Gold smashes higher, $2440 hit for record high
Forexlive
by Eamonn Sheridan, www.forexlive.com
58m ago
If you are looking for a catlyst the helicopter crash is as good as any I'd suggest.Which sound plausible but oil is asleep. And gold has been a tear for quite a while. The latest on the chopper crash is a Turkish drone has sighted the wreckage. rescue teams are about 30 minutes away. A helicopter carryingg Iranian President Ebrahim Raisi has suffered a "hard landing", Iranian state media reported The risk is that scapegoats are sought and the US / Israel etc get blamed. Earlier: A helicopter carrying Iranian president Ebrahim Raisi and other leaders has gone missing This article was writt ..read more
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PBOC sets USD/ CNY central rate at 7.1042 (vs. estimate at 7.2162)
Forexlive
by Eamonn Sheridan, www.forexlive.com
58m ago
The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead. USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate. CNH is the offshore yuan. USD /CNH has no restrictions on its trading range. A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC. The previous close was 7.2254 - PBOC injects 2bn via 7-day RR, sets rate at an unchanged 1.8% 2bn mature today thus neutral in OMOs today This article was written by Eamonn Sheridan at www.forexlive.com ..read more
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China sets 1 and 5 year LPR rates unchanged, as expected
Forexlive
by Eamonn Sheridan, www.forexlive.com
58m ago
1-year Loan Prime Rate 3.45% expected and prior of 3.45% 5-year Loan Prime Rate 3.95% expected and prior 3.95% Last week the MLF rate was set unchanged, this is usually (not always) a reliable guide that LPR rates will remain unchanged. The MLF was unchanged in February but we got a big cut to the 5-year LPR. PBOC Rate CUT ___ (LPR): 1-year 3.45% (prior 3.45%) 5-year 3.95% (prior 4.20%) The 1 year rate was last changed in August 2023: PBOC Loan Prime Rates (LPR) CUT: 1-year 3.45% (prior 3.55%) & 5-year 4.2% (prior 4.20%) --- The PBOC's Loan Prime Rate (LPR): Its an interest rate ben ..read more
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USD/JPY around 155.90
Forexlive
by Eamonn Sheridan, www.forexlive.com
58m ago
Thee is no fresh news nor data from Japan.Yen is opening the new weak on a weak move, USD/JPY back towards 156.00. The area is resistance. The third go is often the break, but is this it? Stay tuned! This article was written by Eamonn Sheridan at www.forexlive.com ..read more
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Bank of England Deputy Governor Ben Broadbent is speaking on Monday
Forexlive
by Eamonn Sheridan, www.forexlive.com
58m ago
0900 GMT / 0500 US Eastern time (for the early birds): Bank of England Deputy Governor Ben Broadbent speaks at a central bank workshop on the monetary policy transmission mechanism June or August is looking likely to a rate cut from the Bank of England: Rate cut? The Bank of England Monetary Policy Committee won’t be rushed This article was written by Eamonn Sheridan at www.forexlive.com ..read more
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PBOC is expected to set the USD/CNY reference rate at 7.2162 – Reuters estimate
Forexlive
by Eamonn Sheridan, www.forexlive.com
58m ago
People's Bank of China USD/CNY reference rate is due around 0115 GMT. The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a "band," around a central reference rate, or "midpoint." It's currently at +/- 2%. How the process works: Daily midpoint setting: Each morning, the PBOC sets a midpoint for the yuan against a basket of currencies, primarily the US dollar. The ce ..read more
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PIMCO says Federal Reserve and RBA’s next move is more likely a cut rather than a hike
Forexlive
by Eamonn Sheridan, www.forexlive.com
2h ago
Snippet from PIMCO in Australia on the Reserve Bank of Australia and Federal Reserve, highlighting 4 things both Banks see, which will lead to lower rates: when headline inflation is 8-9% and underlying inflation is at 5-6%, then of course, the inflation part of their mandate takes complete primacy. But now that inflation has moderated a lot and underlying inflation is around 3.5%, closer to target but not quite there, then there's greater balance between the inflation part of their mandates and employment part of their mandate. They want to lock in or preserve as much of the employment gains ..read more
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Oil - Morgan Stanley expect demand growth greater than normal
Forexlive
by Eamonn Sheridan, www.forexlive.com
2h ago
Via a note from Morgan Stanley, analysts at the firm expect oil demand to grow at a rate above its historical trend this year. 2024 is arguably the first ‘normal’ year in a while in which oil demand is mostly reflecting slower-moving drivers, such as economic growth, population expansion, government policies and technological change What we are finding is this: not only is oil demand continuing to grow, but it is doing so at a rate above the historical trend rate. Given the focus on ‘peak oil demand’ in recent years, this is actually somewhat of a surprise. In April Morgan Stanley cranked up ..read more
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UBS expect the Federal Reserve to cut rates later this year - here's why
Forexlive
by Eamonn Sheridan, www.forexlive.com
3h ago
Via a Friday note from UBS, analysts at the bank say: “We continue to believe recent economic data underpin our view that a return of disinflation should allow the Fed to start easing policy later this year” UBS say data in recent weeks has been a little softer. On inflation specifically, UBS point to price pressures easing in recent months in categories such as shelter. This should bring the CPI down in the months ahead. --- Fed officials have been saying that one month's improvement in inflation will not be enough. If we assume 3 months would be needed, ie. a quarter (and yeah, this is just ..read more
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Strong evidence suggest significant Chinese FX intervention in April to prop up CNY (yuan)
Forexlive
by Eamonn Sheridan, www.forexlive.com
5h ago
This points to significant Chinese forex intervention in April. And there are no signs that is diminishing. There is a thread of tweets on this, check it out @Brad_Setser --- The pressure for yuan devaluation is building. This article was written by Eamonn Sheridan at www.forexlive.com ..read more
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