- Bank of England's Huw Pill is speaking on the Bank's latest rate hike on Friday
- PBOC official says will use monetary policy tools flexibly for reasonably ample funds
- Chinese authorities say they'll be inspecting more financial firms
- China State Planner official says the economy will be stable, improve, in H2
- Chinese financial authorities say small firms, individual investors still face difficulty
- Chinese authorities conducted an inspection of Morgan Stanley this week
- Australian dollar tracking even higher after the SoMP - China announcement awaited
- RBA Statement says rates may need to go higher, full impact of rises so far not yet felt
- PBOC sets USD/ CNY reference rate for today at 7.1418 (vs. estimate at 7.1808)
- The People's Bank of China and China's State Planner will meet today, Friday 4 August 2023
- PBOC is expected to set the USD/CNY reference rate at 7.1808 – Reuters estimate
- UBS says markets are vulnerable to signs of no soft landing
- The Governor of the PBOC met with property developers, said he'd help out with funds
- US autoworkers union wants a 40% pay rise from Detroit automakers
- MUFG wary of USD/JPY rising to 145, but rule out above 150
- Goldman Sachs on the Fed vs. the ECB. Fed done hiking. One more to come from the ECB.
- US non-farm payrolls is the 1st of 4 critical data points ahead of the Fed Sept meeting
- US non-farm payrolls preview: "still strong demand for workers"
- ICYMI - Russia to cut oil exports by 300,000 barrels per day in September
- Forexlive Americas FX news wrap 3 Aug: US yields continue to move higher. USD is down.
- ICYMI - Russia's Finance Ministry says it'll begin buying gold and FX with oil revenue
- Trade ideas thread - Friday, 4 August 2023
- US equity close: A standstill ahead of non-farm payrolls
There was some FX movement during the session here even as traders looked ahead to the US employment report due later on Friday.
AUD and NZD were out-performers awaiting a news conference called in China by the State Planner, the National Development and Reform Commission of the People's Republic of China (NDRC), and the People’s Bank of China. The conference, at 10am Beijing time, resulted in further vague promises and piecemeal proposals. AUD and NZD dribbled back lower to retrace some of their gain on a ‘sell the fact’ basis.
From the Reserve Bank of Australia today we got the latest Statement on Monetary Policy (SoMP). There was little market-moving new information in it. The Statement repeated that the full impact of the rate hike cycle so far in Australia has yet to be seen and that rates would rise higher if needed. The revised forecasts indicated a still slow glide path lower for CPI, still above 3% at the end of 2024 according to the revised projections. The bottom line is still a hawkish bias at the RBA but a weaker one.
Asian equity markets:
Japan’s Nikkei 225 -0.1%
China’s Shanghai Composite +0.2%
Hong Kong’s Hang Seng +0.9%
South Korea’s KOSPI +0.2%
Australia’s S&P/ASX 200 -0.2%
US data tonight is a focus, July jobs report. Due at 8.30 am US Eastern time and 12.30 pm GMT.
There are previews in the points above:
