February 17, 2025 at 04:50AM
Japan December 2024 Industrial Production -0.2% m/m (preliminary +0.3% m/m, prior -2.2%)
China’s Xi attended a symposium on private enterprises
Federal Reserve speakers Monday include Harker, Bowman and Waller (Waller in the evening)
BoJ likely to raise rates as early as May if Shunto wage talk results as strong as 2024
Japan chief cabinet secretary Hayashi warns on becoming target of Trump tariffs
PBOC gov on Sunday – market will continue decisive role in deciding the yuan exchange rate
Trump’s director of the National Economic Council regularly ‘meeting’ with Fed’s Powell
Goldman Sachs has raised its 12-month forecasts for key Chinese stock indices
UK businesses planning ‘most brutal round of job cuts in a decade’
PBOC sets USD/ CNY reference rate for today at 7.1702 (vs. estimate at 7.2617)
Japan economy minister Akazawa is wary about the strong GDP result. ps. Yen still rising.
Singapore non-oil domestic exports (NODX) -2.1% in January (vs. -1.1% expected, prior +9%)
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Nomura expect a hawkish rate cut from the Reserve Bank of Australia this week
USD/JPY traded under 152.00 after the very strong Q4 economic growth data
Japan Q4 GDP surges to +2.8% annualized (from +1.0% expected), deflator hits 2.8% – yen up
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UK – 64K birds are being culled after a suspected case of bird flu
EURUSD could climb 5% if (big if) Russia Ukraine ceasefire is followed by gas supply boost
On Monday, February 17, 2025, all major U.S. financial markets will be closed
BoA survey shows the US dollar is expected to top out in Q1 2025
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New Zealand January services PMI jump into expansion at 50.4 (prior 47.9)
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Q4
2024 GDP data from Japan came in much stronger than expected at +2.8%
y/y (expected +1.0%), sending the yen immediately higher. USD/JPY
dropped to around 151.90 before showing some stability but the move
lower soon continued towards 151.50.
Q4
GDP showed Japan’s
economy expanding
for third straight quarter with
positives from net exports and business capex, amongst others, while
domestic demand did drag a little.
The
USD showed some weakness more broadly, but much of this dissipated as
the session wore on.
Gold
showed some life, trading back above USD2900.
From
China today was the news that Xi attended a meeting with Chinese key
private sector leaders and gave a sup[portive speech. The read on
this is the meeting signals a more supportive stance from his
government toward private firms after a long time of ignoring the
sector. Xi’s presence at the symposium today is point to
potentially substantial endorsement.
Take
note, its a US holiday on Monday, February 17, 2025:
the
NYSE and NASDAQ are closed
bonds
will not trade
FX
trade will be light liquidity
CME
futures close at midday Central time and reopen at 5pm (1300 – 1800
US Eastern time)
In
Canada the TSX will be closed.
This article was written by Eamonn Sheridan at www.forexlive.com.
