Forex news for Asia trading on Monday 6 September 2021
- Oil prices are sliding to open the week after weekend Saudi price cuts
- ICYMI - Cryptocurrency exchange Binance to curtail operations in Singapore
- Mercedes says the chip shortage will not go away in 2022
- Australia ANZ job advertisements survey for August -2.5% m/m (prior -0.5%)
- ICYMI - Brazil has stopped beef exports to China; mad cow disease
- PBOC sets USD/ CNY reference rate for today at 6.4529 (vs. yesterday at 6.4577)
- Australia largest population state races surging case counts with vaccinations
- New Zealand - ANZ Commodity Price index for August -1.6% m/m (prior -1.4%)
- Australia - TD / Melbourne Institute monthly CPI inflation for August 0.0% m/m (prior 0.5%)
- China’s ‘Common Prosperity' - explanation
- UK firms want immigration rules relaxed to ease job market tightness
- ICYMI - GM to cut production at eight North American assembly plants due to the semiconductor shortage
- Trade ideas thread - Monday 6 September 2021
- Big jump in new virus cases for Australian state Victoria
- There is a packed agenda of Federal Reserve speakers coming up this week
- EU Commission's Gentiloni warns the ECB that tighter monetary policy would be a "big mistake"
- UK Times front page - PM Johnson to " push through" a tax hike
- Its a big central bank week ahead - RBA, BoC, ECB
- Reminder - Monday 6 September 2021 is market holiday in the US and Canada
- Chinese officials to tighten foreign exchange market supervision
- Monday morning open levels - indicative forex prices - 6 September 2021
- Brazil suspends beef exports to China after 2 cases of atypical mad cow disease
- A chunk of the global economy hangs on this question: Will it be cold this winter?
- China looking at increased regulation of data, security of 'intelligent vehicles'
The USD showed patchy strength in Asia trade to open the week. Trading was thinned out a little with the long weekend in the US and Canada approaching (markets in the US and CAD will be closed Monday).
USD/JPY is trading just a little higher, unlike the Nikkei225 which has jumped again after its upmove on Friday following the announcement PM Suga is to step down. Hopes rest on whoever succeeds Suga will add a further stimulus to the economy.
Elsewhere, AUD, NZD, GBP are all off just a little against the dollar but there isn't much in it. Oil is lower, taking some impetus out of the CAD (ditto on not much in it).
Commodity futures in China are showing bids, especially for aluminium, with an attempted coup in Guinea (Africa) raising concerns on bauxite, and hence aluminium, supply. I'm sure Australia can step in with more bauxite if needed. China coal is higher also, a temporary halt to shipments of Mongolian coal (for 2 weeks) is being cited. Details on this are sparse. Iron ore has not joined in, its down on the session.
Japan's Nikkei +2%
China's Shanghai Composite +0.6%
Hong Kong's Hang Seng +0.2%
BTC had a good weekend: