Forex news for Asia trading for Thursday 11 February 2021
- China's Xi on the phone call with Biden - says a China-US confrontation would be a disaster
- US President Biden tweets (!) "I will work with China when it benefits the American people."
- Bank of America Global Research cut EUR/USD year-end forecast to 1.15 (from 1.25 )
- There will be changes to the US trade policy with China
- Biden, Xi (US & China presidents) spoke on the phone - Beden concerned about unfair economic practices
- US President Biden considering Lisa Cook, for a seat on the Federal Reserve Board
- More on Yellen's warning on the misuse of cryptocurrencies
- 3 reasons for CAD strength
- FX option expiries for Thursday February 11 at the 10am NY cut
- BNZ points to Upside risk developing for NZD
- Yellen says misuse of cryptocurrency is a growing problem
- Australian Treasury official says the country's economy is recovering faster than expected
- UK data - RICS monthly house price balance for January 50 (vs. expected 60%)
- Oil - Deutsche sees OPEC+ scaling in production hikes 3 months in a row (and more)
- Mastercard will start supporting select cryptocurrencies directly on their network.
- US official says looking forward to working with EU to resolve Airbus-Boeing dispute
- JP Morgan says US dollar fundamentals are quite poor, but JPM are not overly bearish
- US President Biden set to announce a review of strategy on China
- Australia coronavirus - renewed state border closure
- NZ card spending data for January: Total -1.2% m/m, retail -0.4% m/m
- Trade ideas thread - Thursday 11 February 2021
Japanese markets were closed for a holiday today while China too shut for the first day of the long break, China is out now until 18 February. The Lunar New Year holiday will see Singapore and Hong Kong shut tomorrow, Friday 12 February. Liquidity will thus remain thinner than normal.
News and data flow was very light and non-impactful. About the only item of much note for markets was the phone call between Presidents of the US and China, Biden and Xi. Check out the bullets above for more but in brief the points of contention we are all familiar with, trade, unfair economic practices, Xinjiang, Hong Kong and Taiwan were raised and discussed. Hopes were expressed for a more constructive relationship to come.
For the major currencies we've had small ranges only.
Gold drifted a few dollars lower.
