Forex news for Asia trading on Thursday 23 September 2021
- Moody's says Chinese authorities will likely permit faster credit growth in H2 2021
- Fitch cuts its China 2021 GDP forecast to 8.1% (from 8.4%)
- Evergrande have 30 days to pay a US$83m debt, they'll likely buy time with that
- More block trade sales of Evergrande shares yet to come
- Why 1.17 and thereabouts is sticky for EUR/USD today
- Evergrande shares are on a rip after their higher opening
- PBOC sets USD/ CNY central rate at 6.4749 (vs. estimate at 6.4755)
- White House says there was progress made in Biden's meetings with Congressional Democrats
- China Securities Journal says loan rates are more likely to fall in Q4
- Evergrande Chairman says the firm will try its best to resume work and production
- Reports dribbling in of losses realised by Evergrande shareholders
- South Korea central bank says its ready to step in to stabilise markets if necessary
- Response to the FOMC - dots shift rate hike expectations forward
- US Treas Sec Yellen wants to stop the 'race to the bottom' for international tax rates
- Australia preliminary September PMIs: Manufacturing 57.3 (prior 52.0), Services 44.9 (prior 42.9)
- Bank of England monetary policy meeting Thursday 23 September 2021 - previews
- RBNZ confirms it'll proceed with its plan to tighten lending for housing
- US FDA to authorise a 3rd Pfizer vaccine shot to those 65 and over at high risk
- Brazil's central bank 1% rate hike, as expected
- Biden's new head of the Office of the Comptroller of the Currency is a 'crypto sceptic'
- The next FOMC meeting is November 2 & 3. Now the question is how much taper.
- Elon Musk tweeting on Doge - wants fees to fall
- Trade ideas thread - Thursday 23 September 2021
- US stocks close higher. Dow and S&P snap 4-day losing streak
The swings in markets following the FOMC saw barely any follow though here during the Asian session, nor retracement. Scanning across the major FX rate charts you'll see subdued ranges.
While the ranges were very small USD/JPY, EUR/USD, GBP/USD are all up a little while AUD/USD and NZD/USD dipped a few points.
Evergrande was once again a focus although there was little news of substance out of the firm. There is a USD83m coupon payment due today but there is a 30 day period for payment before its registered as a default. Shares in the firm surged on the Hong Kong market but have since given back around 50% of their gains. There is more on the firm in the bullets above.
The People's Bank of China once again injected a large amount of funds into the banking system today, 110bn yuan net via open market operations (120 injected vs. 10 maturing).
AUD a loser today: