ForexLive Asia-Pacific FX news wrap: Hong Kong shares rise

• RBA says its pandemic cheap lending policy to business failed (sort of)
• Oil prices continue to move higher - US supply issues, China reopening optimism cited
• Hong Kong will no longer mandate government COVID app from Wednesday
• Sam Bankman-Fried will not be testifying in Congress Tuesday due to his arrest
• Japan's Nishimura - will take appropriate measures on chip-related export curbs to China
• AUD traders note - Reserve Bank of Australia Governor Lowe speaking Wednesday Sydney time
• While we await US CPI - an interesting development in nuclear fusion (free energy if true)
• PBOC sets USD/ CNY reference rate for today at 6.9746 (vs. estimate at 6.9758)
• Sam B-F - says not all loans he took from Alameda were used to invest in the business
• Australian business confidence falls to -4 (prior 0)
• PBOC is expected to set the USD/CNY reference rate at 6.9758 – Reuters estimate
• Talk that FTX Sam Bankman-Fried has been taken into custody
• Australia monthly consumer sentiment survey +3.0% m/m (prior -6.9%)
• Goldman Sachs US CPI data scenarios for the S&P500
• Australian weekly consumer confidence survey up a touch to 82.9
• Bank of Canada Governor Macklem expects to evidence that inflation is falling by spring
• JP Morgan say a US CPI print at or below 6.9% y/y could see S&P500 jump up to 10%
• New Zealand data - November Food Price Index flat m/m (prior +0.8%)
• US CPI preview - "USD should sell off more on a downside CPI print, than rally on a beat"
• FTX insiders a chat group called “Wirefraud”, sent secret information about operations
• Trade ideas thread - Tuesday, 13 December 2022

There were further reopening moves announced in Hong Kong today:

• use of HK's COVID contact tracing app will no longer be mandatory from Wednesday this week

• the 3-day arrival monitoring period abandoned

There is also some chatter that the Hong Kong/mainland China border could reopen in early January.

HK’s Hang Seng index rose on the day, its up circa 0.75% as I update. The Shanghai Composite is a touch higher, as is Japan’s Nikkei. All took a lead from a bid on Wall Street Wall Street Wall Street is part of the Financial District in New York City and one of the most iconic streets in the world. It is synonymous with US financial markets, and home to the world’s two largest stock exchanges by market capitalization – the New York Stock Exchange and NASDAQ.The area is also home, be it presently or historically to many other key exchanges. This includes the New York Mercantile Exchange, the New York Board of Trade, the New York Futures Exchange (NYFE), and the former American Sto Wall Street is part of the Financial District in New York City and one of the most iconic streets in the world. It is synonymous with US financial markets, and home to the world’s two largest stock exchanges by market capitalization – the New York Stock Exchange and NASDAQ.The area is also home, be it presently or historically to many other key exchanges. This includes the New York Mercantile Exchange, the New York Board of Trade, the New York Futures Exchange (NYFE), and the former American Sto Read this Term on Monday.

Across major forex rates ranges were on the narrow side as traders await the US CPI data due at 1330 GMT today. There are previews and scenarios for the S&P500 from JP Morgan and Goldman Sachs in the points above.

FTX founder Sam Bankman-Fried will appear in a Bahamas court on Tuesday after he was arrested. He faces extradition to the US to face criminal charges surrounding the looting and collapse of FTX and separate charges that’ll be brought by the US Securities and Exchange Commission (SEC). SBF was expected to appear before a US Congressional committee on Tuesday but given he in custody he will not be. There’s a post in the points above on what he was expected to say.

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Coming up during US time is the inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term report for November:

• This snapshot from the ForexLive economic data calendar, access it here.
• The times in the left-most column are GMT.
• The numbers in the right-most column are the 'prior' (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.