Forex news for Asia trading on Tuesday 13 July 2021
- US FAA says production problem found in yet to be delivered Boeing 787 Dreamliners
- China trade data for June YTD, yuan-denominated exports +28.1% y/y
- Coronavirus - Australian Federal government support package for Sydney / NSW to be announced later Tuesday
- Australia - NAB business survey (June): Conditions 24 (prior 37) Confidence 11 (prior 20)
- UK and US trade ministers to meet Tuesday (Truss and Tai)
- PBOC sets USD/ CNY central rate at 6.4757 (vs. yesterday at 6.4785)
- Australian state NSW (Sydney the capital city) reports 89 new cases
- US health authorities confirm a Pfizer booster shot is not needed
- NZ finmin Robertson says border restrictions will be needed for a while ahead
- 36 of 51 economists polled expect the ECB to taper QE purchases after September
- Goldman Sachs slashes its Australian Q3 GDP forecast nearly in half - citing Sydney coronavirus lockdown
- Australian weekly consumer sentiment +2% w/w to 110.0 (previous was 107.8)
- Commerzbank says BOJ to maintain loose policy for some time, to weigh on the yen
- UK data - Barclaycard indicator of consumer spending +11.1% y/y in June (prior +7.6%)
- UK BRC Sales like-for-like for June +6.7% y/y (expected +24.0%, prior +18.5%)
- New Zealand Food Price (inflation) for June +1.4% m/m (vs. expected +0.1%, prior +0.4%)
- Goldman Sachs on the Bank of Canada policy meeting this week & the CAD
- Australia's largest city of Sydney to get another 4 to 6 weeks in lockdown
- France to restrict access to bars, restaurants, malls to those who have tested negative, or vaccinated
- US FDA says 100 preliminary reports of Guillain-Barre syndrome from J&J vaccine
- New Zealand June house prices +1% m/m (REINZ data)
- Australia coronavirus - quarantine order for a building in Melbourne
- Australian bond market reaction to the accelerating Sydney COVID-19 outbreak indicates lower for longer
- Trade ideas thread - Tuesday 13 July 2021
The Australian and New Zealand dollars inched higher during the session, NZD/USD surpassing its US-time high to pop above 0.7000. The Australian dollar has regained its US-time high but has stalled there (as I update its still under 0.7500 ... as I proof-read its testing 0.75). USD/JPY popped 110.40, adding a bit of shine to AUD/JPY and NZD/JPY also.
EUR/USD and GBP/USD too have traded a little higher while USD/CAD is little changed.
News flow was light and there was nothing to shove the forex around too much. The data focus was the National Australia Bank Business Survey for June that showed both headline results (business conditions and business confidence) dropping on the month, the data capturing the lockdown of Australia's second-largest city of Melbourne (gradually eased in June) and the beginnings of the lockdown of its largest city, Sydney. While lower, the two measures are still well above their long-term averages ... with Sydney's lockdown intensifying and certain to be extended next month's survey looks like a lower result again though. As noted above, AUD went up.
The other data of focus is the China trade data for June, which is yet to be released as of posting.
Gold is higher by a few dollars only, oil steadied.
Regional equities took a positive lead from higher US markets Monday.