NFP : USD going into payrolls weak vs most pairs (interesting USDCNH story below, BoJ stays on the hawkish side too - add lower CROSSJPY's in the mix..), positioning is short USD/long bonds, so watch out if data is stronger (usual rules), and a HUGE risk in SOFR options, basically hedging for 50bps Fed cut in Sep, markets will price within seconds a 50bp cut, if data is well below 100K, watch out for revisions in previous months too
30y UST 3.99% - lowest since Dec 2023
France : Michel Barnier it is … and he will need all of his considerable calm, patience and political skills to form a government and construct a budget that will get through the French Parliament, hepromises respect for 'all political parties'
On Monday : Chinese inflation data, APPL event wiht the iPhone 6 and THE first Harris / Trump debate
August private payrolls rose by 99,000, smallest gain since 2021 and far below estimates, ADP says, US ISM Services Index Aug: 51.5 (est 51.4; prev 51.4) - Prices Paid: 57.3 (prev 57.0). The all-important employment index remained in +ve territory at 50.2, only the third reading above 50 YTD, New Orders highest since May
BMW will launch its first hydrogen-powered model in 2028
This is big news : China announces that they'll "give all Least Developed Countries (LDCs) having diplomatic relations with China, including 33 countries in Africa, zero-tariff treatment for 100 percent tariff lines"
Politico: "Zelenskyy suffers huge backlash as reshuffle triggers power-grab accusations. A parliamentary majority and martial law mean the Ukrainian president has the right to assemble his government as he sees fit, but the opposition is crying foul."
Chinese banks have built a $100 billion short against the US dollar to prop up the yuan — and hedge funds are eager to get in on the trade #USDCNH
Interest expense on US Federal debt is now at a record $3 billion PER DAY. This is TRIPLE the amount paid 10 years ago and has DOUBLED in just 2.5 years
Germany is considering deporting migrants to Rwanda and using facilities there that were paid for by the UK
Gasoline crack spreads signal that the single most important petroleum product market in the world is weakening quickly #crude >> OPEC+ has reached an agreement to pause its planned oil output hike for Oct-Nov, according to a delegate familiar with the talks
The United States is close to providing Ukraine with JASSM long-range cruise missiles - US media
#Walgreens what not to do in finance : $7.5bn market cap, not a whole lot of cash, $33bn in debt...
Whaoo - At the center of it all are transactions known as FX swaps. These have quietly become a key tool for state-run Chinese banks seeking to prop up the yuan during periods of outsized selling pressure.
The future of Wealth Management: Navigating Technology and Maximizing Operational Efficiency | Saxo (home.saxo) register if interested - The future of Wealth Management: Navigating Technology and Maximizing Operational Efficiency
Saxo invites you to an exclusive live event on Thursday, 12 September at 18:00, in collaboration with The Good Guys Company
Oliver Rakau on X: "Yes, Germany's July IP report was horrendous, raises odds of a renewed GDP contraction in Q3, and will kindle recession talks. But the 2.4% m/m drop was heavily driven by the car sector's 8% plunge, where a strong bounce looks likely in August. https://t.co/bsvLByPfXD" / X
Apparently..
Joining Hands to Advance Modernization and Build a Community with a Shared Future_Ministry of Foreign Affairs of the People's Republic of China (fmprc.gov.cn)
USD is weak(er) overall, showing a few signs of breaking down vs a few pairs, add soft CROSSJPY's too in the mix still..
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