Federal Reserve speakers Thursday include Hammack, Goolsbee, BarrICYMI – OPEC+ could further extend voluntary cuts at its December meetingChinese government advisers call for steady 5% 2025 economic growth goal, strongr stimulusThere are at least 10 European Central Bank officials speaking on ThursdayU.S. Department of Justice asks judge to force Google to sell off Chrome internet browserUS firms plan for Trump China tariffs – stockpiling, raising prices?, bailing out of ChinaBank of England’s Catherine Mann speaking ThursdayCHF traders note – Two Swiss National Bank speakers due Thursday, November 21Heads up for Bank of Japan Governor Ueda speaking at 0510 GMT, 0010 US Eastern timeDeutsche Bank is wary of a ‘significant correction’ for US equitiesAdani dollar bond prices fell sharply following charges against Chairman AdaniTSMC expected to build one new fabrication facility a year in Taiwan over the next decade.PBOC sets USD/ CNY reference rate for today at 7.1934 (vs. estimate at 7.2482)Westpac revise its RBA forecast – see later but faster interest rate cutsSouth Korea 1 – 20 November trade data: Exports jump 5.8% y/yJapan’s economic package expected around 21.9 trillion yenUBS continue to see gold and oil as hedges against macroeconomic, geopolitical riskBoA Securites raised US growth and inflation forecasts, see fewer Fed interest rate cutsTrump aims to revive the Keystone XL pipeline (politics report)BlackRock bitcoin ETF options indicating BTC/USD to $176K in 2026New Zealand Treasury plans to cut economic and fiscal forecastsICYMI – (nearly) 90% of economists expect the Federal Reserve to cut by 25bp in DecemberMore from Fed’s Collins – too early for Fed to factor in the election impactTrade ideas thread – Thursday, 21 November, insightful charts, technical analysis, ideasNvidia shares down after Q3 results beatNvidia earnings Q3 2024: Adj. EPS 0.81 (expected 0.75), Revenue 35.08bn (exp 33.12bn)Forexlive Americas FX news wrap 20 Nov: Fed’s Bowman more hawkish. 20 year auction ugly.Fed’s Collins looks to be on the fence re a December interest rate cut
The
US dollar lost some ground during the Asia session with a higher EUR,
AUD, CHF and, most notably, JPY.
There
was little news nor data out of Japan to account for the drop in
USD/JPY from its high in early trade above 155.50 to lows circa
154.90. We
did get a rumour of the size of the government fiscal package, NHK
(Japan’s national broadcaster) saying around 21.9 trillion yen
(circa 141bn USD equivalent).
We heard from Federal Reserve Bank of Boston President Susan Collins
after the US cash (equity) close. Collins was non-committal on her
December FOMC view. In brief:
Some
additional rate cuts needed.Policy
still restrictive.Doesn’t
want to cut rates too quickly.Overly
slow rate cuts could hurt the labour market.Final
destination of rate cuts is unclear.
No
such indecision from the People’s Bank of China at today’s
USD/CNY reference rate setting. The Bank sought to prop up the yuan
again, setting
the mid-rate about
550
points lower than the modelled
estimate of 7.2482.
The PBoC is seeking to support
the
yuan by
damping
USD/CNY gains.
For
tech traders,
the US Department of Justice has
asked a judge to make Google divest Chrome browser, along with other
punitive measures. This was foreshadowed in the days leading up to
today.
Bitcoin
rose
above USD96,000
This article was written by Eamonn Sheridan at www.forexlive.com.
