- MUFG expect no policy tweak from the BOJ until the October meeting
- RBNZ meet this week, on hold decision widely expected - preview
- Chinese tech stocks are rallying - investors see an end to crackdown
- China CPI for June 0.0% y/y (expected 0.2%) & PPI -5.4% y/y (expected -5.0%)
- PBOC sets USD/ CNY reference rate for today at 7.1926 (vs. estimate at 7.2132)
- Goldman Sachs says their "baseline view remains" that S&P500 will rise to 4500 by year-end
- RBC forecast the Federal Open Market Committee (FOMC) to raise Fed Funds rate 25bp in July
- Fees to be cut on around 1500 mutual fund products in China
- Chinese state media targets Goldman Sachs over "pessimistic" report
- Reserve Bank of Australia loses another senior official - Assistant Governor Luci Ellis
- Nomura have 3 reasons to be long USD/CAD, target is 1.37
- RBNZ policy meeting this week - NZIER Shadow Board recommends no change ot the cash rate
- Goldman Sachs says the West must invest over US$25bn to match China supply of rare earths
- US equities IYCMI: Bank of America "bull & bear" indicator more bearish than bullish @ 3.2
- US Treasury Sec Yellen met senior Chinese officials, "direct" & "productive" discussions
- ECB's Centeno expects inflation under 3% by the end of 2023
- ECB's Villeroy expects the Bank's interest rates to peak soon, and plateau for a long time
- Trade ideas thread - Monday, 10 July 2023
- Monday morning open levels - indicative forex prices - 10 July 2023
- Week Ahead: US and China CPI; BoC, RBNZ, BoK; ECB and Riksbank Minutes; UK Data
- Forexlive Americas FX news wrap: Nonfarm payrolls miss helps send the dollar sharply lower
News flow during the session was light. We did have a data focus, Chinese inflation data for June.
China's wholesale price inflation, PPI, deepened in June:
- missed expectations
- fell for a ninth consecutive month
- fell at its fastest pace in 7 years
Meanwhile the CPI was unchanged at 0% y/y.
While in China, a fee reduction as announced for more than 1500 mutual fund products. Combined with news from Friday on the finalising of the penalty for Ant Group, seen as opening a pathway to the group’s long-delayed IPO, Chinese stocks caught a bid, especially the tech sector.
USD/JPY was a mover in the FX space. It rallied 70 or points off its lows despite rising JGB yields. Other major FX rates traded small ranges only.
