ForexLive Asia FX news wrap: Biden and Xi to hold a video summit
Forex news for Asia trading on Thursday 7 October 2021
- CAD traders heads up - Bank of Canada Governor Macklem speaking on Thursday
- Economic calendar due from the US on Thursday - more jobs info ahead of Friday's NFP
- AUD a winner on the session so far
- China President Xi to give a speech on Taiwan this weekend
- The investing app tracking Pelosi trades - "every trade ... inevitably ... a winner"
- Bank of Japan Governor Kuroda says expects core CPI to pick up gradually
- JP Morgan expect the US dollar to get weaker (once US Treasury yields stop rising)
- NZD - ANZ have lifted their milk price forecast to $8.20/kg MS (from $7.70)
- Federal Reserve speaker coming up Thursday 7 October 2021 - Cleveland Fed President Mester
- ICYMI - US Dept. of Justice announces the launch of National Crypto Enforcement Team
- US Senator McConnell says a short-term debt ceiling vote is possible on Thursday
- BBC report that Intel is not considering a UK factory due to Brexit
- Ex-Fed New York President Dudley says the Fed is fighting the last war on inflation
- Further rate hikes to come from the RBNZ, cash rate heading to 2.25% (from its current 0.5%)
- Australian services PMI barely changed in September, up 0.1 to 45.7
- China media highlight "signs of better communication between the world’s two biggest economies"
- ICYMI - US energy secretary on SPR, oil export ban
- Further easing of COVID-19 restrictions in Australia's largest population state
- Trade ideas thread - Thursday 7 October 2021
- White House Press Sec. says the Biden administration will take more steps on oil prices if necessary
During the US session Wednesday there was some good news on gas, oil, and the US debt ceiling, check out Greg's wrap of the session if you missed it:
- Forexlive Americas FX news wrap: Energy prices reverse lower. Sen. negotiating path for debt limit solution
The Asian session chimed in with a bit of positive news also. After a meeting between between China's top diplomat Yang Jiechi and U.S. National Security Adviser Jake Sullivan it appears lines of communication between the two countries are more open and a little less chilly. And, further, US President Biden and China's President Xi have subsequently agreed to a summit meeting (virtual) at a yet to be set date, but before the end of this year at least.
US equity index index futures gained ground during the Globex (US evening) session.
Forex was more subdued, however, with a small gain for the Australian dollar pretty much the notable move. EUR, NZD, GBP yen and CHF are all little changed. As is USD/CAD which did dip earlier in the Asian morning but is, as I post, little net changed also. It was a bit of a placeholder session in FX Asia, which is not unusual for a Thursday ahead of a US Nonfarm Payroll release due on Friday.