- What would an AI-based Bank of Canada do?
- North Korea says it will be “increasing the production of powerful nuclear weapons”
- FX option expiries for Monday, 19 June 2023, at the 10am New York cut
- China’s Foreign Minister Qin Gang & US Secretary of State Antony Blinken met on weekend
- PBOC sets USD/ CNY reference rate for today at 7.1201 (vs. estimate at 7.1186)
- Iran is shipping the most crude in almost five years
- Goldman Sachs have taken a knife to their China GDP forecasts: 5.4% for 2023 (6.0% prior)
- Reminder – it’s a US holiday today – Cash stock markets, bonds closed. Globex open Sunday.
- Japan’s yen intervention guy welcomes US dropping it from monitoring list
- BoA see S&P500 top before late July central banks, downside risk bigger before Labor Day
- UK data – Rightmove House Prices for June 0.0% m/m (prior + 1.8%)
- UBS revised down its China 2023 GDP growth forecast to 5.2%, from 5.7% previously
- New Zealand May Services PMI 53.3 (prior 50.1)
- Goldman Sachs says US inflation will not fall as quickly as markets are currently pricing
- China’s State Council considering various macroeconomic policies to boost demand
- ICYMI – Nomura slashes its forecast for China’s 2023 GDP growth to 5.1% from 5.5%
- Head of Russian oil giant Rosneft says losing out on export share to other OPEC+ countries
- ICYMI – Russia close to striking long-term deals to sell substantial supplies of oil
- ICYMI – Fed’s Goolsbee say FOMC is pausing for now to go scope out economic developments
- Magnitude 6.1 earthquake hits Gulf of California region
- Trade ideas thread – Monday, 19 June 2023
- Monday morning open levels – indicative forex prices – 19 June 2023
- What does the technical picture look like for the GBPUSD going into next week’s trading
- Newsquawk Week Ahead: BoE, SNB, PBoC, Norges; UK & Japan CPI, Flash PMIs
- What area is the key barometer for the EURUSD in the new trading week?
- Forexlive Americas FX news wrap 16 Jun:BOJ kept policy unchanged sending the JPY lower
It
was a quiet session in Asia today due to the US holiday on Monday
sapping big investor interest. News and data flow was very light
indeed. US Secretary of State Blinken met with Chinese officials over
the weekend. He spent over 7 hours in talks with his counterpart,
China’s Foreign Minister Qin Gang. Reports on the meeting provided
not detail at all, as yet, with only a round of saccharine ‘work
together’ types of statements.
In
other events, Goldman
Sachs analysts
joined in to became
the latest bank to cut their forecasts for China’s economy, citing
limited options to boost stimulus. UBS,
Nomura, and Standard Chartered were amongst those that had already
done so. The more subdued outlook for Chinese economic growth was
cited by various commentators during the session as the reason for
the fall in oil prices, and also AUD, NZD and CAD. EUR and GBP hung
in a little better. USD/JPY has done very little at all on the day.
Asian
equity markets:
-
Japan’s
Nikkei 225 0% -
China’s
Shanghai Composite -0.5% -
Hong
Kong’s Hang Seng -1% -
South
Korea’s KOSPI -0.6% -
Australia’s
S&P/ASX 200 +0.6%
The offshore yuan was a mover, giving back some of the gains it made late last week:
