Forex news for Asia trading Wednesday 30 September 2020
- Trump vs. Biden debate continues, while FX is subdued equity index futures are higher
- China Caixin/Markit manufacturing PMI 53.0 (expected 53.1)
- OK, back to the debate ... still not much response from currencies
- Australia Private Sector Credit for August 0.0% m/m (expected -0.1%)
- Australia Building Approvals for August: -1.6% m/m (expected 0.0%)
- The debate has just started, "sh**show' seems to be a comment assessment. FX little moved.
- PBOC sets USD/ CNY reference rate for today at 6.8101 (vs. yesterday at 6.8171)
- FX option expiries for Wednesday September 30 at the 10am NY cut
- China Manufacturing PMI 51.5 vs. 51.3 expected
- Likely impacts of the US election on financial markets (for AUD/USD, a Trump win means lower)
- US Treasury confirms it will give 7 major airlines Cares loans
- NZ data - business confidence -28.5 (prior -41.8)
- FT says Trump's back is to the wall - likely to play "even dirtier than normal" in the debate
- Japan Retail sales for August: 4.6% m/m expected 2.0%)
- Japan Industrial Production for August (preliminary) 1.7% m/m (expected 1.4%)
- Trump has approved Alaska - Canada rail line development
- Citi, HSBC both tip central banks as big gold buyers in 2021
- UK data: BRC Shop Price Index -1.6% y/y (vs. expected Y -1.4%)
- Pelosi, Mnuchin are trying to reach a coronavirus-relief deal before the US election
- Reports that the EU has received authorisation to slap $4bn of tariffs on US goods imports (retaliation)
- Update to predictions for what the RBA will do at its October policy meeting
- JP Morgan are long gold for a strategic trade, forecasts
- US Senate have voted to continue receiving paychecks for themselves
- New Zealand August building approvals +0.3% m/m (prior -4.5%)
- Canada surging coronavirus cases - Toronto top doc says to limit social interaction
- NIAID says Moderna's COVID-19 vaccine generates a strong immune response
- French police have arrested 29 people in cryptocurrency scheme to finance jihadis
- US media reports that Disney is to layoff 28,000 employees - Coronavirus once again hitting the theme park business
- Private survey of oil inventories shows a draw in headline crude stocks
- North Korea's UN ambassador says COVID-19 is under safe and stable control in his country
- Italy's Treasury is said to have cut its 2020 deficit to GDP target (to 10.8% from prior 11.9%)
- Private oil survey data due at the bottom of the hour
It was a packed day for data
in the Asian timezone and, of course, the focus was the US
Presidential Debate. Despite all this forex ranges were subdued
indeed. Equity index futures though, showed a bid, S&P500 emini
trade on Globex is up 0.5% as I post.
Who 'won' the debate? I am not sure it matters given there are still another two to come. I am not sure either candidate did much more than solidify support with his own respective base (I should note that betting markets have given the win to Bdien, just by a few points though). Trump was his usual bulldozer self, Biden was quieter and got in some shots. Polls have him in front, is it enough? Two more debates and a month of campaigning to come.
USD/JPY had an early move above 105.75 but as I post is dipping towards 105.60. which leaves it little changed for the session. Up also is EUR/USD, from lows circa 1.1740 to just above 1.1750. Cable was nudging 1.2870 but it too has dipped post-debate
NZD/USD is a better performer, its gained 20 points on the session to above 0.6600 and is not far from his as I post.
Gold is down just a few dollars on the session.
I Added this post after the wrap on further debate aftermath: All the gains for US S&P500 eminis on the overnight session have been erased
