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In the world of mankind, there will not be a statement without any position, nor a remark without any purpose.
Inflation, exchange rates, and the economy shape the policy decisions of central banks; the attitudes and words of central bank officials also influence the actions of market traders.
Money makes the world go round and currency is a permanent commodity. The forex market is full of surprises and expectations.
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I have 5 years of experience in financial analysis, especially in aspects of macro developments and medium and long-term trend judgment. My focus is maily on the developments of the Middle East, emerging markets, coal, wheat and other agricultural products.
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For the currency pair to surpass the 152-mark, additional hawkish surprises from the U.S. would likely be required.
Analysts have downgraded estimates for European corporate earnings at the fastest pace in seven months this week, setting a lower bar for beats, while more optimism over the global outlook might spare shares from severe punishment for misses.
Third-quarter earnings are expected on average to have increased 3.7% from a year ago, according to data from LSEG I/B/E/S, driven by growth in materials, financials, and utilities.
However, the ratio of downgrades to upgrades of analysts' European earnings estimates has reached its highest since February as the region's economy struggles to generate meaningful growth.
"Expectations have come down quite a bit, particularly with the economy weakening," said Frederique Carrier, head of investment strategy at RBC Wealth Management.
"If numbers are better than expected, I would expect the market to react quite positively," Carrier said.
As third-quarter earnings season kicks into high gear, this theory is facing a tough test. Shares in French luxury group dropped on Wednesday by the most in a year, down 6%, after reporting weak quarterly sales.
And late on Tuesday, Dutch tech company ASML's results showed earnings beat expectations, but a downbeat outlook triggered the largest one-day sell-off in its shares since 1998.
In the second quarter, earnings misses were punished more than they had been historically. However, some analysts believe this quarter might be different, as investors turn more optimistic about the global growth outlook.
"Investors are happy to look through the China weakness," said Georges Debbas, head of European equity & derivatives strategy at BNP Paribas.
China is a critical market for many European sectors and Beijing's recent announcements of large-scale stimulus measures, although light on details, have offered some hope that the world's second-largest economy can again drive global growth.
Finance Minister Lan Foan pledged over the weekend that Beijing would do more to stimulate economic growth, which data due on Friday is expected to confirm remained subdued in the third quarter.
The health of China's economy matters more for European companies that depend more on exports than their U.S. rivals, which generate most of their revenue in their vast home market.
But many investors say they remain cautious until they see further details about China's stimulus plans, including the size of the proposed package.
"There will be hope that the stimulus package can be positive for companies that have suffered from weak consumption in China," said Josephine Cetti, chief strategist at Nordea.
"(But) I don't think companies will change estimates based on what we've seen, because we haven't seen anything concrete yet."
Among consumer-facing industries hit especially hard by weakness in China are luxury retailers, such as LVMH and Kering and automakers.
Investors have been shunning Europe's auto sector because of softening volume growth and heightened competition from China, particularly in electric vehicles, despite valuations close to record lows compared to the benchmark STOXX 600 index.
"The auto sector for us has been uninvestable for years," said Eddie Kennedy, head of bespoke discretionary fund management at Marlborough, citing high capex spending, low margins and increased competition.
More broadly, though, cheap valuations and light positioning offer opportunities for investors.
While the STOXX 600 is within 1.5% of record highs, European companies trade close to a record discount against their U.S. counterparts at about 37%, based on the price-to-earnings ratio.
"Valuations are relatively attractive," said Ben Ritchie, head of developed markets equities at abrdn.
"I don't think we'll see anything in the third quarter that will change that picture."
Investor positioning in Europe is also broadly neutral according to most metrics. Citi strategists highlight that investors are slightly net short Eurostoxx futures, one of just three indexes from a number that they track that has a net short position against the backdrop of mostly bullish equity positioning.
"It's not like S&P 500, which is trading at extremely high valuations, extremely high positioning, extremely high overcrowdedness that if a big AI scare happens, you could see a large correction," BNP Paribas's Debbas said about the STOXX 600.
"In Europe, I don't think that's going to be the case."
The Securities Commission of Malaysia (SC) has actively contributed to the Asean Taxonomy through the Asean Taxonomy Board, which includes central banks, securities regulators and insurance regulators.
Its chairman Datuk Mohammad Faiz Azmi said the taxonomy serves as a regional guide for identifying and classifying sustainable finance activities within the region, to supplement national efforts.
“To cater to Asean’s diversity, the taxonomy takes a multi-tier approach — Principles-based Foundation Framework for qualitative assessment across all sectors, and A Plus Standard for quantitative assessment in six focus sectors.
“The Asean Taxonomy was the first regional taxonomy to introduce a traffic light system of assessment, with an amber criterion, allowing for transitioning activities that may not meet the criteria of being green, (as this is) crucial for supporting diverse economies starting their transition journey,” he said in his keynote address during the Skrine Conference 2024 on Wednesday.
According to Mohammad Faiz, taxonomies have emerged as powerful tools in providing a clear classification system for investments, ensuring they are aligned with long-term sustainability goals.
“We have seen a surge in taxonomy developments across jurisdictions, driven by the need for consistency and clarity.
“Since the release of the Asean Taxonomy Version 1 in 2021, countries like Malaysia, Indonesia, Thailand, and the Philippines have introduced national taxonomies,” he added.
He noted that these frameworks, while rooted in the Asean Taxonomy, are tailored to suit local contexts, ensuring relevance and regional coherence in sustainable finance.
“By providing a structured framework, taxonomies enable investors and issuers to make informed decisions, fostering a sustainable financial ecosystem for both the economy and the environment," he said.
One of Southeast Asia’s largest central banks unexpectedly cut interest rates, underscoring how increasing economic growth concerns outweigh inflation risks across the region.
The Bank of Thailand (BOT) cut its one-day repurchase rate by 25 basis points Wednesday, expected by only five of 28 economists. The rest saw the typically conservative central bank holding rates.
“This turn has been long in the making,” said Miguel Chanco, chief emerging Asia economist at Pantheon Macroeconomics Ltd, citing Thailand’s inflation below the central bank’s 1-3% target range. He added that “the slowdown in economic growth is far from over” as consumption slows.
The decision came minutes after the Philippines central bank lowered its main rate to 6% as inflation pressures fade. Bank Indonesia shortly afterwards left its main policy rate unchanged at 6%, near the highest in five years, as officials weigh renewed currency volatility with financial stability. Those results were widely expected by analysts.
The announcements show how central banks across the region are contending with slowing economies, leading monetary policies to diverge in coming months. While the Federal Reserve’s outsize 50 basis point cut last month created room for officials elsewhere to ease policy, it doesn’t necessarily mean all will follow.
The rate cut from Thailand was particularly shocking, since the central bank had resisted multiple calls from the government and business groups to ease policy. The central bank had previously said that current rates are “neutral” and there were concerns that lower borrowing costs could worsen household debt levels.
Thai central bankers maintained their outlook for economic growth this year at 2.7%, though said that gains have been uneven across sectors. While inflation is largely in the rearview mirror across the region, signs are building of consumers pulling back and household finances coming under increased pressure.
The Asian Development Bank revised down its growth forecast for Southeast Asia last month to 4.5% from 4.6% previously, driven by weaker expectations for Thailand and Myanmar. The group added that in general, the region remains “resilient”, with higher consumption and improvement in exports.
Inflation has taken hold across Asia Pacific in varying degrees — it’s less of a concern in countries like Indonesia. Meanwhile consumption has slowed in the Philippines and Thailand.
During the post-pandemic inflation surge and the Fed’s aggressive policy response, officials across Asia shared similar foes: high prices and the need to protect their currencies from a growing rate differential with the US.
Domestic concerns — unique in each country— now make rate calls trickier.
BOT Governor Sethaput Suthiwartnarueput said in a press conference following the announcement that the cut was not the start of an easing cycle, but rather a recalibration. He’s faced growing calls from politicians to ease policy to spur economic growth. Gross domestic product (GDP) growth has averaged less than 2% a year for the past decade, lagging behind other developing economies.
That struggle will only intensify as the government is pushing the central bank to raise its inflation target band and install a critic of the BOT’s hawkish stance as chairman.
The Philippines is set to move more aggressively than many peers including Thailand, with a plan to slash its benchmark rate by around 175 basis points by 2025, as communicated by Bangko Sentral ng Pilipinas Governor Eli Remolona in a Bloomberg interview. He called the moves “measured” and said the central bank wouldn’t move ahead of the Fed in a press conference today.
The central bank has scope to ease as inflation slowed to a four-year low. There’s also economic impetus — consumption weakened in the second quarter, as the most restrictive policy in 17 years weighed on households. The central bank expects that GDP growth may fall below target over the next two years.
Inflation is also less of a concern in Indonesia, where consumer prices rose at the slowest pace in three years last month. Signs are also building that Southeast Asia’s biggest economy is rapidly cooling: manufacturing activity has contracted since the summer and factory closures have led to lay-offs.
Bank Indonesia, which cut rates unexpectedly last month just ahead of the Fed, is seen joining the Philippines in easing policy this year though perhaps not as quickly. Here, the nation’s currency weakening in recent months threatens to put central bankers on hold.
Perry Warjiyo, Governor of Bank Indonesia, said that officials are keeping an eye on room for policy rate cuts in a press conference on Wednesday.
The USD/CAD pair recovers from recent losses and trades around 1.3790 during European hours on Wednesday. On the daily chart, the analysis shows that the pair is testing the lower boundary of an ascending channel, which, if remains within the channel, supports the bullish trend.
The 14-day Relative Strength Index (RSI) is slightly below 70 level, confirming the ongoing bullish sentiment is in play. However, a move above the 70 mark would suggest overbought conditions and signal a potential downward correction.
On the upside, if USD/CAD remains within the ascending channel, it could explore the region around the upper boundary around 1.3870. A break above this level could strengthen bullish momentum, potentially driving the pair toward 1.3946, its highest point since October 2022.
In terms of the support, a decisive break below the lower boundary of the ascending channel at the 1.3790 level, could weaken bullish sentiment, pushing the USD/CAD pair to target its nine-day Exponential Moving Average (EMA) at 1.3718.
Further support is found at the former resistance, now acting as support, around 1.3620, with the key psychological level of 1.3600 just below.
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