Forex news for Asia trading for Monday 30 November 2020
- New Zealand bank lending for housing surged again in October
- Australian PM Morrison says China should be ashamed of fake photo tweet
- Recapping the Japan data - industrial production, retail sales both strong in October
- PBOC inject 200bn yuan via a 1-year MLF
- PBOC sets USD/ CNY reference rate for today at 6.5782
- FX option expiries for Monday November 30 at the 10am NY cut
- Trump to add another two Chinese companies to blacklist: SMIC & CNOOC
- China November PMIs: Manufacturing 52.1 (expected 51.5) & Non-manufacturing 56.4 (expected 56.0)
- Heads up for oil traders - OPEC + meeting Monday, output cut extension on the agenda
- Australia Private Sector Credit for October 0.0% m/m (expected 0.1%)
- Australia Inventories for Q3 -0.5% q/q (vs. expected -0.7%)
- UK government bans new Huawei 5G kit installation from September 2021
- NZ Business Confidence November final -6.9 (prior -15.7) & Activity Outlook 9.1 (prior 4.7)
- US shutdown - this time its the NFL to close for two days
- EUR/USD hits a new 3 month high just shy of 1.1975
- Japan Industrial Production for October (preliminary): +3.8% m/m (expected 2.2%)
- Japan Retail sales for October: +0.4% m/m (expected +0.5%)
- Weekend - Canada blocks bulk exports of some prescription drugs
- South Korea is considering up to 4tln won in a 3rd round cash handout
- US equity index futures begin Sunday evening trade higher. Oil is lower.
- A Guggenheim fund may invest up to 10% of assets in bitcoin
- UK's Raab sound bullish on a Brexit trade deal over the weekend
- First coronavirus vaccine is on track for international deployment in December
- Trade ideas thread - Monday 30 November 2020
- Goldman Sachs expect widespread DM vaccinations by the middle of 2021, will drive a sharp pick up in global growth
- OPEC+ ministerial meeting has finished, no agreement yet on delaying oil output hike
- Monday morning open levels - indicative forex prices - 30 November 2020
- UK poised to become the first western country to approve a Covid-19 vaccine
- UK Times says EU Commission President expected to speak with UK PM 'within hours' ( ... but there's a but)
- Boe Chief Economist Haldane highlights 2 factors that could send inflation higher than expected
- Central Bank Watch December 2020: Part 2
- Central Bank Watch: December 2020
- US employment and Fed's Powell highlight next weeks events and releases
- EU Barnier: We continue to work with patience and determination
Bitcoin headed higher and gold lower, but first ... FX.
GBP was a gainer on the session after an opening gap higher,, retace and then a new session high. The focus is on Brexit trade talks and while news and gossip on progress have been mixed the net results is overall optimism on a deal being reached. We'll see about that, but for today at least the sentiment was favourable. See bullets above for more and, more importantly, stay tuned to see what comes next.
USD/JPY had a decent swing for the session, opening with a gap a little lower but soon retracing to highs circa 104.15 before falling back under 103.90. Data from Japan had a bit of an impact, industrial production and retail sales (both for October ) showing decent results (see bullets above for more). News from the US that another two Chinese companies were to be added to the US list of Chinese military-controlled companies helped send some flow to yen.
AUD and NZD traded up early in the session but have given back gains. There was a fresh flare-up of sour Australia-China relations again today.
EUR/USD traded to a 3 month high and has barely pulled back.
On Bitcoin, it continued to add to weekend gains, helped along by the reporting of a Guggenheim fund having filed to be able to invest up to almost $US500m in bitcoin through GBTC (see bullets above).
Gold, on the other hand, added to its losses, lows circa $US1765.
Data from China today were the official PMIs, both performing strognly.
On oil, watch the OPEC+ meeting today after a weekend ministerial-level meeting failed to agree on delaying output hikes. Its understood that Russia & Kazakhstan are aid to seek the output rise, with the UAE wavering. Monday's meeting is of OPEC and non-OPEC. Oil dipped a little.
