- Ray Dalio says central banks will cut rates ... in 2024
- A Chinese official says the PBOC will guide financing costs lower
- China vice commerce minister says foreign trade faces uncertainties and huge pressure
- Italian PM Draghi says no to a Chinese firm technology transfer deal with robotics company
- An ex-RBA Gov is warning on persistently high inflation & the need to sharply hike rates
- USD/JPY higher again in Asia time - what to watch for warn of imminent intervention
- PBOC sets USD/ CNY mid-point today at 6.6634 (vs. estimate at 6.6576)
- USD/JPY on the move higher in Asia (again) - through 133.00
- CBA is tipping the Reserve Bank of Australia to cut rates ... in late 2023
- Even oil at $150 a barrel, JP Morgan’s Kolanovic predicts stocks will reclaim 2022 highs
- Japan revised Q1 GDP -0.1% q/q (prelim -0.2%, prior +1.1%)
- Coming up on Wednesday, 8 June 2022 - The OECD will publish its latest Economic Outlook
- Oil news ICYMI - Libya production threatened again, Norway too
- ICYMI - US Treas Sec Yellen told senators that she expected inflation to remain high
- Ukraine says no agreement with Russia or Turkey to allow safe passage in the Black Sea
- China press reporting good news on Beijing coronavirus ... not so much for Shanghai
- Here are two factors that make a US recession "difficult to avoid"
- ICYMI: US has banned investors from buying any Russian debt or stocks in secondary markets
- Forexlive Americas FX news wrap: Target has bad earnings news but its good for inflation
- Trade ideas thread - Wednesday, 8 June 2022
- Private oil survey data shows headline build in crude oil inventory (draw was expected)
- US stocks post a strong turnaround after a poor start
The US day drew to a close with the release of the private survey of oil stocks (inventory), showing a headline build where a draw was expected. The oil price has done relatively little after that data. The official government survey of stocks will be published Wednesday morning, US time.
We had very little fresh news of note crossing, and not a lot of data either. Japanese economic growth for Q1 came not as bad as it had in the preliminary figures for that quarter released a f ew weeks prior. Japan's economy contracted 0.5% y/y in the January-March quarter:
- private consumption held up
- firms built inventory
- on the negative side, business capex fell
USD/JPY found a tailwind, again, rising above 133.00 today. It has not carried on much higher though. As I update its testing slightly back under the figure. There have been, so far at least, no comments out of Japanese authorities on the yen.
Some small US dollar strength was evident across other major FX. EUR, GBP, AUD, NZD, CAD and CHF all slipped a little. Ranges have been small though and as I post there is some retracement of these small moves going on for little net move mainly. USD/CHF is up a touch off its lows though.
Chinese tech stocks rose, helped along by an easing back of the tech crackdown (this yesterday, for example):
USD/JPY:
