Forexlive European FX news wrap: Choppy price action persists 0 (0)

It’s been another quiet session in terms of data releases. The only notable data point was the US NFIB Small Business Optimism index which ticked higher compared to the prior month.

We had also many ECB speakers confirming a rate cut in October which the market has already priced in weeks ago. The price action in the FX market remains rangebound as we continue to wait for the US CPI release on Thursday.

In the equity space, the Chinese markets continue to trade around the daily lows while the US and European markets have been grinding higher.

In the commodities space, crude oil is down 1.88% on the day since the peak hit in the overnight session at $78.46 with the pullback in the Chinese equities being the likely culprit. Copper is another big loser as it’s been even more sensitive to the Chinese markets lately. Gold, on the other hand, remains rangebound as the recent rally in real yields continues to weigh on the market.

The American session will be empty in terms of key data releases and the Fedspeak will take the centre stage once again as we get Fed’s Bostic and Fed’s Collins speaking.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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Libya’s NOC reports crude production up to 1.13M BPD after force majeure lifted 0 (0)

  • Libya’s NOC says daily production reached 1,133,133 BPD of crude oil and condensate in the last 24 hours – Statement.
  • Libya’s NOC says recovery comes just days after the lifting of the force majeure – Statement.

This article was written by Arno V Venter at www.forexlive.com.

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Riksbank’s Bunge says more confident that high inflation is behind us 0 (0)

  • Riksbank’s Bunge: We are more confident that the period of high inflation is behind us.
  • Riksbank’s Bunge: At the same time, we are in a mild downturn and it is important that the Swedish economy now recovers.

This article was written by Arno V Venter at www.forexlive.com.

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China’s Premier Li vows stronger policy coordination with timely implementation 0 (0)

  • China’s State Council held special study session on economic policies on Tuesday – State media.
  • China’s Premier Li: Will strengthen policy coordination – State media.
  • China’s Premier Li: Policy implementation should reflect good timing, strength, and pace – State media
  • China’s Premier Li: All sides should actively roll out policy measures to stabilise growth – State media.

This article was written by Arno V Venter at www.forexlive.com.

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PepsiCo expect higher borrowing costs to impact consumer spending 0 (0)

  • PepsiCo says inflation and higher borrowing costs over the last few years continue to impact consumer spending – Prepared Remarks.
  • PepsiCo – Expect 2024 inflationary pressures to moderate vs prior year, but some commodity costs to remain elevated.
  • PepsiCo: „Believe our snack categories remain attractive.“
  • PepsiCo – Continue to see long runway of profitable growth for international business.
  • PepsiCo: Sees improved Quaker Foods North America net revenue in Q4 as recall-affected production resumes.
  • PepsiCo: Expects consumers to remain value conscious amid inflation.
  • PepsiCo – Pockets of elevated geopolitical tension & macroeconomic pressure expected to persist in some international market in 2024.

Given the Fed and market’s focus on the labour market, there will be increased focus on the consumer for the Q3 earnings season.

This article was written by Arno V Venter at www.forexlive.com.

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