Forex news for Asia trading on Monday 24 May 2021
- JP Morgan highlight "two key pivots" to watch in the months ahead - Fed, growth/earnings
- There is another barrage of Federal Reserve speakers due on Monday 24 May 2021 (BoE, ECB, BOJ also)
- More on questions about origins of COVID-19 in light of illnesses at Wuhan lab
- China falling futures contracts (eg iron ore down nearly 10%) weighing on AUD
- China is reiterating it will not tolerate commodity price violations
- PBOC sets USD/ CNY reference rate for today at 6.4408 (vs. Friday at 6.4300)
- Goldman Sachs sees vaccine-driven increase in oil demand driving prices higher despite the return of Iranian supply
- An ICYMI on China's State Council renewed crack down on crypto mining, trading
- Iranian official notes an extension of the nuclear monitoring agreement possible
- JP Morgan shrugging off the plunge in crypto prices - not of systemic importance
- RBNZ monetary policy meeting 26 May 2021 - Goldman Sachs preview
- RBNZ monetary policy meeting 26 May 2021 - here is sort of a preview
- New Zealand data - Q1 Retail Sales excl inflation +2.5% q/q (vs. expected -1.8%)
- AUD traders heads up - Any RBA rate hike seen lagging behind other central banks
- Weekend - Iran says it will end UN watchdog’s inspection access to nuke sites
- Japanese media outlet says State of emergency to extend beyond May 31
- Coronavirus - Germany has declared the UK a 'virus variant region', 14 days quarantine
- NZD traders heads up - ANZ raise its 2020-21 milk price forecast
- AUD traders heads up - China industrial metals prices still under pressure
- PBOC says it will maintain the exchange rate of the yuan at basically stable levels
- State-sponsored aeroplane hijacking over Belarus - EU, Germany express concerns
- Trade ideas thread - Monday 24 May 2021
- Reports that Cryptocurrency exchange Huobi has stopped its miner hosting services in China
- Monday morning open levels - indicative forex prices - 24 May 2021
- Weekend - Swiss National Bank Chairman Jordan says the Swiss franc remains highly valued
- Video: How this trader turned $200 into $190,000 in 4 hours
Cryptocurrencies declined over the weekend with Bitcoin, for example, trading close to (but not touching) US$31K before rebounding to highs close to $36K. The renewed weakness came in the light of China yet again reiterating a 'crack down' on crypto activity back on Friday.
Also from China were further comments re tightening supervision of industrial commodity futures markets which sent iron ore (for example) down near 10% (other futures contracts declined also).
More on all this in the bullets above.
Across major FX the ranges have not been large. The Australian dollar was off a touch on the China commodity market supervision news (ps. its not new news per se, its more of the same of what we were getting last week). Elsewhere across the major currencies against the dollar its hardly worth mentioning the moves, they have been minor only.
Talks in Vienna (US/Iran) seem to be still on track, weekend news that nuclear observation of Iran had halted was wound back by Iran indicating it was preparing to extend access (see bullets above).
Gold was a little better bid but is off its Monday highs: