- More from New Zealand Deputy PM Robertson - NZ needs fiscal stabilisation
- Federal Reserve speakers due Thursday, 6 October 2022 -
- New Zealand Deputy PM Robertson: I'm not concerned over the longer-term outlook for NZD
- More on news that the US Plans to Ease Venezuela Sanctions, Enabling Chevron to Pump Oil
- Reuters poll of analysts, about half think GBP/USD will fall to parity by the end of 2022
- NZD/USD - Soc Gen say to watch 0.6010/0.6060 for signal to continue downtrend
- ANZ World Commodity Price Index (New Zealand) -0.5% in September
- Australia August exports +3% m/m (prior -9.9%) & imports +4% (+5.2%)
- OPEC+ 2mn bbl/day cut; not what it seems, but it signals the cartel will support the price
- FX option expiries Thursday, 6 October 2022 New York cut
- European Central Bank monetary policy meeting minutes are due on Thursday, 6 October 2022
- Bank of America projects market will buy dips then "USD/JPY is likely to test 150 by 1Q23"
- Hedge fund: “Things are breaking ... investors need some strategies to own the tails”
- Goldman Sachs: S&P500 could fall to 3150 (by mid-2023) in the case of a hard landing
- WSJ: U.S. Plans to Ease Venezuela Sanctions, Enabling Chevron to Pump Oil
- Australian Construction PMI for September 46.5 (prior 47.9)
- Fitch slashes its outlook for the Bank of England
- Commerzbank says "We are downwardly revising our gold price forecast"
- Fitch rating agency says higher USD will add to the macro headwinds faced by US firms
- Trade ideas thread - Thursday, 6 October 2022
- US says the oil output cuts "align Opec with Russia"
- US major indices close with modest declines
- Forexlive Americas FX news wrap: OPEC makes a big cut, ISM services beats estimate
- Fed's Bostic says the fight on inflation is still in its early days
The US dollar lost a few points during the session, with AUD, NZD notable gainers. EUR, GBP, CAD were all higher against the USD also but trailed behind OZ and NZ.
Australian trade surplus data today also showed strong imports of consumer goods (and thus strong domestic demand), giving a tailwind to the AUD.
The CHF also added on a few points against the dollar while USD/JPY is very little net changed on the session.
Late in the US day (after 4pm) Atlanta Fed President Bostic spoke. He maintained the hawkish drum beat coming from Fed officials.
Thee was news on oil, the Wall Street Journal reporting that the Biden administration is looking at potentially easing sanctions on Venezuela to allow Chevron to export more oil out of the country. The main caveats to this are, one, the US administration wants to see Maduro allowing opposition parties to be more active. This seems unlikely. And two, even if this was achieved it would likely be years before Chevron could pump meaningful volumes out of the country. Oil is a touch weaker on the session here.
Regional equities were mixed following the soft lead from Wall Street on Wednesday.
NZD and AUD were leaders:
