Carney was supposed to speak in Boston BOE Governor Mark Carney is in Boston today and was scheduled to speak about the Global Financial Crisis but the event was dropped from the calendar.
Onshore yuan reference rate – CNY weakened big time today by the Bank People’s Bank of China firing a shot in the trade war with a sharp devaluation of the RMB. Estimates were for a move to around 6.66, but the Bank have exceeded this.
BOE commenting via its credit conditions survey – Sees Q3 default rates for lenders of unsecured loans up again – Expects demand for consumer lending to rise in the next 3 months ForexLive
The People’s Bank of China devalued the CNY against the USD today: That is the weakest for the CNY at its reference rate setting since August of 2017 and the biggest jump since January of 2017
3.9% vs 3.8% last The Atlanta Fed’s most recent estimate for 2Q GDP came in at 3.9% vs 3.8% last. In their own words: The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2018 is on July 11, up from 3.8 percent on July 6. The nowcast of…
Evans spoke to the WSJ This hasn’t gotten much attention but comments from Evans were published in the WSJ earlier today and he’s shifted away from a dovish stance.
Poloz and Wilkins take questions – I don’t think there is a disconnect with markets – Markets understand data dependence This is the most-ridiculous statement a BOC governor has made. The market was at 58% two weeks ago on a hike because all the recent data has been poor. Then Poloz went out and brushed…
Poloz and senior deputy Wilkins after the BOC decision
Set to start at 11:15 am ET (1515 GMT) USD/CAD has rebounded all the way to unchanged. Part of that is oil’s inability to rally after the huge draw in the weekly US storage report but it’s also about apprehension about Poloz. He’s the wishy-washy central banker and if you’re sitting on CAD profits before…
USD/CAD drops to 1.3079 from 1.3125 There was so much talk about a dovish hike heading into this decision but it misses what the Bank of Canada has been saying for the past few months — they don’t like forward guidance.