ForexLive Asia FX news wrap: Small ranges to end the week for Asia
Forex news for Asia trading Friday 22 November 2019
- PBOC adviser says China still has room to adjust its policies
- European Union & Singapore trade agreement removes nearly all Customs duties
- North Korean-themed restaurants in Russia - customers are staying away
- CAD traders - preview of the Canadian retail sales data due Friday
- China urges the US to stop provocative acts in the South China Sea
- ICYMI - BIS says monetary + fiscal policy is not enough, fiscal must be 'wise'
- China has just revised (ramped) up its 2018 GDP by 2.1% !
- Goldman Sachs says the RBA will cut rates further, but QE is unlikely
- PBOC sets USD/ CNY reference rate for today at 7.0306 (vs. yesterday at 7.0217)
- FX option expiries for Friday November 22 at the 10am NY cut
- Louis Bacon is closing his hedge fund Moore Capital to external investors
- Japan flash PMIs for November. Manufacturing 48.6 (prior 48.4) & Services 50.4 (prior 50.3)
- Trump Fed pick Judy Shelton questions the central bank’s independence
- Vice Chair of PIMCO says he is confident both the US and China want trade agreement
- Japan headline inflation data for October misses, core-core beats
- Reuters reports two US Navy ships carried out operations in the South China Sea this week
- Here's a bank view I (insert four letter word here) is right
- US President Trump signs bill to fund government through to Dec. 20 - averting shut down
- Here are the noobs on the FOMC in 2020
- Australia flash Nov. PMIs. Manufacturing 49.9 (prior 50.0) & Services 49.5 (prior 50.1)
- Trade ideas thread - Friday 22 November 2019
- Former Fed Chair Yellen warns the Fed can't do much in the event of a down turn
Light news flow and data that didn't really impact was the day here on Friday. Major FX rates stayed confined to small ranges.
The data focus was on Japanese CPI data, but we also got preliminary PMIs from Australia and Japan. The CPI in Japan remains well below the BOJ target. All of the Australian flash PMIs reported contraction, while two of the three japan flash OPMIs did the same.
On the US-China front the US Navy confirmed it had sailed two ships close by China-claimed islands in the South China Sea (freedom of navigation exercises). China expressed its displeasure.
None of this prompted too much forex volatility in the majors. Moves have been minor only with net tiny gains for GBP, EUR against the USD, a tiny fall for the CHF against the dollar and little to report on AUD, NZD, CAD and yen.The PBOC cut the CNY again today at the reference rate setting.
Stay tuned for ECB President Lagarde speaking, due at 0830GMT