United fans can breathe a sigh of relief I guess. As bad as the Glazers are, it would be shambolic to imagine the football club being ran like a circus act. That said, we’re still bottom of the table. You don’t get to sing that every day. 🥲
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https://www.myfxe.com/wp-content/uploads/2018/04/myfxe-300x140.png00euitsolshttps://www.myfxe.com/wp-content/uploads/2018/04/myfxe-300x140.pngeuitsols2022-08-17 05:03:362022-08-17 05:03:36Musk clarifies tweet about Man Utd bid, says he is not buying any sports teams
What a timeline we’re living in. Elon Musk is up to his typical shenanigans again and you can’t quite tell if he’s really being serious or not, despite it all being seemingly like a joke. Either way, that seems to be the most interesting story so far today.
Coming back to more serious topics in markets, the RBNZ raised the OCR by 50 bps as expected and alluded to a steeper and higher rate path moving forward. That helped to see the kiwi gain slightly before giving that all back now to remain rather flattish.
US futures are looking rather muted after a mixed day while the bond market continues to leave a lot to be desired since last week. 10-year Treasury yields are little changed at 2.82% currently, still keeping below its 100-day moving average at 2.89%.
It looks like we could be in for a quiet one in Europe with all eyes switching to the US retail sales and FOMC meeting minutes later today.
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https://www.myfxe.com/wp-content/uploads/2018/04/myfxe-300x140.png00euitsolshttps://www.myfxe.com/wp-content/uploads/2018/04/myfxe-300x140.pngeuitsols2022-08-17 05:03:332022-08-17 05:03:33Steady tones going into European trading
Oil
prices were fairly steady during the session here. Speculation on the
fate of the nuclear deal talks continued to mount. Goldman Sachs had
a piece out with their assessment that a deal was unlikely in the
near term. Goldman Sachs went on to state the obvious, saying that even if a
deal is reached there would be no meaningful additional flows until
the beginning of 2023 at the earliest.
The
next item of note was from Australia, where wages data showed
continued growth during Q2, although the extent did miss the central
estimate. The Australian dollar was marked down on the data result.
It has retraced its loss to be slightly lower on the day as I post.
On
the central bank front we then had the Reserve Bank of New Zealand
decision. In addition to hiking the official cash rate (OCR) by the
expected 50bp the RBNZ issued revised projections for the OCR ahead.
These showed the cash rate is expected to be raised higher than was
previously forecast. NZD/USD had dropped a little on the Australian
data earlier but was then marked higher on the RBNZ. Its since
dropped back from highs just above 0.6380.
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https://www.myfxe.com/wp-content/uploads/2018/04/myfxe-300x140.png00euitsolshttps://www.myfxe.com/wp-content/uploads/2018/04/myfxe-300x140.pngeuitsols2022-08-17 03:03:512022-08-17 03:03:51ForexLive Asia-Pacific FX news wrap: AUD drops on data, NZD up on RBNZ
“Our view continues to be that a deal is still unlikely in the short term, with a stalemate mutually beneficial,”
Even with a breakthrough, there would likely be a “phased implementation,” with barrels unlikely to return until the start of 2023 at the earliest
Info via Bloomberg (gated) but there is no further detail.
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Iran’s parliament has scheduled a closed session for 17 August 2022 (local time) on the latest developments on the talks in Vienna with the EU on the nuclear deal.
MPs will be briefed on progress of the talks.
—
Info comes via Twitter, @AbasAslani
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Data is here, a small miss but check out the post for the rel wage data, which is very ugly.
While the data is a miss it is in line with what the RBA has forecast. This takes some of the argument for a 50bp rate hike in September (the 6th) away. Not from me, I reckon lock it in FWIW.
The Wage Price Index is not necessarily a useful indication of actual pay. But, hey, headlines and spot FX, amIright? (Its enough to trigger some marking down of AUD to attack some stops just under the market).
https://www.myfxe.com/wp-content/uploads/2018/04/myfxe-300x140.png00euitsolshttps://www.myfxe.com/wp-content/uploads/2018/04/myfxe-300x140.pngeuitsols2022-08-17 02:03:442022-08-17 02:03:44Australian dollar hit lower after Q2 wages data miss
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Advisory warning:
FOREXLIVE™ is not an investment advisor, FOREXLIVE™ provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.
Finance Magnates CY Limited
https://www.myfxe.com/wp-content/uploads/2018/04/myfxe-300x140.png00euitsolshttps://www.myfxe.com/wp-content/uploads/2018/04/myfxe-300x140.pngeuitsols2022-08-17 02:03:422022-08-17 02:03:42Australian Q2 wages data +0.7% q/q (expected 0.8%)
Jiangsu Province plans to limit power to manufacturers in order to ensure electricity for homes amid a heatwave
This adds to a power cut to laptop producers in Sichuan Province, August.. 15-20.
—
Jiangsu Province is a major IT manufacturing area.
–
Also;
Toyota and Contemporary Amperex Technology Co. (the world’s biggest battery maker) have announced factory closures due to the impact of a drought-induced power crisis in China’s Sichuan province
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The six-month annualised growth rate in the Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, increased to 0.63% in July from 0.48% in June.
The Index growth rate has held broadly steady over the last three months after an abrupt slowdown earlier in the year from a strongly above trend starting point. Latest reads are consistent with momentum continuing to track slightly above trend heading into year-end.
–
Via WPAC:
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Advisory warning:
FOREXLIVE™ is not an investment advisor, FOREXLIVE™ provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.
Finance Magnates CY Limited
https://www.myfxe.com/wp-content/uploads/2018/04/myfxe-300x140.png00euitsolshttps://www.myfxe.com/wp-content/uploads/2018/04/myfxe-300x140.pngeuitsols2022-08-17 01:03:342022-08-17 01:03:34Singapore data - July NODX +1.4% m/m (expected -3.8%) & +7% y/y (expected +6%)