- ECB's de Cos will speak on Thursday - topic is the future of globalization
- Two Bank of England speakers on the agenda Thursday, 28 September
- The yield on the 10 year JGB has hit its highest since September 2013
- Japan finance minister Suzuki says its important for currencies to move in stable manner
- Australian August retail sales +0.2% m/m (vs. expected +0.3%)
- PBOC sets USD/ CNY reference rate for today at 7.1798 (vs. estimate at 7.3239)
- Brent - Oil on a rip higher in Asia trade
- Trading in shares of troubled Chinese property developer Evergrande suspended in HK
- China's PMIs for September will be released during the long holiday over the weekend
- New Zealand data - September business confidence improves from August
- BOJ intervention to support the JPY could get a boost from 'risk off' sentiment
- UK car output fell y/y in August, snapping a six-month growth streak
- Bank of America, higher US rates still to come?
- South Korean automakers Hyundai and Kia are recalling 3.3 million vehicles in the US
- Fed's Bowman speaking in New Zealand - no comments on economy nor monetary policy
- White House enumerates 4 headwinds for the US economy
- North Korean dictator Kim says increasing production of nuclear weapons is an urgent task
- Nomura raises China GDP forecast (yes, raise). BoA sees green shoot in China profit data.
- Goldman Sachs says the probability of a US government shutdown is now 90%
- Forexlive Americas FX news wrap 27 Sep: USD index rises to highest level in 10 months
- UBS have slashed their year-end target for EUR/USD to 1.06 (from 1.12)
- US stock indices close mixed in up and down session
- Trade ideas thread - Thursday, 28 September 2023
Oil continued its price move higher during the Asian session. There was no fresh catalyst, the forces of:
- demand rising
- supply being held back
- inventories falling
carried on supporting the price.
The data focus during the session was on Australian retail sales for August, which came in at a miss. Sales gained 0.2% m/m (0.3% was the consensus) and just 1.5% y/y. AUD and NZD rose against the USD during the session as their rebound from late in the US afternoon persisted.
USD/JPY dribbled back towards 149.40.
The People’s Bank of China is continuing to hold the CNY (and therefore the CNH also) from falling too far in value further. The modelled estimate for the mid-rate was above 7.32 but the PBoC set USD/CNY on the 7.17 big figure again today. The difference was over 1440 points and another record-high divergence. ICYMI, China will be out on holiday beginning Friday, 29 September 2023 right through next week.
Asian equity markets:
Japan’s Nikkei 225 -1.7%
China’s Shanghai Composite +0.04%
Hong Kong’s Hang Seng -1.3%, Evergrande shares suspended
South Korea’s KOSPI +0.1%
Australia’s S&P/ASX 200 0.0%
Brent crude:
