- ANZ expect a subtle shift from the BOJ at this week's meeting - to less dovish
- AUD not a lot changed after the Reserve Bank of Australia minutes, small dribble lower
- ICYMI - Chevron’s CEO sees oil prices getting “close” to reaching the $100-a-barrel level
- RBA Sept meeting minutes: Considered a 25bp rate hike or on hold alternatives
- PBOC sets USD/ CNY central rate at 7.1733 (vs. estimate at 7.2839)
- US Air Force says a debris field has been found after search for a missing F-35 fighter
- Reserve Bank of Australia September meeting minutes are due soon - preview
- Bank of America joins in on US 'disinflation' - its on track and consumer is flexing
- Australian Weekly ANZ Roy Morgan Consumer Confidence survey 79.8 (vs. prior 77.6)
- Canadian inflation data for August is due on Tuesday, 19 September 2023 - preview
- US autoworkers strike - a hit to the US economy and an inflationary impulse
- Morgan Stanley says investors are expecting equity weakness into 2024
- US auto worker strike: Stellantis’ latest offer could lead to the closure of 18 facilities
- Canadian Finance Minister Freeland said government will do all it can to stabilize prices
- BlackRock cut Chinese equities to neutral from overweight - China property sector a drag
- Citi says oil could briefly touch $100/bbl, but even $90 is not sustainable
- Forexlive Americas FX news wrap: US home builder sentiment unexpectedly sinks
- Trade ideas thread - Tuesday, 19 September 2023
- Major indices close with tiny gains
Asian FX markets once again traded in limited ranges awaiting the outcome of the Federal Open Market Committee (FOMC) meeting on Wednesday, 20 September 2023.
News and data flow was very light.
On the central bank front we had the People’s Bank of China once again setting the USD/CNY reference rate over 1100 points away from the modelled estimate. The Bank set the rate at 7.1733 vs. the estimate at 7.2839. The Bank continues to enforce a stronger yuan.
We also had the release of the Reserve Bank of Australia’s September meeting minutes. The Bank appears set on trying to convey a hawkish tilt to its deliberations, but it also said that the “recent flow of data was consistent with inflation returning to target within a reasonable timeframe while the cash rate remained at its present level.” Which is strongly suggestive of no further rate hikes. As I have mentioned previously the next critical data point is the quarterly inflation data due from the Australian Bureau of Statistics on October 25. Until we get that data point the November RBA meeting is best though of as a 'live' meeting. We'll be able to make a better assessment after that inflation data.
Asian equity markets:
Japan’s Nikkei 225 -1.2%, a lot lower after Monday was a holiday for the markets in Japan
China’s Shanghai Composite -0.1%
Hong Kong’s Hang Seng +0.02%
South Korea’s KOSPI -0.3%
Australia’s S&P/ASX 200 -0.5%