Forex news for Asia trading on Thursday 25 November 2021
- Draft - Japan extra budget spending 36 tln yen
- Japan media are upbeat on Australia's capex plans ahead
- More on China property group seeking to extend its bond maturities (and stay afloat)
- Fed researchers find "a substantial downside risk to the Chinese growth outlook"
- Australian Q3 GDP data due next week - contraction expected - preview
- Which US markets are open and closed on Thanksgiving
- ICYMI - Goldman Sachs says a US oil export ban would backfire, would further slow response
- ICYMI - The US added 12 Chinese companies to its trade blacklist on Wednesday
- PBOC sets USD/ CNY reference rate for today at 6.3980 (vs. estimate at 6.3924)
- South Korean central bank raise base rate by 25bps to 1% (as expected)
- Australian headline capex for Q3 -2.2% q/q (vs. expected -2%)
- China financial press says further fiscal support incoming
- Ripple CEO says DogeCoin has 'inflationary dynamics', not convinced its good for crypto markets
- Goldman Sachs have raised their US Q4 GDP forecast to 6% q/q
- Japan PPI Services for October 1% y/y (expected 1.2%, prior 0.9%)
- US vehicle sales bounce back expected to continue in November and December
- CAD fin min Freeland says inflation rising due to global forces
- Bank of England speakers coming up on Thursday 25 November 2021 - Haskel & Bailey
- Canada Finance Minister Freeland says will provide a fiscal update in Fall
- Oil - Next week's OPEC+ meeting timetable
- SG eyeing 115.50 in USD/JPY, target as high as above 117
- Trade ideas thread - Thursday 25 November 2021
- NZ October exports NZD 5.35bn (prior 4.4bn) & imports NZD 6.64bn (prior 6.57bn)
- OPEC laying the groundwork to cut output? Says Biden's reserve release will increase oil surplus
There was not a lot in the way of fresh developments for major FX in Asia morning trade. The FOMC minutes were overshadowed somewhat by the switch to 'faster taper' talk from San Francisco Federal Reserve President Daly on Wednesday and even that was overshadowed by the looming US holiday on Thursday that'll shut markets in the US.
In China, property developer Kaisa said it may default on a $400m bond maturing December 7 if holders don't agree to exchange the notes for new ones due 18 months later. Rock, meet hard place, for bond holders.
Australian Q3 capex data came in as expected, down on the quarter but with estimates boosted for the period ahead providing optimism. South Korea's central bank raised its benchmark rate by 25bps , as it was expected to do. Governor Lee warned of another hike coming in Q1 of 2022.
Major forex rates saw a nearly across the board small weakness for the USD with higher for EUR, GBP, AUD, NZD and CAD. USD/JPY and USD/CHF are barely changed though.
Bitcoin found a bid heading into the US holiday - there'll be plenty to trade it in the days ahead:
