Forex news for Asia trading on Wednesday 11 August 2021
- US inflation data due Wednesday, and two Fed Presidents speaking also
- Recap of the Japan money data released earlier today - less cash hoarding
- Goldman Sachs say they still don't see a case for sustained USD appreciation
- A background piece on how cryptocurrency fits into the US infrastructure bill
- Australian city of Melbourne - coronavirus lockdown extended another 7 days
- PBOC sets USD/ CNY mid-point today at 6.4831 (vs. yesterday at 6.4842)
- Australia coronavirus - NSW state records 344 new cases of COVID-19 infection
- Chip shortage worsens - more than 20 week wait for deliveries
- Australia - Westpac monthly consumer confidence, for August -4.4% m/m (prior +1.5%)
- US yields on the up, 10-yr to a 5 week high
- Monetary Authority of Singapore official says current monetary policy is appropriate
- Singapore Q2 GDP -1.8% q/q and +14.7% y/y
- South Korea exports (for the 1st 10 days of August) +46.4% y/y
- US debt ceiling - 46 Republican senators will not co-operate with Dems
- China local government bond sales may increase in August and September
- The UK has ordered 35m doses of Pfizer vaccine for next year’s autumn booster campaign
- Dissecting the narrative - the TL;DR version
- Kraken CEO says the Senate's passage of infrastructure plan is a disaster for crypto industry
- US House of Representatives is cuttings its recess short
- RBNZ gets a new "Governance Board" beginning mid-2022
- Bloomberg report on $600 million cryptocurrency theft - "biggest ever" DeFi looting
- Fed's Evans: Would like to see a few more jobs reports before taper decision
- Trade ideas thread - Wednesday 11 August 2021
- Private oil survey data shows draw in headline in crude oil inventory
- Dow and S&P close at record highs
- In the Coinbase Q2 report this snippet: Ethereum trading volumes surpassed Bitcoin in Q2
Morning trade in Asia saw a stronger US dollar but minor moves for currencies only. USD/JPY was a bit of a stand out amongst a lacklustre bunch, trading up towards 110.70 and its highest for a month. Its subsequently blipped back towards 110.60. USD/CHF tested to above 0.9230 and its US Tuesday high but has also come back, circa 0.9220. A small range also for EUR/USD, which is net a little higher on the session. GBP, AUD and NZD are all not a lot net changed. Ditto for USD/CAD.
Regional equities, too, have not done a lot. APAC has largely sat on its hands awaiting data from the US later Wednesday; July CPI will be the latest clue for the Federal Reserve as it ponders taper.
Oil is down a little, demand worries once again a niggle on traders' minds with New Zealand imposing restrictions on travel from Indonesia and Fiji. Gold had inched a little higher, back above $1730.
