ForexLive Asia FX news wrap: Crypto on the move

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading on Monday 22 November 2021

Oil news - Japan reserves (read from the bottom up for chronology):

Yuan news:

Other:

While the forex space was fairly sedate to open the week crypto was more active.

BTC/USD traded up to US$60K over the weekend but has since given back some ground to lows approaching $57K (not quite getting that low). El Salvador's President spoke on the weekend, announcing that his government will build an ocean-side "Bitcoin City" at the base of a volcano and launch a Bitcoin bond offering to construction.

From China today we had the monthly prime rate settings, both the one- and five-year remained at unchanged rates for the 19th month in a row. At the yuan reference setting the PBOC set a weaker (yuan) rate than expected. Over the weekend there had been some news indicating the Bank was seeking to take some of the strength from the currency, or at least slow its gains (see bullets above). The reference rate was only very slightly weaker than expected and it barely dented the strength of the onshore (CNY).

Across other majors it was, as already referred to, a quiet beginning to the week. USD/JPY inched higher, continuing to cover its sharp downside move on Friday's Europe time (the drop from 114.50 to 113.60-odd in an hour and a half). USD/CHF is up a few ticks alongside. Cable is a few points lower, as is EUR/USD (in comparison to late Friday levels).

Forex news for Asia trading onMonday22November 2021

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