Forex news for Asia trading on Tuesday 10 August 2021
- A China court has rejected the death sentence appeal for Canadian
- Harvard Prof on China's yuan becoming the 'world currency' - here's how
- Mainland China reports its highest new COVID-19 case count today since January 20
- AUD and NZD decline after the appallingly bad business survey result in Australia
- Australia July Business Confidence -8 (prior 11) & Business Conditions 11 (prior 24)
- PBOC sets USD/ CNY central rate at 6.4842 (vs. yesterday at 6.4840)
- Australia coronavirus - NSW state records 356 new cases of COVID-19 infection
- Recap FX Monday - Reuters with words of wisdom from ForexLive
- Senior researcher at CASS said that now is a good time for the PBOC to cut interest rates
- A recap of the gold price plummet
- Australia weekly ANZ-Roy Morgan Consumer Confidence: 98.8 (vs. prior 101.8)
- China media says no need for the PBOC to add further funds in the short term
- UK data - BRC Sales like-for-like for July +4.7% y/y (prior 6.7%)
- New Zealand - Card Spending for July, Retail +0.6% m/m (vs. -4% expected)
- ICYMI - China's central bank says inflation rise (at producer level, i.e. PPI) is temporary
- New Zealand data - July Truckometer -1.1% m/m (prior +2%)
- BTC continues to be shoved around by the loudmouths in the US Senate
- ICYMI - Japan's PM Suga is expected to seek another stimulus package, circa ¥30 tln
- China state media attacks the US over coronavirus - calls it a super spreader
- Trade ideas thread - Tuesday 10 August 2021
There were some minor FX moves only during the session. The US dollar added on a little more strength, most notably against NZD, AUD and CAD, having said this ranges were not large. EUR and GBP also slipped a little against the USD while yen are CHF are not a lot changed.
There was more movement for Bitcoin, its was swung around on the back of news out of the US Senate on the tacking on of crypto tax measures to the infrastructure bill. A bipartisan amendment to redefine who would be subject to new cryptocurrency regulation requirements under the Senate infrastructure bill was blocked (more on this political matter here). After the swings though the net change for the session so far here is not a lot.
On the data front the focus was the business survey out of Australia for July. Lockdowns for the country's two largest cities impacted negatively, business confidence collapsed and conditions fell also (see bullets above).
Coming up Tuesday in the US at 11am Washington time, the vote on passage of H.R. 3684, The Infrastructure Investment & Jobs Act, as amended.
BTC got bounced around by the US Senate (red box indicates swings):
