- ICYMI - China's Audit Office is conducting a review of the country's $3tn trust industry
- So far nothing of substance from China on the news Biden not relaxing tariffs
- PBOC sets USD/ CNY central rate at 6.7324 (vs. estimate at 6.7298)
- Australian August consumer inflation expectations 5.9% (vs. prior 6.3%)
- Goldman Sachs have 4 reasons not expect core US CPI to drop far from here
- COVID cases surging in China's Sanya
- Singapore central bank official says current monetary policy is appropriate
- Chinese city of Yiwu imposes an entire city lockdown for three days starting Aug 11
- Singapore Q2 GDP -0.2% q/q - MTI slashes 2022 growth forecast
- Premature to judge whether the Fed’s next move in September will be a 50 or 75 point hike
- Tentative signs of a PBOC rate cut by the end of next month
- More on U.S. rethinks steps on China tariffs in wake of Taiwan response
- Do the gold peeps have it right on the FOMC (spoiler, buckle up for much higher rates)
- Morgan Stanley maintains a tactical bullish bias on CHF, see further fall for EUR/CHF
- New Zealand house prices -2.8% m/m (median price)
- Trade ideas thread - 11 August 2022
- Microsoft is cutting contractors - number said to be in the hundreds. Hiring freeze also.
- Pelosi: House will pass the Inflation Reduction Act on Friday (as expected)
- Forexlive Americas FX news wrap: Softer CPI sends dollar to the dumps
- US stocks close sharply higher and near session highs
USD/JPY is trading back above 133.20 as I update after lows during the session circa 132.62. Apart from the yen, major FX traded in very small ranges in Asia post-CPI data in the US on Wednesday. What movement we did have was in the form of continued retraces of the sharp USD weakness witnessed after the data. A market holiday in Japan thinned out trading a little. When Japan is closed physical US bond trading in the APac region grinds to a halt. This does not always result in lacklustre forex moves but today it was quiet indeed.
Onshore yuan (CNY) was set by the People’s Bank of China at its strongest reference rate (lower USD/CNY) for a month.
News flow was light. US President Biden’s administration indicated it was not ready to scrap any China tariffs for now. China’s coronavirus situation worsened, again. The city of Yiwu, which is plays an important role in Chinese manufacturing and export is going full lockdown. For 3 days. We’ve heard ‘3 days’ many times in the past and it often stretches for months. For the folks in that city lets hope not this time,
Data flow was light. Singapore GDP contract q/q in Q2. Australian consumer inflation expectations declined a little on the month.
