Macro Events & News

2018-07-12 15:28    HotForex
Macro Events & News Institution Opinions 1

FX News Today

Asian Market Wrap: Long yields moved higher as risk appetite improved. The 10-year Treasury yield is up 0.9 bp at 2.858%, the 10-year JGB yield is up 0.3 bp at 0.032%. Asian stock markets meanwhile recovered from yesterday’s slump, with Chinese markets outperforming as trade jitters abated somewhat as Chinese and U.S. officials reportedly flagged the prospect of returning to talks, with China’s Vice Minister of Commerce calling for bilateral negotiations to resolve the conflict. The BoK’s decision to leave the 7-day repo rate unchanged at 1.50%, as expected had little impact. Nikkei and Topix are up 0.54% and 1.23% respectively, with a weaker Yen underpinning gains. The Hang Seng gained 1.00% and the CSI 300 is up 2.57%. US Futures are moving higher and the WTI Future is up from a low of EUR 70.60, but at USD 70.80 still considerably below recent levels.

German June HICP confirmed at 2.1% y/y, as expected. There were no real surprises in the data, which confirmed that higher energy prices are a key reason for the overshoot in the headline rate above the ECB’s target. Heating oil prices rose 30.3% y/y, after 24.3% y/y in the previous month, petrol price inflation accelerated to 11.3% y/y from 8.2% y/y. Still, with the labour market looking tight and companies facing capacity constraints the room for second round effects to emerge is clearly largely than it was a year ago, which may explain why some at the ECB are nervous about markets pushing out rate hike expectations too far back.

Charts of the Day


Macro Events & News Institution Opinions 2

Main Macro Events Today


  • BOE Credit Conditions Survey
  • ECB Monetary Policy Meeting Accounts
  • US CPI and Core – Expectations – forecast to rise 0.2% in June, following a similar gain in May. Core prices are estimated to rise 0.2% as well, the same as in May.
  • US Jobless claims – Expectations – estimated to fall 18k to 213k in the week ended July 7, reflecting an expected early-July drop related to auto retooling

Andria Pichidi

Market Analyst

HotForex

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