ForexLive Asia FX news wrap: DOGE +10% on Musk tweet

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading for Monday 22 February 2021  

Surging iron ore and copper prices again here to open the week, alongside commodities more generally. Currencies AUD, NZD, CAD, GBP all gained with the 'reflation trade' against the US while yen and CHF 'havens' were weaker. Until rising UST yields took the steam out of the afore-mentioned rising currencies that is. AUD, NZD, CAD and GBP all retraced against the dollar. US overnight (Globex) equity index futures also lost ground.

The moves in EUR/USD were of the 'lite' variety with a small 10 point (or thereabouts) gain for the session before it was all given back.

Fitch affirmed Australia at AAA, S&P raised NZ to AA+. South Korean February exports rose at an astonishing rate (first 20 days of the month).

Further on the Australian dollar front, the Reserve Bank of Australia waded into three-year Australian government bonds today, buying to drive the yield the back towards its 0.1% target in the face of rising yields globally. It was the first time in around 2 months the RBA had bought 3 years. As I post the yield remains a few basis points above 0.1%.

Bitcoin slid from its weekend high above US$58K. Fanboi favourite Elon Musk tweeted some gibberish on DOGe, which saw an instant 10% gain for the crypto. The 'gap' was filled and its consolidated at a higher price. 

First-time DOGE chart for the wrap:

Forex news for Asia tradingfor Monday22February 2021  

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