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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 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
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.
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
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
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
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