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Futures News, August 12th: Shanghai Futures Exchange (SHFE) precious metals and non-ferrous metals warehouse receipts and changes on August 12th: 1. Copper futures warehouse receipts: 24,131 tons, an increase of 953 tons compared to the previous trading day; 2. Aluminum futures warehouse receipts: 303,168 tons, a decrease of 1,023 tons compared to the previous trading day; 3. Zinc futures warehouse receipts: 110,721 tons, an increase of 396 tons compared to the previous trading day; 4. Lead futures warehouse receipts: 61,228 tons, an increase of 301 tons compared to the previous trading day; 5. Nickel futures warehouse receipts: 100,769 tons, a decrease of 158 tons compared to the previous trading day. 6. Tin futures warehouse receipts: 5,199 tons, up 136 tons from the previous trading day; 7. Alumina futures warehouse receipts: 264,286 tons, unchanged from the previous trading day; 8. Alumina futures factory warehouse receipts: 9,300 tons, unchanged from the previous trading day; 9. Gold futures warehouse receipts: 113,676 kg, unchanged from the previous trading day; 10. Silver futures warehouse receipts: 1,305,953 kg, up 5,003 kg from the previous trading day; 11. International copper futures warehouse receipts: 5,651 tons, down 251 tons from the previous trading day.US July Seasonally Adjusted CPI MoM (Previous: -0.4%; Expected: 0.1%) 1. Capital Economics: +0.0%; Citigroup: +0.0%; Mizuho Securities: +0.0%; ANZ: +0.1%; Bank of America Merrill Lynch: +0.1%; 2. Tesco Bank: +0.1%; Commerzbank: +0.1%; Goldman Sachs: +0.1%; HSBC: +0.1%; Morgan Stanley: +0.1%; 3. JPMorgan Chase: +0.1%; Pansen Macro: +0.1%; Moodys Analytics: +0.1%; ING: +0.1%; NatWest: +0.1%; 4. Nomura Securities: +0.1%; Oxford Economics: +0.1%; RBC: +0.1%; Sumitomo Mitsui: +0.1%; Lloyds Banking Group: +0.1%; 5. Nordea: +0.1%; Steifel: +0.1%; UBS: +0.1%; Vanguard: +0.1%; Spartan Capital: +0.1%; 6. Wells Fargo: +0.1%; Montreal: +0.2%; BNP Paribas: +0.2%; Berenberg: +0.2%; Barclays: +0.2%; 7. High Frequency Economics: +0.2%; Scotiabank: +0.2%; Societe Generale: +0.2%; Danske Bank: +0.2%; Deutsche Bank: +0.2%; 8. Standard Chartered: +0.2%; TD Securities: +0.2%; UniCredit: +0.2%; Westpac: +0.2%; Jefferies: +0.3%. US July seasonally adjusted core CPI month-on-month rate (previous value: +0.0%, expected value: +0.2%) 1. Mizuho Securities: +0.1%; Sparta Capital: +0.1%; ANZ: +0.2%; Montreal: +0.2%; BNP Paribas: +0.2%; 2. Bank of America Merrill Lynch: +0.2%; Barclays: +0.2%; CIB: +0.2%; Capital Economics: +0.2%; Citigroup: +0.2%; 3. Commerzbank: +0.2%; Danske Bank: +0.2%; Goldman Sachs: +0.2%; HSBC: +0.2%; Steifelr: +0.2%; 4. ING: +0.2%; Lloyds Banking Group: +0.2%; JPMorgan Chase: +0.2%; Oxford Economics: +0.2%; Wells Fargo: +0.2%; 5. Nomura Securities: +0.2%; Morgan Stanley: +0.2%; Pansen Macro: +0.2%; Sumitomo Mitsui: +0.2%; Nordea: +0.2%; 6. Societe Generale: +0.2%; Westpac: +0.2%; UBS: +0.2%; Standard Chartered: +0.2%; TD Securities: +0.2%; 7. UniCredit: +0.2%; NatWest: +0.2%; Deutsche Bank: +0.3%; Moodys Analytics: +0.3%; Scotiabank: +0.3%.August 12th - Wells Fargo economists predict that the July U.S. CPI report should reinforce the view that the worst of the inflationary impacts from high tariffs and Middle East conflicts have passed. Price increases appear to be driven by a few categories rather than a broad spread of underlying price pressures. However, while the scope of inflationary pressures is narrowing, continued price strength in some sectors suggests that achieving the 2% inflation target may still be a gradual process.The China Earthquake Networks Center officially reported that a magnitude 3.6 earthquake occurred at 14:57 on August 12 in Xinghai County, Hainan Prefecture, Qinghai Province (35.39 degrees north latitude, 99.53 degrees east longitude), with a focal depth of 10 kilometers.On Wednesday, August 12, the German DAX 30 index opened 55.72 points higher, or 0.21%, at 26,451.09; the UK FTSE 100 index opened 0.55 points lower, or 0.01%, at 10,843.64; the French CAC 40 index opened 4.19 points higher, or 0.05%, at 8,719.13; the Euro Stoxx 50 index opened 17.93 points higher, or 0.27%, at 6,569.15; the Spanish IBEX 35 index opened 60.38 points higher, or 0.30%, at 20,273.98; and the Italian FTSE MIB index opened 171.79 points higher, or 0.32%, at 53,878.00.

AUD/NZD strengthens above 1.0800 as focus shifts to RBA Lowe's speech and RBNZ policy

Daniel Rogers

Nov 22, 2022 14:59

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In the early Tokyo session, the AUD/NZD pair is displaying inventory accumulation between 1.0810 and 1.0830. Investors have shifted their focus to Reserve Bank of Australia (RBA) Governor Philip Lowe's speech, which has caused the asset to swing unpredictably. The primary impetus for the cross will be the Reserve Bank of New Zealand's (RBNZ) interest rate decision on Wednesday.

 

Investors await the RBA policymaker's speech in order to get an informed opinion. The speech will include interest rate suggestions to counteract the exceptional increase in inflationary pressures. Third-quarter inflation hit 7.3%, compelling the Australian central bank to lift its price growth projection to 8%. To preserve healthy economic prospects and achieve price stability, the RBA maintained its rate hike timetable at 25 basis points (bps).

 

On the kiwi front, the Reserve Bank of New Zealand's (RBNZ) monetary policy statement will deepen policy divergence between the RBNZ and the RBA. Governor Adrian Orr of the Reserve Bank of New Zealand (RBNZ) has already announced five consecutive rate hikes of 50 basis points (bps) to a current level of 3.5 percent and has no plans to pause rate hikes despite rising inflationary pressures.

 

The Official Cash Rate (OCR) will climb by 75 basis points (bps) this time, according to a Reuters survey of the RBNZ's rate hike estimates. A comparable scenario would cause the OCR to increase to 4.25 percent and depart significantly from the RBA's policy structure.

 

The decision may boost the New Zealand Dollar in the future, but reduces the Reserve Bank of New Zealand's room for future rate increases. In addition, additional economic dynamics requirements will be shifted into the future.