Economists at ANZ Bank have downgraded their Australian GDP forecast to 1.5% year-on-year by end-2023. Notwithstanding the slower forecast growth trajectory, the the extent of RBA tightening is unchanged. Growth downgrade doesn’t change the policy outlook “We have downgraded our Australian GDP forecast to 1.5% YoY by end-2023 (prev: 1.8%) but expect Australia willavoid recession
It’s Friday after a week that saw US CPI come out weaker and a Fed and ECB that were more hawkish. That caused some volatility as the markets pondered higher rates, perhaps slower growth, soft or hard landing, etc. All of which can lead to increased volatility which should encourage understanding the technicals that are
Yen was a mover right from the early hours here in Asia. Over the weekend was a report in Japan’s Kyodo media that Prime Minister Kishida and his government were set to revise the 2013 joint statement with the Bank of Japan (BOJ) that commits the central bank to achieve its 2% inflation target “at
The US rate hikes continue to cast shadows on gold’s upside potential. The aggressive rate hikes of the US Federal Reserve made the US currency an attractive destination for more yield, prompting selling pressure in gold-like non-interest yielding assets. After hiking rates by seventy-five basis points in the past four successive meetings, the US central
“The (UK) health secretary, Steve Barclay, is expected to contact health unions to urge fresh talks aimed at averting further strikes, amid new warnings that more action could put patients in danger,” reported The Guardian during the weekend. Key quotes It comes as No 10 rejected a proposal to give nurses a one-off lump-sum payment in
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USDCAD tests the highs after bouncing off 200H MA The USDCAD is moving to a new high for the day, and in the process is extending toward the high from December at 1.3699. The price just traded to 1.3293. Looking at the hourly chart, the price action today initially moved to the downside testing the
Treasury yields tried to move up today but cracked back lower. That’s left: 2s -8.3 bps to 4.16% 10s +2 bps to 3.71% 30s +2.7 bps to 3.52% The first thing to note is the inversion of the yield curve, which is still at 69 bps despite today’s bull flattening. The second thing to note
Crypto exchange OKX witnessed service disruptions after primary infrastructure provider Alibaba Cloud announced a hardware failure in Alibaba Cloud’s Hong Kong data center. Alibaba Cloud Hong Kong IDC Zone C server went offline on Saturday at roughly 10 PM ET and failed to recover for over 7 hours at the time of reporting. On-chain data
soybean meal exports declined at a Compound annual growth rate (CAGR) of 5.4% in the last 20 years while domestic consumption grew at a CAGR of 8.3% at the same time. The domestic consumption growth for soybean meal is attributed to the increasing appetite for eggs, poultry meat, and fish which has resulted in an
AUDUSD has good support and resistance in play The AUDUSD is lower on the day now after rising in the early Asian session. The high price for the day fell short of the swing area between 0.6738 0.67437 (see red numbered circles and lower yellow area on the chart above). The high price could only
In the past year we’ve seen the implosions of: NFTs Meme stocks Crypto Tech stocks With that, you would think retail traders would sober up. Instead, they’ve switched from hard liquor to crack cocaine in the of ultra-short-dated equity options. Here’s a chart from Goldman Sachs showing that 44% of SPX volume in the third
gold buying typically happens behind the scenes, the recent record-high purchases created a stir in the market and raises the question of whether central banks know more. Judging by their investment performance, we do not believe they know more. Instead, we see their behaviour as sending political statements to Washington, Berlin, or Brussels. Dating back
Risk sentiment took a U-turn last week after more hawkish than expected FOMC projections and, more important, ECB forward guidance. Euro ended as the biggest winner for the week, trained by Swiss Franc, and the Dollar. Australian Dollar was the worst performer, followed by Sterling, and then Kiwi. Canadian Dollar and Yen ended mixed. The
Risk aversion weighed on high-beta currencies like the Australian Dollar. Global central banks hiking rates and eyeing additional increases sounded recession alarms, dampening investors’ mood. AUD/USD Price Analysis: Downward biased, after tumbling from weekly highs, heading to the 50-day EMA. The Australian Dollar (AUD) slides against the US Dollar (USD) amidst a dampened market sentiment
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