ForexLive Asia FX news wrap: Yen crosses rise further

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading on Friday 8 October 2021

The big news of the session was the US Senate voting to extend the US debt limit. Sixty votes were needed in the procedural vote, which sneaked across the line at 61-38 (one Senator didn't vote ... you had one job?). This set up the actual debt limit vote which need a simple majority and passed 50-48. The bill now heads to the US House for a final vote. The Democratic Party have a clear majority in the House so it appears likely the bill will be easily approved. The vote is scheduled on Tuesday October 12, apparently some time after 5pm Washington time, i.e. early hours in Asia trade.

Yields on US Treasuries rose here, helping USD/JPY add to its Thursday gains. As I post its on approach toward 112.00 (highs circa 111.89/90). Other currencies are very little changed (CAD and NZD are touch firmer) helping yen crosses to rise also.

Mainland China markets returned from the long Golden Week holiday today, local shares opened higher. There is more in the bullets above but just as highlights, coal mines have been asked to boost output, the bond payment (that was due on Monday, actually Sunday but that was a weekend day) by an Evergrande-backed firm has still not been paid and the private survey services PMI (Caixin) moved back into expansion in September. 

Forex news for Asia trading onFriday 8 October 2021

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