Forex news for Asia trading for Thursday 11 March 2021
- US official says US President Biden is still seeking to make the child tax credit permanent
- Oil traders - heads up for OPEC Monthly Oil Market Report (MOMR) to be published today
- Data today showed Japan's massive two-week foreign bond selling over
- European Central Bank monetary policy meeting 11 March 2021 - preview
- US President Biden to address the nation Thursday
- US dollar downtrend to recommence despite surging economy
- Asia travel bubble talks - Taiwan, Singapore, Japan, South Korea, and Vietnam
- JPMorgan launching a bitcoin (& other cryptocurrencies) structured note tied to a basket of related stocks
- Governor of Taiwan's central bank says US may list Taiwan as a currency manipulator
- PBOC sets USD/ CNY mid-point today at 6.4970 (vs. yesterday at 6.5106)
- Australia - warnings of up 300,000 lost jobs once JobKeeper (wage subsidy) support ends
- Goldman Sachs is comfortable with the stupendous level of US debt
- Three quarters of UK manufacturers hit by Brexit delays
- American Airlines cancelled employee furloughs on Wednesday after passage of the COVID-19 relief package
- Australia survey of consumer inflation expectations for March: 4.1% (prior 3.7%)
- UK data - RICS monthly house price balance for February 52% (vs. expected 45%)
- Japan PPI for February 0.4% m/m (vs expected 0.5%)
- BlackRock says US inflation ahead, stability risks could force the Fed to take action
- US stimulus checks - Deutsche Bank says 40% could go straight into stocks
- AUD traders - Australia tourism stimulus package, circa AUD1.2bn
- US Treasury Secretary Yellen says today was a pivotal day for the US economy
- Weaker US dollar coming soon (Q2) - US yields to stabilise
- Trade ideas thread - Thursday 11 March 2021
- New Zealand Food Price (inflation) for February -0.9% m/m (prior +1.3%)
- US Sec State Blinken says will take action against 'egregious' violations of human rights in Hong Kong
Major FX traded in subdued ranges during the session here after the (expected) passage of US President Biden's $1.9tln coronavirus economic relief package. Other news and data flow was light. Of note though was Japan's massive two-week foreign bond selling (circa US$34bn in total) ended, with a small buy reported for the most recent week.
EUR, AUD, NZD, CAD have traded slightly higher against the US while GBP has lagged alongside yen and CHF.
Regional equities, especially China, have seen gains:
Shanghai Composite +1.8%
Hang Seng +1.6%
Nikkei +0.45%
Today Japan marked the 10th anniversary of the earthquake, tsunami and Fukushima nuclear disaster in which 22,000 people were lost. The people of Japan responded with fortitude and grace to the multiple disasters that day, and continue to do so in the worst affected areas still rebuilding.
