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Japan’s Top FX Diplomat Kanda: G7 statement reconfirmed commitment on forex stance put forth by Japan
Source Fxstreet
Japan’s top currency diplomat Masato Kanda said on Thursday that the G7 statement reconfirmed commitment on forex on the back of the stance put forward by Japan.
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Insights – This week, the U.S. will release October CPI data, with inflation expected to face challenges in easing further. Retail sales data will also be closely watched for insights into the economy, guiding the Fed's future policy.
Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
Silver price (XAG/USD) is up 0.55% to near $61.38 during the late Asian trading session on Friday. The white metal edges up as rally in United States (US) Treasury Yields has hit a pause.
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts sellers for the second straight day on Monday and sticks to its intraday losses around the $89.00 mark through the early European session.
Gold price (XAU/USD) trades on a flat note near $4,140 during the early Asian session on Tuesday. Pressure from a stronger US Dollar (USD) and elevated US Treasury yields was offset by reduced expectations of a Federal Reserve (Fed) rate hike this month.