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Russian Energy Minister: OPEC, Non-OPEC Discussing Whether To Monitor Oil Exports #OOTT (4mins) like | retweet
Germany Markit/BME Services PMI Sep P: 55.6 (est 53.8; prev 53.5) -Markit/BME Composite PMI Sep P: 57.8 (est 55.8; prev 55.8) (15mins) like | retweet
Germany Markit/BME Manufacturing PMI Sep P: 60.6 (est 59.0; prev 59.3) https://t.co/32nU8Svx5i (15mins) like | retweet
Iran Unveils A Missile With Range Of 2,000 Km, Capable Of Carrying Several Warheads -Tasnim News Quoting Revolutionary Guard Commander (17mins) like | retweet
British Transport Minister Grayling: Will Not Be In A Position Where A Court Outside The UK Can Decide On Life In The UK Post-Brexit (23mins) like | retweet
France Markit Services PMI Sep P: 57.1 (est 54.8; prev 54.9) -Markit Composite PMI Sep P: 57.2 (est 55.1; prev 55.2) (45mins) like | retweet
France Markit Manufacturing PMI Sep P: 56.0 (est 55.5; prev 55.8) https://t.co/w9U322rsgY (46mins) like | retweet
ECB's Hakkarainen: Regarding NPLs, There Is No Merit For Banks With Problems In This Area To Play A “Wait And See” Game (48mins) like | retweet
OPEC Mini-Meeting Today Is Expected To Be Brief – Two OPEC Delegates #OOTT (50mins) like | retweet
France Wages (Q/Q) Q2 F: 0.40% (prev 0.40%) -GDP (Q/Q) Q2 F: 0.50% (prev 0.50%) -GDP (Y/Y) Q2 F: 1.80% (prev 1.70%) (1hrs ) like | retweet
today’s featured stories
Euro, Loonie, Sterling Still Offer More Upside Even After Hawkish Fed, Analysts Say
The U.S. dollar gauge rallied to touch a two-week high after the Federal Reserve’s policy statement was interpreted as hawkish by the market on Wednesday. A day later, the greenback is already retreating, suggesting that the battered U.S. currency has still not reached a turning point. The...
Read More

The U.S. dollar gauge rallied to touch a two-week high after the Federal Reserve’s policy statement was interpreted as hawkish by the market on Wednesday. A day later, the greenback is already retreating, suggesting that the battered U.S. currency has still not reached a turning point.

 

The ICE U.S. Dollar index reached a high of 92.679 on Wednesday, but retreated to 92.346 in Thursday’s session. Market participants attributed the initial bounce, now judged a kneejerk reaction, to a build-up in short positions.

 

The market is “only concerned with the now and now,” Ashraf Laidi, head trader and strategist at Intermarket Strategy, said in the aftermath of the central bank’s policy statement and subsequent news conference, adding that he was “looking for a four to five week consolidation phase where there won’t be much in terms of exciting news.” (MarketWatch – Continue Reading)

US FOMC Meeting (Sept 2017) - Reaction
As expected, the US Federal Reserve didn’t raise interest rates in September, leaving the Fed funds target alone at 1.00pct to 1.25pct, as it begins in October the unprecedented step of slowly unwinding almost nine years of balance sheet bloat from its expansionary quantitative easing...
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As expected, the US Federal Reserve didn’t raise interest rates in September, leaving the Fed funds target alone at 1.00pct to 1.25pct, as it begins in October the unprecedented step of slowly unwinding almost nine years of balance sheet bloat from its expansionary quantitative easing policies.

 

While rates were left alone for now, the Federal Open Market Committee (FOMC) kept its median view for a third hike in 2017 with 11 Fed officials forecasting one more in its latest September Summary of Economic Projections (SEP) v eight in June. The Fed funds futures market implied a 72-pct chance for a rate hike in December after the SEP was released from 52pct just prior.  Four officials are still looking for no more hikes this year, the same as June.

 

The median view also remained at three additional hikes in 2018, but the path of Fed funds flattened out a bit in 2019. The FOMC cut its longer-run Fed funds estimate slightly to 2.75pct from 3.0pct.

 

In its statement following its two-day meeting, the FOMC said that it continues to expect that “economic activity will expand at a moderate pace, and labour market conditions will strengthen further.” (LiveSquawk – Continue Reading)

BoJ September 2017 MonPol Decision - Reaction
Unsurprisingly, the Bank of Japan moved in-line with consensus, leaving its interest unchanged at minus 0.1pct at its September meeting. The central bank also kept its 10-year government bonds (JGBs) yield anchored around zero percent.   However, the decision was not unanimous, with...
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Unsurprisingly, the Bank of Japan moved in-line with consensus, leaving its interest unchanged at minus 0.1pct at its September meeting. The central bank also kept its 10-year government bonds (JGBs) yield anchored around zero percent.  

 

However, the decision was not unanimous, with new member Goushi Kataoka voting against leaving stimulus unchanged. This dovish dissention reflected his view that the monetary effects of the current yield curve control program are insufficient to spur price gains to the 2pct inflation target. He refrained from providing an alternative policy adjustment.

 

Governor Haruhiko Kuroda softened beliefs in a rift emerging among the board, and in the press conference that followed, openly praised the benefits of a dissenter. He stressed the BoJ’s resolve to maintain its massive stimulus programme. 

 

“The key to the debate on an exit strategy is what to do with the central bank’s expanded balance sheet, and when and how to raise short-term interest rates,” said Governor Kuroda. “But how such steps could affect the BoJ’s financial health and banking sector profits would change depending on economic and financial developments at the time.” (LiveSquawk – Continue Reading)

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