ForexLive Asia FX news wrap: USD claws back ground
Forex news for Asia trading on Wednesday 25 August 2021
- Here's what's on the economic data agenda in the US Wednesday
- The US has approved licenses for Huawei to buy auto chips
- BOJ's Nakamura says economy in a severe state but picking up as a trend
- Australia Construction work done for Q2 +0.8% q/q (vs. expected 2.5%, prior 2.4%)
- PBOC inject 40bn yuan in OMOs today
- PBOC sets USD/ CNY mid-point today at 6.4728 (vs. yesterday at 6.4805)
- New Zealand reports 63 new COVID-19 cases
- Coronavirus: 900+ new cases for Sydney / NSW (Australia's largest population city and state)
- JP Morgan's Kolanovic expects equity markets to hold up over Fed tapering
- China - Ningbo, world's third-largest container port, to reopen closed terminal today
- ICYMI - Citi is considering offering bitcoin futures trading to some institutional clients
- Australia's 2nd largest population state reports a lower new case count than yesterday
- New Zealand trade balance for July NZD -402m (vs. prior NZD 261m)
- Macquarie on the risk of a lower yuan given new constraints on China capital control measures
- Australia coronavirus - Western Australia says New South Wales an "extreme risk" - slams border shut even tighter
- RBNZ’s Additional Monetary Policy toolkit- RAMPed up.
- Westpac note near term risk of 0.70 for AUD/USD but maintain 0.78 year-end target
- Trade ideas thread - Wednesday 25 August 2021
- Private oil survey data shows headline draw in crude oil inventory
The US dollar had a positive session here in Asia with notable gains against EUR, yen, CHF and lesser against AUD and NZD. Gold, too, has slipped lower, back under $1800.
News flow was light (see bullets above) but from this part of the world we saw rising coronavirus case counts in Australia (NSW new cases today above 900 for a record high) and New Zealand. Data from Australia was a substantial miss on construction work in Q2 which will take some shine off Q2 GDP (this data point is due September 1) and may help tilt it into negative (there are plenty more contributing, 'partial', GDP indicators still to come so don't ink in a negative just yet).
Asian equity markets are: up for the Shanghai Composite and Nikkei 225, and down for the Hang Seng. All by small percentages though. Oil is lower.Its always nice when euro deigns to move during Asia: