- ANZ maintain their forecast for an RBA rate hike at the April and May policy meetings
- Fitch says recent developments in US will not cause major shifts in US monetary policy
- Initial wage hike results from Japan's Rengo spring negotiations are expected today
- New Zealand has banned TikTok from MPs' devices
- Yellen in Congress - confirmed $250K deposit insurance limit, bailouts not for all
- Japan econ min doesn't expect a big impact on Japan's economy for US bank/CS issues
- PBOC sets USD/ CNY reference rate for today at 6.9052 (vs. estimate at 6.9017)
- Westpac forecast an RBA rate pause at the April 4 meeting
- Singapore February Non-Oil Domestic Exports (NODX) -8.0% m/m (expected -0.5%)
- Japan finance minister Suzuki says Japan financial system remains stable
- PBOC interest rate decision due on Monday - analysts sees cut to support the economy
- Fox: First Republic Bank headed for possible sale after institutional bailout
- ECB hiked by 50bp, gave no hint on the future path. We'll get the first clue later today.
- US Energy Envoy Hochstein says Biden is committed to replenishing strategic oil reserve
- S&P affirms US at AA+; with Outlook Stable - continued economic resilience
- DoubleLine Capital CEO Gundlach says a US recession is probable by mid-July (this year)
- Forexlive Americas FX news wrap 16 Mar: ECB raises rates by 50 basis points
- ICYMI - ANZ expect crude oil above $100 / barrel in H2 of 2023 - tighter market ahead
- MUFG: US inflation data remained elevated enough to justify FOMC +25bp rate hike next week
- PIMCO's base case is a +25bp FOMC rate hike next week, but wary of a hawkish pause
- Trade ideas thread - Friday, 17 March 2023
The session was almost a blank space for fresh news and data relevant to major FX.
The response to the Credit Suisse CHF 50bn and First Republic Bank $US 30bn lifelines continued though, with AUD, EUR, NZD, GBP, CAD all higher against the US dollar. A US news outlet (Fox) reported that suitors are lining up to possibly purchase US$30bn for First Republic Bank.
Regional equities gained also.
Data was absent, except for Singapore exports for February, these disappointed (see bullets above for more).
Asian equity markets:
Japan’s Nikkei 225 +0.75%
China’s Shanghai Composite +1.6%
Hong Kong’s Hang Seng +1.8%
South Korea’s KOSPI +0.9%
Australia’s S&P/ASX 200 +0.25%
I posted earlier on the potential triple top in the AUD/USD
A trimming of risk exposure might be in order.