A fall for the y/y growth rate to 16.2% – June industrial profits were +20% y/y July was the first full month of trade war impacts. For the ytd result (January to July), profits +17.1%.
Its the Summer bank holiday today in the UK. Expect not quite so much liquidity during European / UK hours Monday. Stay tuned, we’ll be getting the opening week yuan mid rate from the PBOC soon.
FX option expiry at 10am New York time EUR/USD – 1.1470 EUR 983m – 1.1475 540m – 1.1500 2.1bn – 1.1510 583m – 1.1600 782m – 1.1625 2.4bn – 1.1700 961m – 1.1740 652m USD/JPY
Liquidity is returning to the forex market as more of Asia gets active on Monday Its just gone 9am in Tokyo and 8 in HK and Singapore. New Zealand and Australia have been up and running,
Fitch will be the first of the big three rating agencies to review Italy – An announcement is expected Friday Politics is expected to be a point of particular uncertainty. Moody’s, for example, launched a review of the country in May and only last week announced it was extending the review so as to get…
Australia has a new PM and some new cabinet member appointments. Josh Frydenberg got the job as deputy leader of the Liberal Party and he is also Australia’s new Treasurer
Stop loss buyers clustered above the figure and again above 0.6720/25 The chart is showing the 0.67 level clearly. Above there is a bit of a mess, but there are more stops clustered above 20/25
A better sign for Europe It’s a lowly report but it’s a leading indicator. Recently, other leading indicators have been pointing down for the eurozone economy, so some of these indicators might not be so ‘leading’ after all.
More Russian sanctions coming The ruble is down nearly 7% this month, in part due to sanctions. ForexLive
July 2018 US durable goods orders – Ex transport +0.2% vs +0.5% expected – Prior capital goods orders non-defense ex air +0.2% (revised to +0.6%) – Capital goods shipments non-defense ex air +0.9% vs +0.3% exp