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The last 24 hours have delivered lots of central bank minutes for markets to absorb - but the net result seems to be more easing coming across the world.
Higher? Lower? Nothing for a pair, not in this game. Forget Macroeconomics, what you need to work these markets is an advanced degree in Game-shows.
The trade tensions will continue to decide the course for markets this week as they also look for policy hints at Jackson Hole symposium on Friday.
Trade and recession worries continue to grip markets
A 41K increase in employment in July - most of it full-time, does not really tally with thoughts of a near-term further easing from the RBA, or a much weaker AUD.
Markets are responding with muted relief to the latest round in the trade saga - but nothing has really changed
Asian central bank easing cycle has intensified with the Philippines BSP joining the race today, possibly cutting rates by more than the usual 25bp.
The Reserve Bank of New Zealand (RBNZ) appears to be adopting the "sooner is better" approach to monetary policy setting - cutting rates 50bp to 1.0%. This is a contentious decision - there was even a case for no change. This was not considered.
As an uneasy calm returns to markets, but some indicators are still sending a more medium-term bearish message
3M SIBOR falls - this could be a clue that off-cycle easing is imminent
Today's fixing is an even bigger depreciation move, but some were expecting the fix to be higher still, and the market response is more balanced.
Trade War, possible currency war, N Korea firing missiles, Kashmir a tinderbox, Hong Kong in chaos, and maybe few others. Asia is not feeling a particularly comfortable place right now - markets are a sea of red
Wednesday's Reserve Bank of New Zealand is widely expected to deliver a further cut in the cash rate to 1.25%
The PBOC fixed the Renminbi at 6.9225 today, up from 6.8996 on Friday in what they suggest is a response to the latest round of tariffs from the US. Markets have immediately taken the spot rate above the psychological 7.0 rate.
President Trump's trade threat weighs on risk-taking while investors also are likely to tread a cautious path ahead of the Fed policy decision tonight.
Singapore's economy virtually stopped growing in 2Q19 compared to a year earlier, which makes recent suggestions of an intra-meeting policy easing look highly probable.
There are essentially two types of currency in Asia right now; those that are being beaten up by trade and tech war fears and would like some respite from a lower Fed funds rates and weaker US dollar, and those that aren't
Our last report on Korea flagged the difficulties the economy was facing. Since then, things have worsened - the economy may even be in a recession. The central bank looks close to responding with some easing, though they have dragged their feet, which hasn't helped. The government may also have to relegate longer-term restructuring for short term support
Fed Chair Powell laid to rest fears that the recent non-farm payrolls strength would stay the Fed's hand at the upcoming FOMC meeting. But markets may still be pricing in too much easing - Powell remains fairly positive about the US economy
Investors will likely turn defensive on Monday as strong US data overshadows the Fed easing prospects.
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