ForexLive Asia-Pacific FX news wrap: USD slips a little - Trump shots - Weak China data
UBS says gold is its "Most Preferred" in its global asset allocationWSJ opinion piece argues the Fed should cut by a 50bp, not 25BoA analysts are not expecting much clarity from the FOMC this weekICYMI - China quietly slipped out very weak data over the weekendReminder - there is no reference rate setting for the yuan today (CNY) - China on holidaysUBS on the data ahead of the FOMC meeting - what could trigger a 50bp interest rate cutUK house price indicator has its biggest September m/m rise since 2016New Zealand Services PMI August 2024: 45.5 (prior 45.2)RBNZ says material monetary policy surprises are relatively rare.Trump complains "What's going on?" when his stock trading is haltedTrade ideas thread - Monday, 16 September, insightful charts, technical analysis, ideasChinese and Japanese markets are closed today, Monday, September 16, 2024, for holidaysTrading CME equity index futures? Don't forget the rollover right about now: December 2024Weekend - Bank of Canada governor raises prospect of faster rate cuts, FT reportsThe FBI are treating the shooting incident as an assassination attempt on TrumpTrump on the Sunday shooting, says he is safe and well, will never surrenderTrump shooting (he's unharmed) - Checking indicative FX rates - 16 September 2024More on the Trump shooting (Trump is unharmed) - Secret Service returned fireGunshots fired "in the vicinity" of Trump - Trump is unharmedNewsquawk Week Ahead: FOMC, BoJ, BoE, US & UK Retail Sales, UK, Canada & Japan CPIWeekly Market Outlook (16-20 September)China August: Retail sales +2.1% y/y (expected +2.5) Industrial production +4.5% y/y (4.8) There was ongoing chatter about the likelihood of a 50bp interest rate cut from the US Federal Reserve’s Federal Open Market Committee (FOMC) on September 18. This weighed on the US dollar during the session here. EUR, GBP and JPY all rose against the USD, albeit in limited ranges. Activity was limited during the session with China, Japan, and South Korea all closed for holidays. China will remain closed tomorrow, Tuesday. -That summary doesn’t capture a flow of news and data from the weekend and into the session. The big news was in US politics, where shots were fired ‘in the vicinity’ of ex-President Trump. It appears that Trump’s protective Secret Service detail engaged a suspected shooter, firing shots. Trump was a good distance away and was completely unharmed, thankfully. The FBI is treating the event as an attempted assassination attempt on Trump, the second in 60 days. Also of note, on Saturday China’s National Bureau of Statistics (NBS) released very poor data for economic activity in August, and for home prices slumping at a more rapid pace in August than in July (July stabilisation measures appear to have dissipated). On the economic data for August (more in the points above):retail sales were very disappointing (consumption remains weak)industrial output growth was the slowest since March (domestic demand remains weak)youth unemployment remained very high, above 17%As is usually the case the weak data brought calls for increased stimulus. If the pattern of the past couple of years persists any further stimulus will be piecemeal only, though. On the central bank front, Bank of Canada Governor Macklem was interviewed by the Financial Times. He raised the prospect of quicker cuts ahead, citing the labour market pointing towards downside risks. USD/JPY remained heavy: This article was written by Eamonn Sheridan at www.forexlive.com.
- UBS says gold is its "Most Preferred" in its global asset allocation
- WSJ opinion piece argues the Fed should cut by a 50bp, not 25
- BoA analysts are not expecting much clarity from the FOMC this week
- ICYMI - China quietly slipped out very weak data over the weekend
- Reminder - there is no reference rate setting for the yuan today (CNY) - China on holidays
- UBS on the data ahead of the FOMC meeting - what could trigger a 50bp interest rate cut
- UK house price indicator has its biggest September m/m rise since 2016
- New Zealand Services PMI August 2024: 45.5 (prior 45.2)
- RBNZ says material monetary policy surprises are relatively rare.
- Trump complains "What's going on?" when his stock trading is halted
- Trade ideas thread - Monday, 16 September, insightful charts, technical analysis, ideas
- Chinese and Japanese markets are closed today, Monday, September 16, 2024, for holidays
- Trading CME equity index futures? Don't forget the rollover right about now: December 2024
- Weekend - Bank of Canada governor raises prospect of faster rate cuts, FT reports
- The FBI are treating the shooting incident as an assassination attempt on Trump
- Trump on the Sunday shooting, says he is safe and well, will never surrender
- Trump shooting (he's unharmed) - Checking indicative FX rates - 16 September 2024
- More on the Trump shooting (Trump is unharmed) - Secret Service returned fire
- Gunshots fired "in the vicinity" of Trump - Trump is unharmed
- Newsquawk Week Ahead: FOMC, BoJ, BoE, US & UK Retail Sales, UK, Canada & Japan CPI
- Weekly Market Outlook (16-20 September)
- China August: Retail sales +2.1% y/y (expected +2.5) Industrial production +4.5% y/y (4.8)
There was ongoing chatter about the likelihood of a 50bp interest rate cut from the US Federal Reserve’s Federal Open Market Committee (FOMC) on September 18. This weighed on the US dollar during the session here. EUR, GBP and JPY all rose against the USD, albeit in limited ranges.
Activity was limited during the session with China, Japan, and South Korea all closed for holidays. China will remain closed tomorrow, Tuesday.
-
That summary doesn’t capture a flow of news and data from the weekend and into the session. The big news was in US politics, where shots were fired ‘in the vicinity’ of ex-President Trump. It appears that Trump’s protective Secret Service detail engaged a suspected shooter, firing shots. Trump was a good distance away and was completely unharmed, thankfully. The FBI is treating the event as an attempted assassination attempt on Trump, the second in 60 days.
Also of note, on Saturday China’s National Bureau of Statistics (NBS) released very poor data for economic activity in August, and for home prices slumping at a more rapid pace in August than in July (July stabilisation measures appear to have dissipated). On the economic data for August (more in the points above):
- retail sales were very disappointing (consumption remains weak)
- industrial output growth was the slowest since March (domestic demand remains weak)
- youth unemployment remained very high, above 17%
As is usually the case the weak data brought calls for increased stimulus. If the pattern of the past couple of years persists any further stimulus will be piecemeal only, though.
On the central bank front, Bank of Canada Governor Macklem was interviewed by the Financial Times. He raised the prospect of quicker cuts ahead, citing the labour market pointing towards downside risks.
USD/JPY remained heavy: This article was written by Eamonn Sheridan at www.forexlive.com.
