Reuters latest corporate
- 37% saying the target would take more than three years to achieve
- 31% saying it was not feasible at all
- Compared to October when the same question was asked in the monthly survey, the number of firms believing it was impossible saw a 5% uptick although the number saying it was achievable within three years also saw a 5% rise
Wages lower, more people looking for work
Today the New York Fed released a new quarterly survey on the labor market and it showed an increase in the proportion of individuals who searched for a job, and a decline in the average full-time offer wage.
Reports from the China News Service
A drop to 6.50 in USD/CNY would send the pair back to where it was in May 2016. It would represent a 2.5% drop.
The advisor cited was Sheng Songcheng who said it's 'totally possible' it will rise to 6.60 or 6.50 by year end.
It should be a EUR vs. USD battle at the central banker symposium with contrasting speeches from the ECB and the Federal Reserve
Both European Central Bank President Mario Draghi and Fed Chair Janet Yellen are to give speeches, , fearing it might be a bit of snoozer:
The Fed Chairman speaks Aug 25
Janet Yellen speaks on Friday at the Kansas City Fed's Jackson Hole symposium. The annual event is a traditional spot for central bankers to set the agenda for the final stretch of the year.
ANZ with a look ahead to the week, with the preamble that:
the last two weeks confirmed the USD has likely bottomed:
What to expect at Jackson Hole:
In his speech at the Jackson Hole meeting this week, ECB President Draghi is expected to give further sign of ECB's growing confidence in the euro area economy.
Kaplan speaking in Dallas
- Strength of US consumer is underpinning economy
- US household sector has great capacity to spend
Shouldn't the aim be to grow GDP-per-capita? I mean, growth is good for corporations and government tax revenues but GDP per capita is the bottom line on how effective your country is and the standard of living. Just bringing in people for the sake of overall growth isn't the solution most people are looking for.
Details of Draghi speech at Jackson Hole released a short while ago 18 Aug
- speech to begin at 1pm local time ( 19.00 GMT )
No further detail, and of course no detail on content. This is just prior notice of the timing of his appearance.
Here is an interesting read for what may turn into a sedate Asian Friday ...
Its from Bloomberg on the Bank of England
textbooks would say to raise interest rates. Mark Carney is going off script.
People's Bank of China
In open market operations, the People's Bank of China:
- to inject 70 bn yuan via 7 day reverse repos
- to inject 50 bn yuan via 14 day reverse repos
Net 20bn yuan injection for the day
I just posted the Bloomberg take on the ECB minutes here:
"ECB officials expressed concern over risk of euro overshoot" (minutes recap)
While I'm on the ECB, here is the (in brief) response via Barclays:
Yields on 10 year JGB fell on Wednesday, the day the Bank of Japan reduced its purchases in the 5 to 10 year maturities
There is another auction today, the Bank might reduce its purchases again. They are more likely to do so
ECB Minutes now published 17 Aug
- accommodation required in either direction if needed
- stock vs flow aspect of app should be considered
No sign of hawkish tones plus concern over recent fx appreciation sends euro lower.
The USD dropped hard overnight in response to the Federal Reserve minutes release (well, )
and other factors also
The People's Bank of China with a relatively restrained drop in USD/CNY at the reference rate setting.
Great headline! This is from Business Insider (link):
Goldman Sachs is infiltrating the Fed in ways that most people haven't noticed
Its all about William Dudley, president of the Federal Reserve Bank of New York (and ex of Goldman Sachs) "fairly strong recommendation" of Gary Cohn (Trump's economic advisor and also ex of Goldman Sachs) for consideration as next Fed Chair.