Forex news for Asia trading for Friday 12 March 2021

It was a fairly uneventful session and the small ranges for major FX reflect this. We had rumours of the BOJ dropping its ETF buy target (only a rumour - and Japanese stocks went up today so it seems to have been shrugged off there), US President Biden's first address to the nation (with commitments on vaccinations and loosening distancing restrictions), an Asian country (Thailand) halted AstraZeneca vaccination shots on clot concerns (Denmark news Thursday Europe time) and US Treasury Secretary Yellen saying some Americans would recive $1400 checks as soon as this weekend.

As the headline to the wrap says the moves were, in summary, higher US yields and a higher US dollar. Major FX declined against the USD across the board, as did gold.

The People's Bank of China set the onshore yuan more strongly than expected in the reference rate.

Regional stocks were mixed:

  • Japan's Nikkei 225 +1.25%
  • Shanghai Composite +0.3%
  • HK's Hang Seng -0.22%

USD/JPY found some strength:

Forex news for Asia tradingfor Friday12March 2021