ForexLive Asia FX news wrap: Gold higher

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading on Tuesday 12 October 2021

It was a session of minor moves after the holiday Monday in North America (US stock exchanges were open) ... which was not much of a holiday for markets with big FX moves and some equity falls.

Forex movement here during Asia has been much more limited with small ranges prevailing and not a lot of net change.

News and data flow was not large either but there were some notable developments (that did not move FX as noted above).

  • Japan wholesale inflation hit a 13-year high, this puts the squeeze on industry profits as costlier input prices are not being passed on to consumers (CPI remains moribund). This will weigh on business capex ahead, fewer profits mean fewer yen to spend on business investment.
  • Business confidence in Australia in September bounced strongly, offset by a fall in business conditions. The 'conditions' measure is measured more objectively than the confidence sentiment. 
  • And this from China's NDRC - is pushing for all industrial and commercial users to enter the power trading market, in an orderly way.
  • The world's largest seller of liquefied natural gas (LNG), Qatar said it is not in a position to supply more, its 'maxed out' says its energy minister.
  • The Bank of Korea left its key rate unchanged at its policy meeting but did note more needs to be done on inflation in coming meetings.

Gold rallied to test its overnight high:

Forex news for Asia trading onTuesday12October 2021


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