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- Reminder - China is on holiday today (markets closed, no yuan fixing)
- New Zealand economists downgrade their forecasts for economic growth and the NZD
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- Biden plans to broaden curbs on US shipments to China of semiconductors
- Sweden's election is on a knife-edge, PM Andersson says will not have a result tonight
- US equity index futures open higher as the new week's trade begins
- White House officials have grown increasingly alarmed over Russia / Europe energy crisis
- Heads up for an Australian market holiday announced - Thursday 22 September 2022
- US railroad strike looks likely to trigger another surge in food price inflation
- European Central Bank will need to take interest rates into "restrictive territory"
- ECB's Elderson says further rate hikes ahead despite risks to the economy
- ECB's Nagel signals further rate hikes as inflation will hit at a far-too-high level
- Comments from a senior Japanese official: must take steps against 'excessive' yen moves
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- European negotiators question Iran's commitment to nuke deal talks - Iran hits back
- Yellen said gasoline prices could spike when the EU significantly cuts buying Russian oil
- Monday morning open indicative forex levels - EUR & GBP higher
- Week ahead: Highlights include US CPI, China activity data, UK data
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EUR/USD and GBP/USD showed significant price gaps higher in very, very early Asia trade Monday morning (when the only active market was New Zealand, and even prior). It was difficult to pinpoint any new development at all to account for the bids. AUD/USD, NZD/USD, USD/JPY and USD/CHF all showed downside gaps. A very mixed bag.
Weekend news from the war was of Ukrainian recaptures of occupied areas. From the ECB we had some officials, and also unnamed sources, warning of further rate hikes to come (but we know this already). Yellen flagged likely rising gasoline (&oil) prices ahead as the price cap on Russian oil takes effect and the hapless invaders take revenge.
As the morning rolled on the gaps retraced. USD/JPY recovered from its hole to trade a little higher. EUR/USD and GBP/USD did not fully retrace their up gaps.
From China we had news of further restrictions in Beijing in response to rising cases. While the news out of Iran talks (see bullets above) were net bullish for oil the worries over demand (China restrictions, for example) provided a (greater) headwind and prices for WTI and Brent fell on the session. It was a market holiday in China (and Hong Kong).
After an encouraging open higher move US equity index futures filled that gap, too, dribbling off a little.
Oil:
