The People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead on Friday at 7.1088, as against the previous day's fix of 7.1111 and 7.2383 Reuters estimates.
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Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.
GBP/USD adds to the multi-day negative streak, although it has managed to bounce off earlier four-week lows near 1.3470 on Wednesday. Meanwhile, Cable’s deep correction comes despite the tepid performance in the Greenback and the persistent geopolitical concerns.
EUR/USD comes under some pressure and revisits the 1.1580 region as the NA session draws to a close on Wednesday. That said, spot adds to Tuesday’s bearish performance while the Greenback is slowly gathering steam and leaving behind earlier lows.
Gold consolidates below $4,400 during the Asian session on Thursday, stalling the previous day's goodish recovery from a four-week low. Escalating US-Iran tensions and September Fed rate hike bets counter Wednesday's weak US ADP report, offering some support to the US Dollar and capping the commodity. However, sliding US bond yields could act as a tailwind for the non-yielding bullion.
Warsh declared the end of forward guidance, China split the G20 19-to-1, and Bessent promised more financial sanctions before the week ends. The market implications are specific and immediate. Two events defined the global macro landscape this week. At Jackson Hole on August 27-29, Federal Reserve Chairman Kevin Warsh delivered a structural reset in how the central bank communicates and operates.
The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.
