Forex news for Asia trading on Monday 25 October 2021
- China's President Xi says opposes unilateralism, protectionism, hegemony, zero-sum games
- A military coup appears to be underway in Sudan
- More on China's coming property tax
- JP Morgan lower their projections for EUR/USD
- Oil - Saudi Arabia Energy Minister says OPEC+ should remain cautious over output
- China Evergrande says it has resumed construction work in 6 cities, on more than 10 projects
- PBOC sets USD/ CNY reference rate for today at 6.3924 (vs. estimate at 6.3932)
- China economic growth forecasts being slashed to close to 30 year lows
- Here's why there will be no speeches from Federal Reserve officials for the next week (and more)
- US spending negotiations continued over the weekend - update
- Off Canada's west coast - ship on fire and expelling toxic gas
- Reminder - its a market holiday in New Zealand
- ICYMI - Fed Chair Powell says he thinks it time to taper, not to raise rates
- UK press says Chancellor Sunak to raise the minimum wage
- US Treas Sec Yellen says has inflation under control
- Brexit - UK officials say the first round of talks over Northern Ireland were constructive
- Trade ideas thread - Monday 25 October 2021
- Russia COVID-19 outbreak accelerating with low vaccine rate
- China's latest COVID-19 outbreak is likely to spread further
- Turkey's state banks are expected to cut loan rates by around 2% on Monday
- Monday morning open levels - indicative forex prices - 25 October 2021
- Turkish President Erdogan expels 10 ambassadors, 7 of them NATO allies
- China's State Council to implement a new property tax
USD/JPY chopped around in a not large range during the day here on Monday and as I post has moved net higher by around 25 points from its late-Friday US level. Other currencies have mainly been fairly steady, with cable notably a little higher. Yen crosses have thus seen small gains. CAD has benefitted from some oil strength with comments out of Saudi Arabia over the weekend once again pouring cold water on thoughts of any output increases at the coming OPEC+ meeting (November 4, another week and a half away).
There was some positive news around over the weekend and into Monday on US fiscal speniding talks, on UK-EU talks (re Norther Ireland) and US Treasury Secretary told us she saw inflation as being under control.
Interestingly out of China was news on the State Council proposing a new property tax (new in the sense that the tax has been trialled in a couple of cities in the past but Chinese leaders are now considering extending it). While China's property markets are a little shaky at present, with many property developers in liquidity strife and home buyers wary of spending the news of a new tax might seem poorly timed.
Turkish President Erdogan moved to expel 10 ambassadors from the country, seven of them from his NATO allied countries. The Turkish lira lost ground (like it needed another excuse?):
