Forex news for Asia trading on Tuesday 19 October 2021
- Japan's election campaign is underway - vote is on October 31
- Japan PM Kishida says North Korea fired two ballistic missiles
- Asia travel - Singapore opens to 8 countries today: UK, US, France and more
- Fed speakers (a LOT of 'em) coming up on Tuesday US time
- North Korea has fired another missile
- PBOC sets USD/ CNY central rate at 6.4307 (vs. estimate at 6.4275)
- Japan will urge petroleum-producing nations to raise output and ease global oil prices
- RBA minutes: Economic recovery is likely to be slower than in late 2020/early 2021
- New Zealand reports 94 new Covid-19 cases
- The US SEC report on meme stocks. Nothingburger?
- China Beige Book on Q3 GDP & Evergrande
- More on US Treas Sec Yellen to extend extraordinary debt management measures through Dec 3
- Australia weekly consumer sentiment 107.0 (previous week 105.6)
- NZD traders - heads up for the GDT dairy auction coming up Tuesday 19 October 2021
- ICYMI - Goldman Sachs, JP Morgan & others forecast imminent BoE rate hikes
- Trade ideas thread - Tuesday 19 October 2021
There were across the board losses for the US dollar in Asia morning trade Tuesday with not much in the way of a clear fresh catalyst or catalysts. The data release agenda was bare with only Reserve Bank of Australia October meeting minutes featuring.
There was little to surprise in the minutes. The RBA sees economic growth returning in Q4 as the lockdowns of Q3 are coming to an end - nor surprise this. The Bank also continues to see only moderate inflationary pressure in Australia and little indication of wage growth growing anything more than in a subdued fashion - again nothing to surprise here. The minutes did make specific mention of not seeking to cool hot house price growth via higher rates as doing so would negatively impact the labour market - again this is not a surprise with macroprudential measures favoured. And, once again, the Bank said it expects conditions for a rate hike to not be present until 2024 at the earliest (ps. markets disagree with this, pricing a much earlier hike).
All-round quite dovish indeed. Which didn't stop AUD/USD from rising, and indeed as noted, all major FX rose against the big dollar.
Coal futures in China continued to surge to fresh record highs.
The onshore yuan extended its gains. USD/CNY below: