- Swiss National Bank's Schlegel and Moser are speaking on Thursday
- Bank of Japan Governor Ueda will speak soon
- Senior Deputy Governor of the Bank of Canada Carolyn Rogers will be speaking on Thursday
- Ex-BOJ official says BOJ may end negative rates in January
- Fed’s Harker says FOMC will stay higher for longer, no sign of near-term rate cuts
- China October CPI -0.1% m/m (vs. expected +0.0%)
- PBOC sets USD/ CNY central rate at 7.1772 (vs. estimate at 7.2723)
- Goldman Sachs ramp up optimism on economy - low recession risk, lower inflation, rate cuts
- Senior China military official promises ready to work with Russia
- BOJ October meeting summary - USD/JPY little changed in response
- ICYMI: Russia is considering lifting an export ban on some grades of gasoline
- Citi boost 2023 China growth forecast well above 5%: economy has hit its cyclical trough
- Heads up for Federal Reserve Chair Powell speaking again on Thursday
- US military strikes targeting Iran-backed terrorists in eastern Syria
- UBS bullish oil - forecast Brent crude toward $100 / barrel, potential for $110
- ICYMI - Former ECB President Draghi says a eurozone recession is almost sure to happen
- Forexlive Americas FX news wrap 8 Nov:The USD moves higher. Nasdaq/S&P win streaks extends
- Fed's Jefferson doesn't comment on monetary policy or his economic outlook
- Senior UK Treasury official says the UK is not at a recession now
- Trade ideas thread - Thursday, 9 November 2023
- The S&P and Nasdaq extend their winning streaks
The Pentagon confirmed that the US had launched an airstrike on a facility in eastern Syria used by Iranian-backed militias, in retaliation for what has been a growing number of attacks on bases housing US troops in the region for the past several weeks. The strike was on a weapons storage facility linked to Iran’s Revolutionary Guard. The news contributed to the small retrace higher for oil prices after Wednesday’s further slump.
From China today were inflation data for October, still very subdued, and indeed both CPI and PPI came in negative. China's National Bureau of Statistics (NBS) pointed at softening food prices as the big contributor.
We had comments hit the wires from Federal Reserve Bank of Philadelphia President Patrick Harker. There was nothing to surprise traders in his remarks with
- ‘higher for longer’,
- need to assess the impact of past rate hikes,
- moves ahead will depend on the data,
- and there is no sign of any near term rate cuts
all featuring.
While on central banks, an ex-BOJ official, former executive director in charge of monetary policy during the pandemic (and also once head economist at the Bank of Japan) Eiji Maeda said he thinks the Bank could end its negative interest rate policy as soon as January “if it judges that inflationary pressure is rising" (see bullets above for more). USD/JPY barely responded.
Major FX rates traded in small ranges only with little to prompt movement crossing during the session.
