ForexLive Asia-Pacific FX news wrap: Waiting on the US CPI data

[Forex News]

• Platts survey shows OPEC+ July crude oil production rose by the most in 5 months, but ....
• Fed speakers on Wednesday will opine on policy after CPI data. Like they need an excuse.
• China July CPI 2.7% y/y (vs. expected 2.9%)
• PBOC sets USD/ CNY mid-point today at 6.7612 (vs. estimate at 6.7618)
• Musk reports further sales of Tesla shares in filings.
• BlackRock on the Fed, Bank of England and European Central Bank - rethinks on the horizon
• USD CPI data due Wednesday, 10 August 2022 - preview (strong CPI reading base case)
• Japan PPI (July) 0.4% m/m (vs. expected 0.4%)
• China COVID-19 update - infections rise in Xinjiang - partial lockdowns announced
• FX intervention continues in Asia
• US inflation data is due Wednesday, 10 August 2022 - preview
• Citi indicator at levels last reached in 2000, 2007: "after which global equities halved"
• Global economy headed into a stagflation era, central bankers may be trapping themselves
• Trade ideas thread - Wednesday, 10 August 2022
• Morgan Stanley on CPI data due Wednesday, 10 August - could be catalyst for a higher USD
• Forexlive Americas FX news wrap: Dollar tilts higher ahead of CPI. Stocks lower.
• Oil - private survey of inventory shows larger than expected headline build
• Fed's Bullard says its too early to claim inflation has peaked - destination is higher

As an appetiser to US inflation data due later Wednesday we had Chinese CPI (and PPI) data published. The official figures showed a rise in the CPI from June but not as much as expected (2.7% vs. expected 2.9% & prior 2.5%), and a lower PPI in July than in June (see bullets above for more). Core CPI in China in July fell to 0.8% y/y from June's 1.0%. From Japan we had PPI data, in line with the central expectation.

There was no news flow of note.

Early in the session comments were reported from St Louis Federal Reserve branch President James Bullard - he sees rates at 3.75 - 4% by year-end (see bullets above)

Major forex traded in relatively subdued ranges again here today. There is barely any net change to report.

Of note for share traders, an Elon Musk SEC (US Securities and Exchange Commission) filing showed he has sold a further ~7.9mn TSLA shares (around US$6.9bn worth).

US CPI data is due at 1230 GMT, there are previews posted above in the points.

This snapshot from the ForexLive economic data calendar, access it here.

• The times in the left-most column are GMT.
• The numbers in the right-most column are the 'prior' (previous month/quarter as the case may be) result. The number in the column next to that, where is a number, is the consensus median expected.

This article was written by Eamonn Sheridan at www.forexlive.com.

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