Forex news for Asia trading on Tuesday 5 October 2021
- Japan economy minister Yamagiwa says wants to reveal an economic package by the end of this year
- Fitch downgrades Chinese developer Sinic
- China says determined to protect our sovereignty and territorial integrity
- Japan chief cabinet secretary Matsuno expresses concern over rising oil prices
- Japan economy minister Yamagiwa says will conduct bold economic, fiscal policy
- Australian airline Qantas to order for more than 100 new aircraft by the middle of 2022
- ICYMI: Another Chinese property development firm missed a debt payment
- Japan - Jibun Bank/Markit Services 47.8 and Composite 47.9 PMI (final) for September
- Australia trade balance for August: surplus of 15,077m AUD (expected surplus 10,650m AUD)
- Australia ANZ job advertisements survey for September -2.8% m/m
- New Zealand - ANZ Commodity Price index for September +1.5% (prior -1.6%)
- Goldman Sachs expect Japanese equities to perform well into, and following, the election
- US Senate Majority Leader Schumer, House Speaker Pelosi, White House Officials to meet Monday evening US time
- Japan data - Tokyo CPI +0.3% y/y (vs. expected -0.4%, prior was -0.4%)
- New Japanese Prime Minister Kishida and US President Biden spoke on the phone
- CNN report that Biden tells House progressives spending package needs to be between $1.9 tln and $2.2 tln
- ANZ says the New Zealand Q3 QSBO helps make the case for an RBNZ rate hike tomorrow
- Australian weekly consumer sentiment 104.6 (previous week 103.7)
- Australia - Markit Services 45.5 and Composite 46.0 PMIs for September (final)
- Facebook and Instagram are back online for some users
- The Federal Reserve said it began discussion of an independent review of trading by its senior officials
- Australia AiG Construction PMI for September 53.3 (prior 38.4)
- New Zealand QSBO for Q3 2021, business confidence headline -11% (vs. 7% prior)
- Trade ideas thread - Tuesday 5 October 2021
The US dollar rose here during the Asian timezone pretty much across the board. EUR, AUD, GBP, NZD, CAD all lower against the USD, yen and CHF also. Japan's Nikkei and Hong Kong's Hang Seng aslo dropped following the renewed slide on Wall Street.
During the session we had plenty of economic data released (see bullets above) but more of note was the continuing trickle of bad news out of the Chinese property sector with reports of more payments missed and at least one "default-like" process. US President Biden appears to have lowered his asking amount for his spending bills from $3.5tln into a more acceptable range (see bullets above).
Going back to the data releases, a notable one was the Australian trade balance for August, which came in a third consecutive record surplus, this time over AUD15bn in the month. Surging LNG and coal exports more than offset a decline in iron ore exports. Imports softened a little, with analysts looking ahead and expecting these to climb once states reopen in the weeks and months ahead.
Still to come:
And, further ahead:
- NZD traders - heads up for the GDT dairy auction coming up Tuesday
- Federal Reserve speakers coming up Tuesday 5 October 2021 - Barkin, Quarles
- BOJ Governor Kuroda to speak Tuesday, US time (evening)
AUD:
