September 24, 2024 at 12:30PM
ECB’s Muller: An October cut isn’t totally excluded
The central bank bonanza wraps up with the SNB later this week
Germany September Ifo business climate index 85.4 vs 86.0 expected
BOJ governor Ueda says unwinding of speculative yen positions has likely run its course
European equities open higher as the positive mood keeps up
What are the main events for today?
BOE’s Bailey: Inflation has come down a long way
BOJ governor Ueda: Global markets remain somewhat unstable
RBA’s Bullock: We are prepared to respond in either direction depending on the data
Eurostoxx futures +0.6% in early European trading
RBA’s Bullock: Rates are to remain on hold for the time being
BOJ governor Ueda says must conduct monetary policy in timely, appropriate fashion
AUD/USD continues to set its sight on the December high as RBA reiterates hawkish stance
RBA leaves cash rate unchanged at 4.35%, as expected
Heads up: RBA monetary policy decision set for the bottom of the hour
Chinese yuan gains alongside more positive mood in domestic markets
Markets:
NZD leads, JPY lags on the day
European equities higher;
S&P 500 futures up 0.03%
US 10-year yields up 4 bps to
3.791%
Gold
up 0.08% to $2,630
WTI
crude up 2.49% to $72.13
Bitcoin
up 0.28% to $63,517
It’s been a
quiet session in terms of data releases with just the German IFO on the agenda.
The data was a touch softer than expected but no big deal. We got ECB’s Muller opening
the door for a cut in October with the market now pricing in a 95% probability
of a 25 bps move.
In the
markets, the surprising announcement of a big stimulus from Chinese officials
is still reverberating with commodities like copper and crude oil up notably on
the day. Treasury yields are also up as the market is now focusing on global
growth.
The focus
will now switch to the US consumer confidence and the labour market details in
the report. Looking forward, a pick-up in the US data in the next weeks and months
could see long term Treasury yields rising further.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
