August 07, 2024 10:25 GMT
Summary – August 07
LATAM
- Chile trade figures for July will be released on Wednesday, followed by June nominal wage data. Brazil July vehicle sales will also cross. In the G10, Canada BOC minutes highlight a relatively quiet economic calendar. Despite remarks not being expected, it is worth noting that Boston Fed President Susan Collins will travel to Rhode Island to meet with a wide range of participants in the economy.
- JPY – Dovish remarks from BoJ Deputy Governor Uchida overnight stoked a strong reversal lower for the Japanese Yen, and despite a moderate pullback, USDJPY trades close to the 147 handle, consolidating near 2% gains on the session.
- Global news:
- JAPAN (MNI) – BoJ Deputy Governor Shinichi Uchida said on Wednesday that the BoJ will not raise its policy interest rate while financial and capital markets are unstable. “In contrast to the process of policy interest rate hikes in Europe and the United States, Japan's economy is not in a situation where the BoJ may fall behind the curve if it does not raise the policy interest rate at a certain pace,” Uchida told business leaders in Hakodate City.
- US – Vice President Kamala Harris kicked off a critical campaign stretch aimed at putting Republican Donald Trump on the defensive in key swing states as she took the stage for the first time with her new running mate, Minnesota Governor Tim Walz. Harris personally introduced Walz on stage, hailing him as a “fighter for the middle class” and touting a biography Democrats hope will broaden the ticket’s appeal to working-class voters during a rally in Philadelphia.
- MIDEAST – Hamas named Yahya Sinwar, a key mastermind of the group’s October 7 assault, as its new political leader, the latest blow to multilateral efforts to reach a cease-fire agreement in Gaza. Sinwar succeeds Ismail Haniyeh, one of the group’s main mediators, whose assassination in Iran last week had already put strain on talks. Iran said it is preparing to attack Israel as punishment for Haniyeh’s killing, which Israeli officials haven’t confirmed or denied having a role in.
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