ForexLive Asia FX news wrap: GBP lost some ground
Forex news for Asia trading for Thursday 7 January 2021
- Washington DC has extended its public emergency for another 15 days
- Japan chief cabinet secretary Kato says hoping for a peaceful transfer of power in the US
- Japan coronavirus advisory panel says state-of-emergency declaration needed
- US Transportation Secretary Elaine Chao considering resigning
- Top White House officials consider resigning, led by O'Brien
- Australian PM says COVID-19 vaccination program to begin in "mid to late February"
- Australia changes its travel advise to parts of the US - avoid areas
- US media reports on Cabinet discussions regarding invoking the 25th Amendment
- Facebook is blocking Trump from posting for 24 hours.
- PBOC sets USD/ CNY reference rate for today at 6.4608
- FX option expiries for Thursday January 07 at the 10am NY cut
- The flip flops continue on China telecom stocks listing in the US
- The US Congress has reconvened to certify election after the terrorist incursions
- Japan PM Suga to make a COVID-19 announcement at 6pm Tokyo time (0900GMT)
- Australia trade balance for November AUD +5.022bn (expected AUD 6.45bn surplus)
- Australian building approvals for November +2.6% m/m (expected +2.0%)
- Trump's Twitter account has been locked for 12 hours - and could remain locked unless ...
- RUMOUR - Trump to resign once election certification complete
- Japan wages data for November misses expectations, big negative
- Coronavirus - London's hospitals less than 2 weeks from being overwhelmed, even under the “best” case scenario
- The terrorists have been cleared from the US Capitol - building secured
- Bank analyst highlights the risk of a 20% drop in the USD
- Quebec has announced a curfew in response to spiralling coronavirus cases
- Trade ideas thread - Thursday 7 January 2021
- US Congresswoman preparing Articles of Impeachment against the US President
Political news out of the US was to the fore during the session. Early Asia time saw the terrorist invasion of the US Capitol building slowly cleared, followed by resumption of business in Congress. Check out the bullets above for the progress of the session but, in brief:
- articles of impeachment are being prepared against Trump, again
- Cabinet members were reportedly discussing invoking the 25th Amendment to the US Constitution to remove Trump on the grounds of mental instability
- various US government officials are reportedly 'considering resigning' while others already have
- Trump was suspended from posting on Twitter, Facebook and Instagram due to his violation of terms (inciting violence)
All through this FX was barely moved here during the session, most currencies maintaining the usual small Asia ranges. GBP was an exception, it dropped 40 or so points away from its session highs. Earlier news out of the UK reporting London hospitals will be overwhelmed within 2 weeks regardless of how the COVID-19 pandemic develops in the capital was ignored when it hit but may have had something to do with the outsize move for sterling later.
We had some data releases during the session but, as noted already, the focus was well and truly elsewhere.