Prepare for a Wave of Fed Speakers on November 12, 2024Bullish Forecast: S&P 500 to Hit 10,000 by 2030ICYMI-Russia considering merging its oil companies into world’s 2nd-biggest crude producerBank of England / Bank of Finland speakers combine for a panel discussion TuesdayFears for China on US tariffs are overblownChina plans further cuts to house buying taxes to boost property sectorUSD/JPY testing towards 154.00PBOC sets USD/ CNY central rate at 7.1927 (vs. estimate at 7.1944)Buffett’s Berkshire Hathaway hoarding cash in a pattern seen before the financial crisisAustralian October business confidence 5 vs. prior -2JP Morgan on surging stocks, crypto – the signs of rally fatigue to watch forICYMI – PBOC Governor warned on yuan slide, will ‘guard against risk of overshoot’Rising Household Spending Trends in Australia: October InsightsAustralian monthly consumer confidence index for November +5.3% m/m (prior +6.2%)US inflation data this week expected to show core CPI moving sideways – risk ahead higherICYMI – Japanese PM discussed wage negotiations with business and labour unionsICYMI – Japan Unveils $65 Billion Plan to Boost Chip and AI IndustriesAustralian Consumer Confidence continues to trend up, but still deeply pessimistic at 86.7New Zealand data – October retail sales indicator lower again y/yBitcoin up, gold down … why is gold plummeting?Forexlive Americas FX news wrap: Bitcoin soars to $87,000, euro hits lowest since AprilS&P, Nasdaq and Dow close at new records. Russell 2000 closes just short of a new recordTrade ideas thread – Tuesday, 12 November, insightful charts, technical analysis, ideas
We
had a decent range for USD/JPY and yen crosses. USD/JPY
popped above 154.00 with no fresh catalysts seen. The top didn’t
last long though, the pair soon dropped back to be around 153.55 or
so as I post and net little changed on the day.
Data
points today were from New Zealand and Australia, with AUD/USD a net
loser on the session:
Australia’s
consumer confidence rose in November as consumers gained confidence in
RBA rate cuts ahead (which may take some time!)Business
confidence, too, moved higher, in the National Australia Bank
October business survey. Business conditions were unchanged. Perhaps
the best news from this surevey were indications that cost and
product price pressures slowed further.
The
People’s Bank of China set the USD/CNY reference rate at its
weakest (for the yuan) since mid-September of last year.
Bitcoin
rose but has not yet hit the US$90K milestone.
This article was written by Eamonn Sheridan at www.forexlive.com.
