Forex news for Asia trading for Friday 29 January 2021
- Dogecoin crypto hits 0.05 (and above)
- China's interbank overnight repo rate hits 10%
- ICYMI - China likely to avoid setting 2021 GDP target over debt concerns
- US Treas Sec Yellen is heading to the White House Friday to give a briefing to Biden, Harris
- RBA meeting next week - preview
- More on the Novavax vaccine phase 3 trial results (and the big but)
- China's overnight repo rate has hit its highest since 2015
- Société Générale on the euro - looking for 1.20 to provide a base
- PBOC sets USD/ CNY reference rate for today at 6.4709 (vs. yesterday at 6.4845)
- FX option expiries for Friday January 29 at the 10am NY cut
- Australia Private Sector Credit for December +0.3% m/m (expected 0.2%)
- Australia PPI for Q4 +0.5% q/q (prior 0.4%)
- Robinhood CEO is being interviewed now - says still not allowing GME buys
- Bank of Japan monetary policy meeting 'Summary of Opinions' of the January meeting
- Japan Industrial Production for December (preliminary) -1.6% m/m (expected -1.5%)
- Tokyo area CPI, January, -0.5% y/y (vs. expected -0.3%)
- Shanghai Securities News says the PBOC may increase funding injection ahead of the holidays
- Deutsche Bank says Yellen is facing the risk of a currency war
- Robinhood update - draws credit lines, bolsters liquidity
- Crypto exchange Coinbase is planning to go public - via direct listing
- Trade ideas thread - Friday 29 January 2021
- Media reports that Robinhood draw on credit lines from banks
- New Zealand monthly consumer confidence data out earlier: +1.6% in January
- Coronavirus - UK PM Johnson says regulator will assess Novavax vaccine
- Robinhood says it plans to allow limited buys of "certain securities" Friday
There was a risk off tone during Asia trade with a higher USD and lower overnight equity index futures trade. Crypto, though, was it own world, with moves higher for BTC and DOGE.
Sticking with FX, concerns are mounting about the South African strain of coronavirus, with Novavax reporting around a headline 90% efficacy for its vaccine in Phase 3 trials but only circa 60% against the SA variant.
USD/JPY rose above 104.50 while EUR, AUD, NZD, GBP, CHF, CAD all lost ground against the USD also. Oil was on the heavy side while gold managed to track sideways.
Short-term borrowing costs in China rose higher with the promises of easier conditions ahead of Lunar New Year holidays still yet to come to fruition.
News crossed late in the US afternoon that Robinhood had drawn on credit lines to manage liquidity, amounts reported in the 'hundreds of millions'.
