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The Indonesian Finance Minister Sri Mulyani Indrawati said late-Wednesday that the government plans to cut several different taxes to boost investment and accelerate economic growth amid dwindling growth outlook. Southeast Asia’s largest economy in the first quarter expanded 5.07% from a year earlier, missing market expectations. Indrawati said, “Previously announced plans for a “super deductible
AUD/USD could struggle to hold on to post FOMC gains on RBA Lowe. FOMC dovish tone and trade talk optimism supporting upside in AUD/USD. AUD/USD is steady in early Asia, consolidated between a tight range having moved up from the 0.6832 lows of earlier in the week, boosted on trade talk optimism and a dovish Federal
Weekly crude oil inventories and production: Oil -3106K vs -1250K expected Gasoline -1692K vs +477K expected Distillates -551K vs +377K exp Refinery utilization +0.7% vs +0.34% exp Production 12.2mbpd vs 12.3 mbpd prior API numbers released late yesterday: Crude -812K Cushing +519K Gasoline +1458K Distillates -50K WTI has jumped into positive territory at $54.10 from
Fed Meeting Preview Talking Points: The June Fed meeting will conclude today at 18:00 GMT with Fed Chair Jerome Powell’s press conference starting at 18:30 GMT. At the May Fed meeting, policy officials made clear that their hawkish bias was quickly dissipating, suggesting that no interest rate changes would be made “for some time.” Retail
According to the latest Thomson Reuters/INSEAD survey, the business morale among the Asian firms fell to its lowest since the 2008-09 financial crisis in the three months to June, in the face of the negative implications of the escalating US-China trade war. Key Findings: “The Thomson Reuters/INSEAD Asian Business Sentiment Index tracking companies’ six-month outlook
Aussie buyers cheered trade positive news but remain on the sideline ahead of the key FOMC. Global risk sentiment continues to linger due to Draghi’s speech at Sintra. Having been buoyed by the upbeat risk sentiment, mainly due to the trade positive news, the AUD/USD pair stabilizes near 0.6875 during the early Asian session on
Stocks soar The S&P 500 is near an all-time record. The index is up 36 points today to 2925, the highest since May 6. Two factors have sparked the rally: 1) Draghi saying the ECB will implement additional stimulus unless the situation on growth and inflation improves 2) Trump saying an extended meeting with Xi
Tokyo’s main index falls amid mixed mood in Asian trading Markets are in a state of flux ahead of the Fed tomorrow with the risk mood holding softer in Asia as Treasury yields are notably weaker alongside a more subdued performance in US equity futures to start the day. The lower yields is helping to
According to Karen Jones, analyst at Commerzbank, EUR/USD is attempting to recover from approximately 1.1200 and focus remains on the 200 week ma at 1.1348 and the 200 day ma at 1.1356. Key Quotes “Dips lower will find initial support at 1.1200 and will ideally be contained by 1.1175. To really ignite upside interest, we
BCC survey results released overnight.  Business investment forecast to drop 1.3% y/y in 2019 +0.4% in 2020 On GDP: 2019 1.3% (BCC citing a lift in stockpiling by companies before the (original) Brexit deadline in March 2020 1.0% 1.2% in 2021 BCC Director General Adam Marshall “Businesses are putting resources into contingency plans, such as
Tokyo’s main index closes near flat levels in light trading ForexLive Chinese equities are more cheerful today but the rest of the region is rather mixed with little action overall, as investors wait on the Fed meeting on Wednesday before showing any real conviction. The Nikkei is ending the day near flat levels having traded
In light of advanced figures for EUR futures markets from CME Group, open interest increased by the third session in a row on Friday, this time by around 7.5K contracts. On the other hand, volume dropped by nearly 86.7K contracts, reaching the second consecutive drop. EUR/USD seen breaking below 1.1200 The leg lower in EUR/USD