Forex news for Asia trading on Wednesday 23 June 2021
- 5 reasons oil will spike above $100
- China says its military is ready to respond to all provocation (referring to the US)
- Business Confidence among UK employers hits five-year high, up 21 points in a month
- Australian preliminary trade data for May, exports up 11% m/m
- Coronavirus - Taiwan set to extend its lockdown through to July 12
- PBOC sets USD/ CNY mid-point today at 6.4621 (vs. yesterday at 6.4613)
- Australia's largest city of Sydney seeing accelerated new COVID-19 cases - further restrictions incoming
- Japan preliminary PMI (June): Manufacturing 51.5 (prior 53.0) & Services 47.2 (prior 46.5)
- China financial press says China should be alert to the risks of a falling yuan
- BOJ minutes - inflation pick up likely to lack strength
- CBA now forecasting the RBA to hike rates from November 2022
- Japan is considering tighter regulation of foreign interests in tech, defence firms
- Bank of England monetary policy meeting Thursday 24 June 2021 - preview
- Australia Markit preliminary PMI (June) Manufacturing 58.4 (prior 60.4) & Services 56.0 (prior 58.0)
- Oil - OPEC+ meeting next week - murmurs of an increase in supply (from August)
- Semiconductor shortage is getting worse - new record high wait time for chips
- White House says Powell's testimony shows Biden's economic plan is working
- Trade ideas thread - Wednesday 23 June 2021
- Fed's Daly says the Fed is not even talking about rate hikes. So, the Fed is talking about rate hikes?
- ICYMI - PayPal and Visa have invested US$300m into Blockchain Capital's fundraising
- Private oil survey data shows large draw in headline crude oil inventory
Bitcoin added to its bounce from its brief dip under US$29K, ti a high over $34K during the timezone here today. Narratives for the jump are mixed and not particularly convincing but there is no denying the bounce off the lows has been impressive and is suggestive of an impulsive move.
The USD, meanwhile, also found some legs as Asia trade got underway with little in the way of news not, apart from some preliminary PMIs. Data. EUR/USD, AUD/USD, NZD/USD and cable are all off on the session, while USD/CAD, USD/JPY and USD/CHF are all higher. The USD had declined on Tuesday US time leading into the session here and the moves we have had here look like a shot of retracement. Regional equities have steadied on Wednesday after big swings on Monday and Tuesday.
Oil moved higher, traders encouraged by the large reported (private survey) headline inventory draw. Gold has managed to hold more or less steady to up slightly also.
Australia and New Zealand imposed tighter coronavirus related restrictions in Sydney and Wellington. Cases are accelerating in Sydney while fears in Wellington centre on a visit from an infectious Australian. On the data front Australia recorded its largest ever trade surplus after a huge 11% m/m jump in import (preliminary data for May). Australian exports to China surged, underscoring the risks Australia faces in its diplomatic strains with the country. But, so far so good ....
Still to come:
