Forex news for Asia trading on Friday 9 July 2021
- Reports that the US is to add more Chinese firms to economic blacklist re human rights violations
- Coronavirus cases climb to a new record day in South Korea, emergency meeting called
- China inflation figures for June. CPI 1.1% y/y (expected 1.3%), PPI 8.8% y/y (expected 8.8%)
- Australia coronavirus - lockdown of Sydney won't be over any time soon, cases mounting
- PBOC sets USD/ CNY reference rate for today at 6.4755 (vs. yesterday at 6.4705)
- Here's another bond market narrative ... maybe surging growth, higher inflation is transitory after all
- Reuters Poll - unanimous expectations the Bank of Canada to taper by CAD1bn next week
- The days of RBNZ QE bond-buying "are numbered"
- The BOJ meet next week - likely to lower GDP forecast
- California USA magnitude 6.2 earthquake
- ICYMI - The ECB set its inflation target at 2% after their strategy review
- NZ data - June Truckometer (heavy traffic) +1.2% m/m (prior -6.2%)
- Russia raises its inflation, GDP, capex forecasts
- Australia to triple its access to Pfizer Covid-19 vaccines to 1m doses / week from July 19
- Note for the diary - Federal Reserve Chair Powell to testify next week (July 14)
- COMEX copper, silver margins lowered
- Pfizer says a third shot of its vaccine is even more helpful in combatting COVID-19
- Trade ideas thread - Friday 9 July 2021
- More on Chinese stocks being delisted from indexes - this time is MSCI
Asian equites slid further on the session, following on from the falls in the US on Thursday. Yields on USTs steadied a little which might provide a reprieve of sorts for Friday US trade.
The moves from FTSE/Russell and S&P to delist some Chinese companies was followed by the same from MSCI (news hit Thursday after US close time)
On the FX front the Australian and New Zealand dollars slid a little further taking AUD/USD to another fresh yearly low. They weren't alone in losing ground against the US dollar though, GBP and CAD are also down while USD/JPY is on approach to 110 as I update. Gold steadied above $1804.
News and data flow was very light. Note the top post in the list above, no diminishing in US-China strains appears likely.
AUD/USD in 2021:
