- AUD traders heads up - RBA (Hunter) speaking on Wednesday
- South Korean stock markets to close for a temporary holiday (October 1)
- Two items to watch in China's trade balance data due soon
- Australian August business confidence -4 vs. prior +1
- South Korea warn that rapid pick-up in household debt may turn into systemic risk.
- PBOC sets USD/ CNY central rate at 7.1136 (vs. estimate at 7.1140)
- Australian Westpac Consumer Confidence Index (September 2024) 84.6 (prior 85.0)
- ECB eyes rate cut amid weakening outlook - preview of the September 12 meeting
- Japan PM contender Kato wants folks to have higher wages
- Morgan Stanley on US equities at risk from a further unwinding of yen-funded carry trades
- More on the failed changes at the Reserve Bank of Australia
- Sales for New Zealand's manufacturing sector improved in Q2
- Goldman Sachs on 3 reasons China's economy is going to trun better
- The changes proposed for the Board of the RBA have failed
- Fed to halve biggest banks' capital hike in latest Basel plan, from 19% to 9%
- A recession will engulf Europe early next year
- It "wouldn’t take much for the Fed to be behind the curve", then "a string of 50bp cuts"
- Barclays rule out a 50bp FOMC rate cut in September, see 3 consecutive 25bp rate cuts
- ICYMI - Morgan Stanley have cut its oil price forecast again, see Brent @ $75 / bbl in Q4
- Forexlive Americas FX news wrap: US dollar firms further and risk rebounds
- Trade ideas thread - Tuesday, 10 September, insightful charts, technical analysis, ideas
Yen crosses were on the move again today, with USD/JPY trading up to just above 143.50. We didn’t have much in the way of news nor data out of Japan. We did get comments from Katsunobu Kato, Japan's former health minister and a candidate running in the ruling
party leadership race. He called for a fresh stimulus package to fund spending to boost domestic investment and capex. Also said Japan must double households' income by promoting wage hikes. Double? Really? While correlation is not causation this was in the midst of the yen falling today. What a weird thing to say/promise. Politicians, eh? Kato added that Japan is on the verge of emerging from deflation.
From Australia today was plenty of woeful data:
- consumer sentiment slumped from an already poor level
- business confidence and conditions slumped also
If there was a glimmer of light in the data it was mixed results on inflation indications in the business survey. Growth in labour costs eased back. But purchase cost growth accelerated in the quarter, as did retail prices.
Apart from the yen major FX was bound in small ranges only.
