank of Australia Statement
- RBA Statement, the Bank sees inflation above the top of its target band right through 2023
- PBOC sets USD/ CNY mid-point today at 6.7405 (vs. estimate at 6.7377)
- Federal Reserve speakers due on Friday, 5 August 2022 - Richmond's Barkin
- Every U.S. Crypto Exchange (and Binance) is being investigated by the SEC
- Heads up for the weekend - data due from China
- Japan data - June Household Spending +3.5% y/y & Labour Cash Earnings +2.2% y/y
- CIBC see EUR/USD under parity in Q3 2022, but then rebounding
- Chinese Premier Li Keqiang has signalled a higher tolerance for inflation this year
- Australian services PMI for July: 51.7 (prior 48.8)
- US Treas Sec Yellen on the 3 prong attack to reduce US inflation
- JP Morgan have 4 reasons for the US equities rally, and consider what is next
- July US jobs report is due Friday at 8:30 am ET - Goldman Sachs preview
- Morgan Stanley remain bullish on CHF over coming weeks
- PIMCO trying to calm down the BoE - risk is skewed to a less severe recession
- North Korea has tested explosive devices and begun other activity at nuclear test site
- Trade ideas thread - Friday 05 August 2022
- Forexlive Americas FX news wrap: USD slides, oil falls to the worst since Feb 2
- Stocks close the day with mixed results (just like it opened)
Ahead of the US jobs report due Friday we had news from US politics that a deal had been reached to get enough votes to pass the incongruously named ‘Inflation Reduction Act’. It appears that all Democrat Senators are now on board and will vote in favour. The act should be supportive for the US economy. Voting has been scheduled to begin on Saturday (US time). US equity index futures traded up during the session here in Asia.
Forex was mixed, with a bid for the US dollar, albeit a small one, pretty much across the major FX board. AUD/USD has held basically unchanged on the session.
The Reserve Bank of Australia released updated forecasts in its quarterly Statement on Monetary Policy (SoMP) today. The Bank forecasts above target inflation right through to the end of next year, at least. This calls into question market perceptions that the Bank will be cutting interest rates mid-2023.
Also coming up over the weekend are trade data from China, for July.
