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The Federal Reserve (Fed) has finally pulled the trigger on rate cuts — 25bps down, with two more likely this year. But the dot plot reveals deep divisions inside the Fed for next year: some see no further moves, a few even expect hikes, while others want far steeper cuts. For now, the message is cl

On the radar Moody’s affirmed the Baa3 rating and negative outlook for Romania, S&P affirmed A- rating with positive outlook for Croatia. Industrial production in Romania arrived at 2.3% y/y. Today, Poland and Croatia will publish the full details of August’s inflation. Economic developments As

The Japanese Yen (JPY) is weak, down 0.3% against the US Dollar (USD) and underperforming all of the G10 currencies into Thursday’s NA session, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report. JPY is underperforming on risks to fiscal/BoJ "Politics are dominating as market pa

Asia market update: Japan PM resigns; OPEC+ increases output as RU-CN energy ties deepen; CN exports slow; Focus on French PM no-confidence vote. General trend and developments - The Nikkei surged as much as 1.8% and the TOPIX hit a fresh record high while the Yen was weaker (Euro and Pound at one-y

AUD/USD hits 0.6588 peak after US adds just 22K jobs in August, well below 75K forecast.Unemployment rate rises to 4.3% as wage growth steadies; traders fully price September 25 bps Fed cut.Markets eye US CPI next week, while AUD outlook hinges on China data and domestic consumer sentiment. The AUD/

Scott Bessent, US Treasury Secretary, hopes that the Genius Act will stimulate demand for federal securities to almost match stablecoin issuance, but this may not entirely come to fruition. A law designed to boost demand for T-bills from stablecoin issuers By encouraging the growth of stablecoin hol

Summary The ISM manufacturing index inched higher in August amid a broad but modest improvement amongst components, but at 48.7 the index remains consistent with contraction for the sixth-straight month. A pop in new orders and drop in prices paid were somewhat positive signs, but the underlying sen

The risk for Euro (EUR) remains on the upside, but it must first close above 1.1755 before a move toward 1.1790 can be expected, UOB Group's FX analysts Quek Ser Leang and Peter Chia note. Above 1.1755, EUR can move toward 1.1790 24-HOUR VIEW: "Although we pointed out yesterday that 'the bias for EU