MEXICO: Banxico Cuts By Another 25bp To 7.25% In Split Decision, As Expected
Nov-06 19:06
- The policy statement is here.
- The decision to cut was split 4-1, with Deputy Governor Heath voting to remain on hold at 7.50% once again.
- Meanwhile, the forward guidance was adjusted, no longer referring to "further adjustments" ahead:
- "Looking ahead, the Board will evaluate reducing the reference rate. It will take into account the effects of all determinants of inflation. Actions will be implemented in such a way that the reference rate remains consistent at all times with the trajectory needed to enable an orderly and sustained convergence of headline inflation to the 3% target during the forecast period. The central bank reaffirms its commitment to its primary mandate and the need to continue its efforts to consolidate an environment of low and stable inflation."
- The complete set of revised inflation forecasts were set out in the following table within the statement:
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MNI: US AUG CONSUMER CREDIT +$0.4B
Oct-07 19:00
- MNI: US AUG CONSUMER CREDIT +$0.4B
- US AUG REVOLVING CREDIT -$6.0B
- US AUG NONREVOLVING CREDIT +$6.3B
EURJPY TECHS: Fresh Record High
Oct-07 19:00
- RES 4: 178.94 1.236 proj of the Jul 31 - Sep 29 - Oct 2 price swing
- RES 3: 177.67 1.000 proj of the Jul 31 - Sep 29 - Oct 2 price swing
- RES 2: 177.00 Round number resistance
- RES 1: 176.53 High Oct 7
- PRICE: 176.51 @ 16:44 BST Oct 7
- SUP 1: 173.92 Monday’s low
- SUP 2: 172.27 Low Oct 2 and key support
- SUP 3: 171.12 Low Aug 28
- SUP 4: 170.62 Low Aug 6
The trend in EURJPY remains bullish and Monday’s strong start to this week’s session reinforces current conditions. The cross has cleared resistance at 175.13, the Sep 29 high, to confirm a resumption of the primary uptrend to hit alltime highs in the process. This maintains the bullish sequence of higher highs and higher lows and opens the 177.00 handle next. On the downside, key short-term support has been defined at 172.27, the Oct 2 low.
US STOCKS: Late Equities Roundup: SPX, Nasdaq Remain Off Record Highs
Oct-07 18:58
- Stocks are holding weaker levels on narrow ranges after SPX and the Nasdaq indexes retreated from new record highs on Tuesday's open. No obvious block or headline driver as rates climbed to new session highs.
- Currently, the DJIA down 137.43 points (-0.29%) at 46,558.86, S&P E-Minis down down 28.5 points (-0.42%) at 6,760.75 (6,802.75 high), Nasdaq down 143 points (-0.6%) at 22797.43 (23,006.07).
- Consumer Discretionary and Information Technology sector shares continue to lead the decline late Tuesday, a mix of auto, home and travel related shares weighed on the Discretionary sector: Ford Motor Co -5.98%, DR Horton Inc -5.95%, PulteGroup -4.64%, Deckers Outdoor -4.38% and Expedia Group -4.00%.
- Technology stocks underperformed in the second half: Seagate Technology -7.24%, Teradyne -5.11%, Lam Research -4.81% and NXP Semiconductors -4.72%.
- On the positive side, Consumer Staples and Utility sector shares led gainers in late trade: Kenvue +2.68%, Kroger +2.50%, Colgate-Palmolive +1.83% and Mondelez International +1.59%.
- Meanwhile, American Water Works +2.12%, Exelon +2.04%, American Electric Power +2.01% and NextEra Energy +1.55% led gainers in the Utility sector.
