イギリス小売価格指数前年比

イギリス小売価格指数前月比

イギリスPPI輸入前年同期比

イギリスPPI輸入前月比

The South Korean won depreciated past 1,320 per dollar, pulling back from a six-month high as the dollar strengthened on robust US retail sales data. Still, markets held on to bets that the US Federal Reserve will deliver an outsized 50 basis point rate cut this week. Domestically, investors look ahead to a slew of economic reports including South Korean producer inflation data for August and consumer and business confidence figures for September. Meanwhile, data last week showed that the country’s annual inflation rate slowed to 2% in August from 2.6% in July, the lowest reading since March 2021. The latest figure marked the fifth consecutive month that price growth stayed below 3%, supporting the view that the Bank of Korea may start cutting rates soon.

South Korean Won Pulls Back on Dollar Strength

Malaysian palm oil futures surged near 2% to around MYR 3,810 per tonne, snapping three-day losses amid strength in rival oils on the Dalian and CBoT markets. Prices rebounded from their lowest level in a month, hit the day before, buoyed by signs of higher exports. Cargo surveyors noted Malaysian palm oil product exports rose by 9.1% to 10.2% during the first 15 days of Sept. from the same period last month. However, a stronger ringgit capped further gains. Meanwhile, crude oil prices fell after two days of gains, on an unexpected rise in US crude oil inventories and concerns over demand in China. In India, the top buyer of palm oil, New Delhi imposed a 20% basic customs duty on crude palm oil, crude soyoil, and crude sunflower oil starting Sept. 14. This effectively raises the total import duty on these three oils to 27.5% from 5.5%, as they are subject to India’s Agriculture Infrastructure and Welfare Surcharge. The move aims to protect farmers struggling with lower oilseed prices.

Palm Oil Bounces Back to Around MYR 3,810

Australia's 10-year government bond yield rose to around 3.89%, reaching its highest level in a week as investors continued to assess the Reserve Bank of Australia’s monetary policy outlook. Markets see little chance of a reduction in the 4.35% cash rate at the Reserve Bank's meeting next week, given that policymakers have consistently maintained a hawkish stance. Investors now await the country’s jobs report on Thursday to gauge the health of the labor market and its potential implications on the domestic monetary policy. Meanwhile, the US Federal Reserve is widely expected to deliver its first rate cut in more than four years this week. An aggressive rate cut from the Fed is likely to be interpreted by the market as increasing the likelihood of an earlier easing from the RBA.

Australia 10-Year Yield Hits 1-Week High

The yield on the US 10-year Treasury held around 3.64% in subdued trade on Wednesday, hovering near 15-month lows as investors braced for the upcoming Federal Reserve monetary policy decision, where it is expected to cut interest rates for the first time in four years. Markets remain divided on the size of the reduction, with odds for an outsized 50 basis point cut currently standing at 65%, up significantly from 25% a month ago. Meanwhile, the benchmark yield gained some ground on Tuesday following a strong US retail sales reading. Retail sales in the US unexpectedly edged up 0.1% in August from a month earlier, defying forecasts for a 0.2% decline and following an upwardly revised 1.1% surge in July.

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