Forex news for Asia trading for Monday 3 May 2021
- ICYMI - China's Q1 gold consumption up 93.9% y/y
- South Korea lifts its ban on short-selling after 14 months
- Moody's economic growth forecasts for the US: real GDP growth 2021 of nearly 7%
- Reports that a Silicon Valley venture capital firm is considering a $1 bn crypto fund
- Bitcoin jumps back above $58K, its liking ETH above $3K
- Australia ANZ job advertisements survey for April: +4.7% m/m (sa) (prior +7.4%)
- Australia - Melbourne Institute monthly CPI inflation for April: 0.4% m/m (prior 0.4%)
- South Korea manufacturing PMI April: 54.6 (prior 55.3), 7th consecutive monthly expansion
- RBA monetary policy meeting Tuesday 4 May 2021 - preview
- Ethereum has hit a fresh record high, follows news of a potential digital bond sale on the ethereum blockchain
- ICYMI - Japan and China are closed on Monday, Tuesday and Wednesday this week.
- NZ PM Jacinda Ardern says the differences with China are becoming harder to reconcile
- Australia Markit Manufacturing PMI, April final: 59.7 (prior 56.8)
- Weekend - Berkshire Hathaway Vice Chair Munger says Bitcoin is useful to kidnappers, extortionists
- Australia - AiG Manufacturing PMI for April (final) 61.7 (prior 59.9)
- Weekend - Iran says US sanctions on oil, banks expected to be lifted. US says No.
- Saudi Air Defenses intercepted an explosive-laden drone
- ICYMI - Fed's Kaplan broke rank, wants to talk about tapering
- JP Morgan research note - Stockholdings among US households increased to the highest level on record
- Trade ideas thread - Monday 3 May 2021
- US Treasury Secretary Janet Yellen does not believe Biden's spending will fuel inflation
- Monday morning open levels - indicative forex prices - 3 May 2021
- A look at central banks for May: Part 2
- Warren Buffett’s Berkshire Hathaway a net seller of stocks in Q1
- A look at central banks for May: Part 1
USD/JPY was a mover for major FX on a sedate session. As I post USD/JPY is circa 109.50 and on its high for the opening session of the week. There was no direct catalyst for the yen weakness that is readily discernible, just more of the same. Japanese markets were closed today and will remain closed for holidays on Tuesday and Wednesday (China the same holiday closures; Monday, Tuesday & Wednesday). USD/CHF moved in a similar direction but has only managed to approach its Friday US time high, not break above it.
AUD, NZD, GBP are all up against the dollar, slightly. CAD is down slightly while the euro is barely net changed on the day.
There was more activity in the crypto space. Ethereum broke above $30000 US for the first time, its strength has prompted a better bid for Bitcoin, with is above $58K as I post. There is more on ETH in the bullets above.
Gold added a few dollars.
On the data front it was a good day for manufacturing PMIs across the region. Australian manufacturing PMIs rose (see bullets above). Asian PMIs were mixed but most are solidaly in expansion:
- Taiwan April Manufacturing PMI 62.4 vs 60.8 prior
- Indonesia 54.6 vs 53.2
- South Korea 54.6 vs 55.3
- Malaysia 53.9 vs 49.9
- Philippines 49 vs 52.2
