- Federal Reserve speakers Tuesday include Bostic, Waller, Kashkari and Daly
- Inflation indicators coming up later this week in the US: PPI, CPI
- Japan fin min Suzuki: Current yen weakening caused in part by interest rate differentials
- European Central Bank President Lagarde speaking Tuesday on systemic shocks
- North Korea's state media issued a statement saying that an "important report" coming up
- China Country Garden failed to make a HKD470mn payment
- PBOC sets USD/ CNY central rate at 7.1781 (vs. estimate at 7.2758)
- Reports that an airstrike hit an Iranian weapons convoy crossing from Iraq into Syria
- Financial Times reports that "Saudi Arabia stands by Palestinians, crown prince says"
- World Bank chief economist says rising Asia debt levels could hold back growth
- Australian September business confidence unchanged at +1
- Japan data: Current account balance comes in well under consensus
- US Treasury yield at 4.64% in Asia trade, significantly lower than late Friday levels
- Australian October Consumer Confidence +2.9% m/m to 82.0
- Morgan Stanley says the near-term risk to oil supply is limited
- UK data: BRC Like-for-like sales +2.8%, Barclays Consumer spending +4.2%
- Goldman Sachs says unlikely to be any impact on main fundamental drivers of oil price
- Australian Weekly ANZ Roy Morgan Consumer Confidence survey 80.1 (prior 78.2)
- White House - not seen hard tangible evidence Iran directly involved in attacks on Israel
- China - Maike Metals founder, He Jinbi ("Chinese Copper Tycoon") taken away by police
- US is "surging" supplies of air defenses, munitions, other security assistance to Israel
- Joint statement from US, UK, France, Italy & Germany: Will support Israel defending itself
- Goldman Sachs looking for higher USD/JPY - no change to BOJ negative rates until 2025
- Forexlive Americas FX news wrap 9 Oct: USD moves lower as mkts react to geopolitical risk
- ICYMI: Yellen says the US “very likely” to move to enforce $60/barrel limit on Russian oil
- RBC says US stocks are able to “weather the current surge in interest rates”
- Major US indices snatch victory from the jaws of defeat
- BoE MPC member Mann says wage and price inflation are sticky downwards
- Trade ideas thread - Tuesday, 10 October 2023
The initial move for the USD here in Asia was weaker, following its losses in US Monday trade. EUR, AUD and others all traded higher in the early part of the Asia morning. US Treasury yields confirmed lower with cash trading opening Japan after their holiday on Monday, and the bond market holiday on Monday in the US also.
The USD soon turned around, though, and as I update its net just a touch stronger on the day.
News flow was light. Thee were a few pertinent items (see above) but impact was minimal.
In data flow the most noted was the National Australia Bank Business Survey, which showed steady business confidence, at a very low level, and lower but still resilient business conditions. The detail was more interesting, the survey uncovering a substantial easing in business cost pressures:
growth in labour costs was 2% higher in the past three months, down from the prior higher 3.2%
purchasing costs also dripped lower, down to 1.8% from to 2.9%
Oil was stable:
