Trump to speak at Bitcoin 2024 conference in Nashville in late JulyAUD/USD hits a 6 month high with USD lower across the majors boardTen investment bank forecasts for June US CPI due later on Thursday, 11 July 2024US CPI data due Thursday. Here are the ranges of estimates (& why they’re crucial to know)Bank Korea drops phrase ‘upside risks to inflation forecasts have increased’ from statemtPBOC sets USD/ CNY central rate at 7.13 (vs. estimate at 7.2730)Australian Inflation Expectations 4.3% (prior 4.4)Bank of Korea monetary policy meeting – leaves base rate unchanged @3.5%Japan’s core machinery orders missed estimates for a rise m/m in May – recapFed’s Cook says would be responsive if unemployment rate situation changes quicklyChina announced more short-selling curbs, pledged tighter scrutiny of programme tradingJapan Core Machinery Orders (May 2024) -3.2% m/m (vs. expected +0.8%)US President Biden to hold a press conference at 5.30pm Washington time on ThursdayFed’s Cook sees US soft landing: lower inflation, no significant jobless riseAustralian data – CBA’s household spending survey +0.6% m/m in June (prior +1.1%)New Zealand data – June Food Price Index +1.0% m/m (prior -0.2%)Goldman Sachs expand crypto offerings, to launch three tokenization projects by year endBill Hwang joins the list of famous Wall Street figures who have been sentenced to prison“We finally got a noticeable softening in tone” from the RBNZ, to cut in NovemberANZ on what to watch for timing the first RBNZ interest rate cut. Spoiler, next week’s CPIBNZ forecast a November rate cut from the RBNZ (previously February)Powell’s interest rate pivot might prove more durable than the one at the end of last yearFed Powell helps the stocks reach a record close once again for the S&P and NasdaqForexlive Americas FX news wrap: The good times roll into Thursday’s CPI reportTrade ideas thread – Thursday, 11 July, insightful charts, technical analysis, ideas
It
was a light day for news and data. From Japan we had the latest
machine order data, more in the bullets above on this, but it was a
disappointment and the Cabinet Office downgraded its view on the
series saying the pick-up that had been seen was stalling.
On
the central bank front, Federal Reserve Board Governor Lisa Cook
spoke, saying a soft landing would be more likely “when policy
easing began with inflation already close to target and when there
was a relatively firm growth backdrop”. ‘Close to target’ is
the key here, reaffirming the Fed won’t be waiting until 2 % is hit
before easing.
The
Bank of Korea left its benchmark rate unchanged at 3.5%. In its
statement the Bank dropped the phrase ‘upside risks to inflation
forecasts have increased’, increasing expectations of a rate cut
(markets are expecting a cut sometime between August and October).
Major
FX tracked small ranges only. There was a bout of US dollar weakness.
No fresh catalyst was obvious.
US
CPI data is due today at 1230 GMT, 0830 US Eastern time – check out
the post above on ‘ranges of estimates’ to be prepared for any
surprise that might surface.
US
political drama/circus will get renewed impetus on Thursday afternoon
US time with US President Biden holding a press conference after the
NATO meeting.
AUD/USD hit a six month high:
This article was written by Eamonn Sheridan at www.forexlive.com.
