Forex news for Asia trading on Tuesday 11 May 2021
- US gasoline, diesel, jet fuel network cyber-attack - How to hack a pipeline
- Australian state of Victoria records a new coronavirus case
- Moody's on Australia - containment of pandemic paves the way for economic rebound
- China's once a decade population census shows population growth has slowed dramatically
- UK researchers say the country's vaccine rollout has cut the risk of dying from COVID-19 by up to 97%
- Malaysia to extend coronavirus restrictions across the entire country
- China inflation figures for April: CPI 0.9% y/y (vs. expected 1.0%) & PPI 6.8% y/y (expected 6.5%)
- PBOC sets USD/ CNY central rate at 6.4254 (vs. yesterday at 6.4425)
- Daiwa comments on the easiest reflation trade right now
- US business lobby (AmCham) wants the US and China to rebuild relationship
- South Korea first 10 days of April exports +64.7% per working day
- BoJ Summary of Opinions (April monetary policy meeting)
- US Republican negotiators indicate they are willing to support higher infrastructure spending
- Japan Household spending for March +6.2% y/y (expected +1.5%)
- Australia weekly consumer confidence 111.6 (prior 112.7)
- UK spending data also rising, April data surging
- Australian card spending up (compared with 2019. Yes, 2019.)
- New Zealand data - Card Spending for April. Total +4% m/m (prior +2%) & Retail +4% m/m (prior +0.9%)
- Goldman Sachs is worried about the prospects for 'mega cap tech' stocks - 3 big risks
- ECB's Schnabel says German inflation could be above 3% this year, but the ECB is unconcerned
- New Zealand ANZ Truckometer for April: Heavy Traffic index -1.2% m/m (vs. prior +2.8%)
- ICYMI - Fed's Kaplan said (again) its good to start talking taper sooner rather than later
- US authorises Pfizer-Biontech COVID-19 vaccine for 12-15 age group
- Trade ideas thread - Tuesday 11 May 2021
- Chinese researchers successfully develop a 62-bit programmable superconducting quantum computing prototype
US timezone moves continued on here in Asia for the early part of the session with lower rates for EUR, AUD, CAD, NZD, GBP against the US dollar and US equity index futures following through lower also.
The moves did not carry on for too long though and as I post currencies are now showing mixed, with EUR, AUD net positive for the session.
News flow was light, same for data releases.
China CPI and PPI data was released during the session. Most notable was the PPI coming in well above the central median estimate while CPI was a touch lower than its. Industrial commodities in China futures today eased back from their rapid-pace gains.
On coronavirus news, HK extended its social distancing rules for another two weeks. Malaysia widened its restrictions to the entire country, effective through to early June.
Regional equities dropped flowing the falls in the US on Monday:
Japan's Nikkei -2.8%, Topix -2%
China's Shanghai Composite -0.49%
Hong Kong's Hang Seng -2.11%
Australia's S&P/ASX 200 -1.21%
BTC had an early drop and is back heading down again as I update:
DOGE remained soft also, as did ETH.