- RBNZ Gov Orr spoke with media: "we’re unambiguously contractionary in our monetary" policy
- Chinese media report on new credit line of up to $7 bn for property firm Country Garden
- Goldman Sachs global head of commodities sticking with $115 price target for 2023 (video)
- Moody's have changed their outlook for Chinese banks to negative
- USD/JPY on the slide in Asia trade, extending its move from Wednesday
- Standard Chartered expect higher EUR/CHF in 2023 (citing inflation down, risk appetite up)
- PBOC sets USD/ CNY mid-point today at 7.1201 (vs. estimate at 7.1138)
- China daily COVID cases rise to 29,754. The highest of the pandemic, so far.
- PBoC RRR cut may be in the next few days.
- Bank of Korea has hiked its base rate by 25bp to 3.25% (as expected)
- China COVID - Beijing is preparing for a lot more cases
- Japan preliminary November PMI, manufacturing plunges to contraction, services on the edge
- Nomura have once again lowered their China GDP forecasts
- JPMorgan target EUR/USD as low as 0.90 in the first half of 2023 (Fed, ECB to pause)
- PBOC signals more monetary policy stimulus, including a cut to reserve requirement ratio
- BoC Sen Dep Gov Rogers - not seeing much contagion from Crypto (FTX) to financial markets
- Forexlive Americas FX news wrap: Weaker initial claims and PMI data sends the USD lower
- More from BoC Gov. Macklem - inflation could be entrenched, or it might come down faster
- BoC Gov Maclem says expects policy rate will need to rise further
The move lower for the US dollar on Wednesday carried on here during Asia trade today. Greg highlighted the data, and FOMC minutes, influences in the wrap (see points above for link).
There was little else new to catalyse the further decline, but decline it did.
The focus was yet again on China, where new COVID cases hit a record high. Attention was also on the aftermath of the worker riots at the Foxconn main iPhone plant. Video footage has leaked out showing the violence.
On a more positive note, there was news of further support for the property sector. Country Garden scored an up to US$50bn credit facility from a state bank. Property sector shares in China rose strongly during the session.
In central bank news Bank of Canada Governor Macklem and Senior Deputy Governor Rogers testified in front of a parliamentary committee. The Bank of Korea raised its benchmark interest rate by 25 basis points to 3.25%, a smaller hike than its previous move. The +25 was in line with consensus expectations.