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September 20, 2024
Asia Open - Overnight Highlights
September 20, 2024 12:00 AM UTC
EMERGING ASIA
EM currencies perform mostly stronger against the USD after market participants digest the FOMC cut and forward guidance. MYR saw the largest gains of 0.88%, followed by IDR 0.67%, THB 0.52%, KRW and CNH 0.34%, SGD 0.27%, PHP 0.24%, CNY 0.2%, INR 0.09% and TWD 0.06%; the only loser is H
September 19, 2024
Time Has Come: SARB Cut the Key Rate to 8.0% on September 19
September 19, 2024 3:57 PM UTC
Bottom line: As we expected, South African Reserve Bank (SARB) started cutting the key rate at the upcoming MPC meeting on September 19 and decreased it from 8.25% to 8.0% given recent fall in inflation, suspended power cuts (loadshedding) after March, deceleration in inflation expectations and a re
U.S. August Existing Home Sales - Downtrend resumes but may bottom soon
September 19, 2024 2:12 PM UTC
August existing home sales with a 2.5% decline to 3.86m have resumed a downtrend after a 1.5% July increase. This is consistent with most housing sector survey evidence through August but signals for September are more positive, which Fed easing should assist.
No Surprises as CBRT Continued to Hold Key Rate Stable at 50% on September 19
September 19, 2024 1:11 PM UTC
Bottom Line: As predictions were centred around no change, Central Bank of Turkiye (CBRT) kept the policy rate stable at 50% for the sixth consecutive month on September 19. CBRT reiterated in a statement that tight monetary stance will be maintained until a significant and sustained decline in the
U.S. Initial Claims slip in payroll survey week and September Philly Fed turns positive
September 19, 2024 12:56 PM UTC
Initial claims at 219k from 231k have fallen to their lowest level since May 18, and this data covers the survey week for September’s non-farm payroll. Continued claims, covering the week before initial claims, at 1.829m from 1.843m are at their lowest since June 8. A positive September Philly Fed
BoE Review: Explicit Gradualism
September 19, 2024 12:05 PM UTC
The expected unchanged MPC decision came with what some may regard was a lack of any major dissent beyond that from arch-dove, Swati Dhingra. But that 8:1 vote is very much a reaction to the closeness of the MPC vote last month to cut Bank Rate by 25 bp to 5.0%. It is also preference from the MP
Norges Bank Review: Heads Still in the Sand?
September 19, 2024 8:57 AM UTC
As with the five previous policy meetings, the Norges Bank kept its policy rate at 4.5% and equally unsurprising moderated its previous hawkish rhetoric - slightly. While it still fought against market expectations by suggesting policy will remain on hold until year end it did drop its recent stress