Forex news for Asia trading for Tuesday 27 October 2020
- RBA Deputy Governor Debelle says a jobless rate under 6% is a reasonable goal
- ICYMI - pollsters are overstating Trump's chances, here is why
- NZD traders - heads up for another RBNZ official speaking Wednesday 28 October
- Trump's tweet about mail-in ballots has been banned by Twitter - here it is
- Japan finance minister Aso wants Japan to step in HK's place as a financial hub
- McConnell has adjourned the Senate until November 9
- USD weakness almost across the board in Asia morning trade
- Hong Kong Chief Executive Lam will go Beijing next week for 3 days of meetings
- NZD traders - Reserve Bank of New Zealand Governor Adrian Orr will speak Wednesday
- Australian Q3 inflation data is due Wednesday 28 October 2020 - preview
- China industrial profits for September+10.1% y/y (prior +19.1% y/y)
- PBOC sets USD/ CNY reference rate for today at 6.6989 (vs. yesterday at 6.6725)
- FX option expiries for Tuesday October 27 at the 10am NY cut
- European Central Bank meet Thursday 29 October 2020 - preview
- South Korea reports 88 new confirmed coronavirus cases
- China's latest coronavirus outbreak appears to be abating already
- Expectations are for the PBOC to set the USD/CNY central rate today at 6.7005
- South Korean vice fin min says will intervene in FX market if needed
- US politics - Senate confirms new Supreme Court judge Amy Coney Barrett
- Trump plans to dispute the election result when he loses
- Here's another poll for the US election showing Biden way in front of Trump
- Coronavirus - France is considering a full lockdown for three major cities (including Paris)
- South Korean Q3 GDP +1.9% q/q
- US election analysts at 538 have Biden with an 87% probability of winning
- Goldman Sachs still like EUR longs, but don't sound too happy about it
- Australia weekly consumer confidence 99.7 (prior 98.1)
- Goldman Sachs on US equities in the week before an election - historical outperformance
- US hurricane Zeta - Chevron says it is shutting-in its Gulf of Mexico facilities
- New Zealand trade balance for September: NZD -1017m (expected NZD -1013m)
- The US approves further advanced weapon sale to Taiwan
- Only a week until the big day! (RBA monetary policy meeting November 3 - preview)
- Trade ideas thread - Tuesday 27 October 2020
- BlackRock has downgraded their US Treasury view
It was a day of small ranges only and a lower USD almost across the board. AUD, NZD, GBP, CAD, EUR all rose, as did yen and CHF. Gold added on a few dollars also.
There was no obvious news to drive the small moves, although new confirmed coronavirus cases in the US increased at a slower pace than was reported yesterday and may have been a factor. The lower numbers may very well be the weekend effect, as we saw over and over again during wave #1 earlier in the year.
The nail was hammered into the US economic stimulus coffin today with Senate leader McConnell adjourning the upper house until November 9.
While currencies added on a few points Asian equities were down. US equity index futures are barely changed in Globes trade so far.
On the data release front the focus was on China. China's reported industrial company profits for September showed a fifth consecutive month of growth but:
- the rate of increase was down on August
- the YTD is still down so far for 2020
In US politics news, Twitter blocked a Trump tweet, more or less calling the Prez out on lies:
