- Trump to speak at Bitcoin 2024 conference in Nashville in late July
- AUD/USD hits a 6 month high with USD lower across the majors board
- Ten investment bank forecasts for June US CPI due later on Thursday, 11 July 2024
- US CPI data due Thursday. Here are the ranges of estimates (& why they're crucial to know)
- Bank Korea drops phrase 'upside risks to inflation forecasts have increased' from statemt
- PBOC sets USD/ CNY central rate at 7.13 (vs. estimate at 7.2730)
- Australian Inflation Expectations 4.3% (prior 4.4)
- Bank of Korea monetary policy meeting - leaves base rate unchanged @3.5%
- Japan's core machinery orders missed estimates for a rise m/m in May - recap
- Fed's Cook says would be responsive if unemployment rate situation changes quickly
- China announced more short-selling curbs, pledged tighter scrutiny of programme trading
- Japan Core Machinery Orders (May 2024) -3.2% m/m (vs. expected +0.8%)
- US President Biden to hold a press conference at 5.30pm Washington time on Thursday
- Fed's Cook sees US soft landing: lower inflation, no significant jobless rise
- Australian data - CBA's household spending survey +0.6% m/m in June (prior +1.1%)
- New Zealand data - June Food Price Index +1.0% m/m (prior -0.2%)
- Goldman Sachs expand crypto offerings, to launch three tokenization projects by year end
- Bill Hwang joins the list of famous Wall Street figures who have been sentenced to prison
- "We finally got a noticeable softening in tone" from the RBNZ, to cut in November
- ANZ on what to watch for timing the first RBNZ interest rate cut. Spoiler, next week's CPI
- BNZ forecast a November rate cut from the RBNZ (previously February)
- Powell's interest rate pivot might prove more durable than the one at the end of last year
- Fed Powell helps the stocks reach a record close once again for the S&P and Nasdaq
- Forexlive Americas FX news wrap: The good times roll into Thursday's CPI report
- Trade ideas thread - Thursday, 11 July, insightful charts, technical analysis, ideas
It was a light day for news and data. From Japan we had the latest machine order data, more in the bullets above on this, but it was a disappointment and the Cabinet Office downgraded its view on the series saying the pick-up that had been seen was stalling.
On the central bank front, Federal Reserve Board Governor Lisa Cook spoke, saying a soft landing would be more likely “when policy easing began with inflation already close to target and when there was a relatively firm growth backdrop". ‘Close to target’ is the key here, reaffirming the Fed won’t be waiting until 2 % is hit before easing.
The Bank of Korea left its benchmark rate unchanged at 3.5%. In its statement the Bank dropped the phrase 'upside risks to inflation forecasts have increased', increasing expectations of a rate cut (markets are expecting a cut sometime between August and October).
Major FX tracked small ranges only. There was a bout of US dollar weakness. No fresh catalyst was obvious.
US CPI data is due today at 1230 GMT, 0830 US Eastern time – check out the post above on ‘ranges of estimates’ to be prepared for any surprise that might surface.
US political drama/circus will get renewed impetus on Thursday afternoon US time with US President Biden holding a press conference after the NATO meeting.
AUD/USD hit a six month high:
