- Shanghai cafe's US$850 cup of 'King of Coffee' brew creates buzz
- Bank of England officials Dhingra and Pill speak Tuesday
- CHF traders take note - SNB Chair Jordan is speaking on Tuesday
- US CPI preview - Deutsche Bank expect stubborn core CPI to inch higher, Fed may hike again
- UBS says US dollar to lose shine as 2024 progresses, like holding AUD (citing RBA rates)
- US Treas Sec Yellen: Higher interest rates a challenge to debt sustainability if they last
- Bank of Japan Deputy Governor Uchida says will not comment on FX levels
- US CPI will be eyed ahead of the December12-13 FOMC meeting
- PBOC sets USD/ CNY central rate at 7.1768 (vs. estimate at 7.2885)
- Japan Finance Minister Suzuki with some verbal intervention to prop up the yen
- Australian October Business Confidence -2 (vs. prior 0)
- Goldman Sachs say energy and gold potential effective hedges against geopolitical risks
- JP Morgan warns that bond yields above 5% could cause equities to struggle (Ya think?)
- Australian monthly consumer confidence -2.6% to 79.9 (prior +2.9%)
- US Retail Sales report preview: a 'tepid' result is expected
- Australian consumer confidence plummets to a 4-month low as the RBA raises cash rate
- Boosting wages: Chatter about of Japan tax breaks for companies driving inflation battle
- China's October financing data: Mixed results (ICYMI)
- Forexlive Americas FX news wrap 13 Nov: Quiet Monday trade ahead of US CPI tomorrow
- Central banks in NZ and Australia expected to cut rates from Q4 2024 says Goldman Sachs
- New Zealand food prices drop 0.9% in October 2023, impacting Inflation
- USD/JPY plunges on Monday US time, speculation surrounds Bank of Japan intervention
- A mixed Monday for the major stock indices. US CPI data to be released tomorrow.
- Trade ideas thread - Tuesday, 14 November 2023
Major FX rates traded in subdued ranges ahead of key US CPI data due later today (at 8.30 am US Eastern time). There are previews and ranges of estimates (for headline and core) in the points above.
News dribbled out that Japan's government is considering tax breaks for firms that grant 8% wage increases. It came via Japanese media, Yomiuri, and may help explain the sharp yen appreciation on Monday morning in the US, although I have seen other narratives offered up (again, see bullets above).
From Japan today we had various figures in the administration saying the yen should trade stably and according to fundamentals. With Japanese short-term rates negative and US short term rates circa 5% who would like to tell these pompous finger-waggers that it sure seems like it is trading according to fundamentals already?
During the session here USD/JPY tracked little more than a 15-point range. Other major FX rates traded similarly sideways.
US Treasury Secretary Yellen seems to have inadvertently dropped a truth-bomb saying that higher interest rates would create a challenge to debt sustainability if they last. Incongruously, she also said she disagrees with Moody's decision to move the US rating to a negative outlook.
Coming up:
- US CPI preview - Deutsche Bank expect stubborn core CPI to inch higher, Fed may hike again
- US CPI will be eyed ahead of the December12-13 FOMC meeting
- (Wednesday) US Retail Sales report preview: a 'tepid' result is expected
