Forex news for Asia trading for Tuesday 17 November 2020
- Further UK coronavirus restrictions may be on the way Tuesday - announcement expected from Scotland
- RBA Deputy Governor Guy Debelle is speaking later re FX
- PBOC Governor says China should stabilise its macro leverage ratio
- More on Pfizer's COVID-19 vaccine pilot program about to be launched
- Trump plotted launching a military strike against Iran’s nuclear facilities last week
- China may set an average annual economic growth target around 5% for 2021 - 25
- Pfizer says it will begin a pilot coronavirus immunisation program in 4 US states
- China’s military turned two strategic hilltops occupied by Indian soldiers ‘into a microwave oven’
- Singapore data earlier, headline NODX down 5.3% m/m
- China Securities regulator says Biden offers an opportunity for better China-US relations
- More on that Citi call for Bitcoin to skyrocket above $US300,000
- PBOC sets USD/ CNY reference rate for today at 6.5762 (vs. yesterday at 6.6048)
- FX option expiries for Tuesday November 17 at the 10am NY cut
- Coronavirus - Three-week national lockdown starts today in Austria
- RBA minutes: Prepared to do more if needed
- US coronavirus - Iowa Governor declares disaster: Mask mandate for everyone
- Singapore's PM has called for more constructive US-China relations
- NZD traders - the GDT dairy auction is coming up Tuesday
- JP Morgan expect a 'bumpy' Q4 for the euro zone - stay short EUR/USD
- ECB chief economist Lane says there will be cheap credit as long as pandemic crisis lasts
- UK's Frost has told Johnson to expect Brexit trade deal early next week
- NZ trade minister says a strong NZ dollar is 'always a concern'
- A US coronavirus economic relief package remains elusive
- UK PM Johnson plans a cut overseas aid spending to help repair coronavirus-ravaged public finances
- Australia weekly consumer confidence: 106.6 (prior 103.1)
- Goldman Sachs is 'cautious' on EUR for two reasons (here are their preferred currencies instead)
- Trade ideas thread - Tuesday 17 November 2020
- US coronavirus - California is “pulling an emergency brake” on reopening
- Its not just you, Coinbase is down (intermittent outages)
In the bullets above you'll notice the headline indicating a Brexit trade deal could come early next week. If you open the link you'll see its expected on Tuesday, according to the UK Chief negotiator David Frost. Further reading the post you'll notice the deal may still 'collapse' over familiar sticking points and, indeed, that some Cabinet ministers see the likely deal as perhaps worse than the 'No Deal' exit option. For GBP, though, it was the headline that caught the attention, sending cable up 40 or so points to circa 1.3230, a level it has managed to more or less maintain (its close to there as I update).
The USD fell elsewhere also as the better sentiment from the US timezone news on the Moderna vaccine candidate carried through. EUR, CAD, AUD, NZD all supported on the session here albeit in small ranges. More news, this time Pfizer set to launch a vaccine 'pilot' program in 4 US states (aimed at working towards effective distribution) had little further positive impact.
We had the release of the Reserve Bank of Australia November policy meeting minutes today. There was little expectation of much fresh, nor interesting, from the minutes given the Statement on Monetary Policy from the RBA followed on the Friday of the Tuesday meeting week, and Governor Lowe has given public comments since (as recently as Monday evening, i.e. yesterday). And indeed those low expectations proved correct. The Bank is focused on bond-buying (not rate cuts - the next move would be to zero or into negative and the RBA has repeatedly stated that negative rates are "extraordinarily unlikely").
