Daily Market News by Xtreamforex.com

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  1. #561
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    Default The FOMC raised rates by 75 bps which was widely expected

    Daily Market News by Xtreamforex.com
    As widely expected, the Federal Open Market Committee raised the range of its target for the the federal funds rate by 75 bps, which brings the top end of the range to 2.50%. There was widespread support for another supersized rate increase-the FOMC raised rates by 75 bps at its last meeting in June. The FOMC has now hiked rates by 225 bps since March, this much increase never happened in past 40 years.

    In todays decision, the committee again pointed to that fact that inflation remains high. For sure the YoY rate of CPI inflation rose from 8/6% in May to 9.1% in June, which was higher then others, and likely most FOMC members, had expected at the time. The statement also repeated that the committee is strongly committed to returning inflation to its 2 percent objective. This sentence, which was used previously in the June statement, in connection with the unanimous vote to raise rates by another 75bps today, indicates that inflation remains forefront in the minds of most FOMC members.

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    The US Economy || US rate hike cycle concludes in 2022

    Last week was very active for global rebirth in risk appetite despite a run of data which pointed to deteriorating US economic growth. This is because the softer tone of US data and the FOMCs acceptance of it implies a reducing risk of the rate hikes in excess of those already increased.

    Increasing the rate hike for the second time to a mid-point of 2.375%, Chair Powell showed a greater degree of comfort over the outlook for inflation in the July press conference. In part this stems from 2.375% being within the 2.3% interest rate range th FOMC believe to be neutral for their economy. However, the greater comfort of inflation is also a consequence of building apprehension over the outlook for growth. The press conference also made clear that the FOMC wish to undertake just the right amount of tightening to bring about below trend growth, not to make mistake by creating the pre conditions for recession.

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    Default Upcoming News for this Week:- FOMC, RBA, BOE

    FOMC

    The FOMC increased rates by 75bps increasing the Fed Funds rate from 1.75% to 2.50%. The statement confirmed that spending and production were soft, however job increase remain strong. The Fed put softer data aside by saying that it anticipates ongoing increase in the Fed Funds rate. It was announced by the Fed Chairman Powell that the rate decisions will be made on a meeting to meeting basis which depends on the incoming data. On one side it was announced that another unusual large market rate hike could be expected and it could also be possible to slow down the rate hikes to get more restrictive. For now the Fed is data dependent. IF the labor markets continue to be strong, the Fed will continue hiking. If there are cracks in the labor market, the Fed may pull back the pace of rate hikes.

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    Default Upcoming Market Updates: AUD, NZD, EUR, GBP, USD, JPY

    AUD: AIG Manufacturing Index, it measures level of a diffusion index based on surveyed manufactures.

    NZD: Building Consents m/m, it measures change in the number of new building approvals issued.

    JPY: Final Manufacturing PMI, it measures level of a diffusion index based on surveyed purchasing managers in the manufacturing industry.

    AUD: MI Inflation Gauge m/m, it measures change in the price of goods and services purchased by consumers.

    AUD: ANZ Job Advertisements m/m, it measures change in the number of jobs advertised in the major daily newspapers and websites covering the capital cities.

    EUR: Spanish Manufacturing PMI, it measures level of a diffusion index based on surveyed purchasing managers in the manufacturing industry.

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    Default Swiss National Bank, CHF

    A message from Swiss National Bank was sent to market last week which was that it may take monetary policy measures at any time between regular assessment dates if circumstances require that. Last meeting of SNB on 16th June surprised markets and hiked interest rates by 50bps from record low of -0.75% to -0.25%. There is no schedule meeting of SNB until 22nd September this year. The Central Bank cited increased inflationary pressures as the reason for the rate hike after CPI reached a high of 2.9% YoY in May which was the highest in last 14 years. In June, inflation rose to 3.4% YoY and with CPI for July to be increased today, the SNB knows it may have to act inter-meeting if inflation, continues to rise. The expectation for the July SPI is 3.5% YoY. If the data comes in hotter than expected, be on the lookout for another rate hike before next meeting.

    EUR/CHF is trading at its lowest level since Jan 2015 if we look at the weekly timeframe, when SNB dropped the peg of the Swiss Franc to the Euro. The last weekly low was 0.9776, which happened the week after the peg.

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    Default AUD/USD After RBA Meeting

    Policy rate as expected by RBA was raised by 50 bps to 1.85% last Tuesday. This is the fourth consecutive hike and steepest in almost 30 years. This helped a little to raise AUD/USD which was down by almost 1% from the beginning of this week. This release leaves the pair to trade below psychological level of 0.70. The recent tensions between China and Taiwan have added to weaker AUD, but some of the factors have been primary driver behind this latest move.

    Latest guidance from the RBA that near-term future hikes may not be standing as the one this week was likely the bug factor behind the fall of AUD/USD. RBA also admits that it is trying hard to slow down the inflation, which hit 6.1% in second quarter without any big impact on Australian economy. A cadre of Fed speakers this week havent given any indication that Fed is looking to ease up on raising interest rates. Currently, the RBA, like many other major central banks, doesnt appear capable of keeping pace with the Fed in terms of policy tightening.

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    Default Employment Rate Change In Canada

    Employment change in Canada is better than expected and this will help Bank Of Canada to hike again in next meeting which will be in September.

    NFP tomorrow, markets will be focusing on the data, and Canada will release the July Employment Change data as well. It is expected that the Unemployment rate will remain unchanged at 4.9%. 25,000 gain for Employment change is expected vs a June reading of -43,200. Most of the job losses from June headline were due to a decrease of 39,100 part-time jobs.

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    Default RBNZ survey of Expectations, NZD

    The expectations form RBNZ s latest survey shows inflation over coming years will remain high. The trend is seen higher in recent quarters looks like arrested and the expectations easing at some of the key medium-term horizons.

    Lets look at the details, expectations for inflation one year ahead is consistent at 4.9%. Expectations at this short horizon will follow actual inflation closely. And the latest survey expects the risk of high inflation of 7.3%int the year to June, that lack of movement will be welcome news for the RBNZ.

    Central Banks main focus is on expecting long horizon for the next couple of years. This is a better guide to how businesses will adjust between prices and wages, and signal if the inflation target is viewed as decent. Todays news will also have been welcomed by the central bank.

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    Default US CPI Preview: Are we past peak inflation?

    Price pressure may show slowing down while the Feds preferred Core CPI measure shows that underlying inflation is still rising.

    Tomorrow the US Bureau of Labor Statistics will release the July Consumer Price Index report.

    Economists are expecting CPI headline to come in at 0.2% MoM , 8.8% YoY, with the core CPI report expected to print at 0.5% MoM, 6.1% YoY. Last months headline CPI printed 9.1% YoY, while the core CPI was 5.9%.

    The biggest factor could be the gas prices, which have now fallen for over 50 days straight. Analysists estimated that the gas prices fell at least 10% in July from June levels, likely subtracting 0.5% or more off the headline CPI reading this month. Food prices were also lower to some extent in July than August, setting up a dynamic where the headline inflation reading may show price pressures fading while the Feds preferred core CPI measure shows that underlying inflation is still rising as home prices and pent-up demand for economic reopening offset the more volatile components.

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    Default

    in ro ham eslah kon:
    Nhiều cặp vợ chồng đã l*p gia đình lâu chưa sinh con thường quan tâm đến vấn đề xét nghiệm tinh dịch đồ để nắm được lý do gây vô sinh hiếm muộn hoặc lý do l*m ảnh hưởng đến sức khỏe sinh sản phái mạnhcủa anh emnam giới. V*y nên, đấng m*y râu cần tỉnh táo trong việc lựa chọn địa chỉ chữa bệnh nam khoa ở Hải Phòng

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