Forex news for Asia trading for Friday 30 October 2020
- Japan has lowered its COVID-19 infection risk alert level for Australia, NZ and others
- Two pro-democracy US NGOs to set up offices in Taiwan
- Senior China party official says complete decoupling between China and US is unrealistic
- ANZ preview the RBA meeting on November 3 - rate cut and more
- ING make "The case against a rate cut" from the Reserve Bank of Australia
- BofA say a contested US election could slice 20% off stocks
- PBOC sets USD/ CNY reference rate for today at 6.7232 (vs. yesterday at 6.7260)
- FX option expiries for Friday October 30 at the 10am NY cut
- Twitter labels a Russian State Media tweet as misleading (re US election)
- Australia Private Sector Credit for September +0.1% m/m (expected 0.1%)
- UK data - Lloyds business barometer for October falls to -18 (prior -11)
- Japan data, September industrial production +4% m/m (beats estimates of +3%)
- US new confirmed coronavirus cases set new a single-day record of more than 83,440
- US coronavirus - El Paso County (including city of El Paso) 2-week lockdown announced
- Japan data - Tokyo October headline CPI -0.3% y/y (-0.1% expected)
- Japan data - September unemployment rate 3.0% (vs. 3.1% expected)
- South Korean industrial output hits its highest since February
- An early heads up for data due from China over the weekend - October PMIs
- New Zealand Q3 job ads down 9.9% q/q
- Canada considering up to CAD20 bn in annual permanent spending for new programs
- UK media report on mounting pressure for a national coronavirus lockdown
- EU chief says in talks with 4 companies for coronavirus vaccines
- EU chief says spread of coronavirus infections may overwhelm healthcare systems
- New Zealand - ANZ Consumer Confidence Index for October +8.7% m/m (prior -0.2%)
- German Chancellor Merkel says EU borders must remain open despite COVID-19 pandemic
- Trade ideas thread - Friday 30 October 2020
- Oil - Kuwait denies OPEC+ division on output cuts
After gains in the US timezone the US dollar gave some ground back here in Asia today. There was little in the way of impactful new news the FX moves were flow driven and of a retracing nature.
AUD and NZD both showed pops, but NZD/USD has given much of its back. AUD/USD is holding near its session highs circa 0.7050.
EUR/USD has tip-toed back towards 1.1700 but as I update has not yet hit the figure. CAD is up a little also, Cable has been a laggard.
USD/JPY and USD/CHF are both near session lows as I post.
There was little fresh on the US election front. Polls show the gap between Trump and Biden is not narrowing much, fairly steady but of course some polling organisations are showing different to others. The backdrop of coronavirus infections continues to darken, the l;aterst Reuters tally has new confirmed cases as of Thursday evening above 91,000 for the day, smahsing the previous record high and still accelerating. New Orleans has been lashed by one of the strongest hurricanes to ever pass over the city. Reports are as much as 80% of the city is without power.
The Chinese yuan clawed back some if its recent loss on the session here today, coinciding with a press conference given by the Chinese Communist Party outlining big picture policy goals coming out of the plenum meeting that concluded Thursday.
