- October CBA household spending falls m/m (rate hikes impacting consumption)
- Goldman Sachs forecasts 2024 US economic growth at 2.1%
- European Central Bank Vice President Luis de Guindos keynote speech at Euro Finance Week.
- Westpac forecasts that the RBA will hold rates now, but risks loom
- Bank of England Monetary Policy Committee Member Catherine Mann to discuss monetary policy
- China considers buying Boeing 737 Max, signals thaw in US relations
- Barclays say the cure for plunging bond prices may be worse than the disease
- PBOC sets USD/ CNY reference rate for today at 7. 1769 (vs. estimate at 7.2889)
- Expert Insights: Morgan Stanley and Goldman Sachs diverge on Fed rate cut forecasts
- RBA Assistant Governor Kohler says there is no doubt that interest rates are restricitive
- UK data - Rightmove House Price index for November -1.7% m/m (prior +0.5%)
- Japan PPI for October -0.4% m/m (expected 0.0%) and +0.8% y/y (expected +0.9%)
- RBA official says decline in Australian inflation to be slower than previously forecast
- Biden and Xi's high-stakes meeting in San Francisco amidst rising global tension
- New Zealand Services PMI drops into contraction: economic angst ahead?
- Barclays analysts slash Brent crude oil price forecast, but say demand concerns overblown
- Cyberattack halts operations at major Australian ports: DP World Australia
- Iraq Kurdistan region oil exports look set to resume - talks with Turkey, oil firms, Kurds
- US airstrikes against Iran-backed militias in Syria; targets weapons storage facility
- Asian Economic Calendar: Key Events and Consensus Expectations for November 13, 2023
- Trade ideas thread - Monday, 13 November 2023
- Week Ahead: Highlights include Biden-Xi meeting, US CPI, China activity data
- Weekly Market Outlook (13-17 November)
- Moody's changes outlook on USA soverign ranking to negative, affirms Aaa-rating
- Forexlive Americas FX news wrap: Big gains for stocks, FX unimpressed
The yen weakened during the session here to open the week, inching towards its recent high circa 151.70. The only news to go on were the PPI (AKA the corporate good price index) data for October, which dropped under 1% for the first time since February 2021. The Bank of Japan view core consumer inflation (CPI) as likely to drop from current high (for Japan) levels and with less pressure coming from this lower ‘wholesale’ inflation rate it seems the Bank may be correct. With CPI likely unsustainable above 2%, its looks very much like BOJ monetary policy will remain easy for still some time to come.
EUR/JPY hit its highest since 2008.
Elsewhere across major FX rates moves were restrained. USD/CAD has traded a little higher absent any fresh news of note.
An RBA official today reiterated that the decline in Australian inflation was expected to be slower than previously forecast, saying that still-strong levels of demand have allowed businesses to pass on cost increases. AUD/USD did little during the session in response.
Of interest of China we had Fitch Ratings saying it plans to withdraw all the ratings on Country Garden Services Holdings Company Limited. Country Garden is a huge property developer engulfed in a debt crisis. As are so many others.
more to come