Durable goods at 8:30 AM ET Durable Goods orders will be released at 8:30 AM ET with expectations for: Fed’s Mester is expected to speak on CNBC from Jackson Hole this morning, and the Fed’s Powell will speak at 10 AM ET from the same conference.
Offshore yuan strengthens against dollar as PBOC resumes counter-cyclical factor in fixing mechanism
USD/CNH continues to move lower ForexLive This is inadvertently also driving further dollar weakness across the board as EUR/USD moves towards the 1.1600 handle now. The PBOC’s decision to re-introduce the counter-cyclical factor in its yuan fixing mechanism is definitely a yuan positive and will provide added support for the local currency.
USD/CAD down 30 pips to 1.3055 USD/CAD edged above offers at 1.3100 in Asia but wasn’t able to push through and is now sliding back down to cut some of yesterday’s gains.
Also China not helping because of trade spat… Here is the series of tweets (read from the bottom up). Despite calling off the meeting Trump ends with “I would like to send my warmest regards a respected Chairman Kim. I look forward to seeing you soon!”
USDMXN moves higher on the headline. Pres. elect Andres Manuel Lopes Obrador is balking against US proposed language in the new NAFTA deal would put too many restrictions on how they can treat foreign companies looking to tap the nations crude. The NAFTA deal needs to address language to reflect Mexican sovereignty and rights regarding…
Weekly US oil and gas drilling rig data – Oil rigs 860. – Natural gas rigs 182 vs 186 prior – Total rigs 1044 vs 1057 prior Largest weekly cut in oil rigs since May 2016.
Differing views The New York Fed cut its Q3 forecast to 2.0% from 2.4% this week. The report said the decline was due to “the negative impact of higher than expected manufacturers’ inventories.”
Crude oil is traing up $1.12 or 1.67% at $68.96 The Baker Hughes rig count will be released at the top of the hour. , the numbers were unchanged from the prior week:
Allen Weisselberg granted immunity There was a report yesterday that New York prosecutors could go after the Trump organization for the accounting of the payments to Cohen. They may have been expensed as legal costs but should have been campaign contributions.
Tesla says it’s staying public Elon Musk announced late on Friday after markets closed that he won’t be taking Tesla private. In a attempting to minimize the damage, Musk tried to spin it as a decision that was made because shareholders want to stay a public company and that taking it private would be more time-consuming…