Forex news for Asia trading for Monday 26 April 2021
- Huawei Harmony OS operating system shipping in its products
- Projections for a lower US dollar - global economy to gain pace, no Fed taper anytime soon
- Bitcoin opening the week with new vigour - climbs to $52K
- Japan's Golden Week holidays begin Thursday
- PBOC sets USD/ CNY reference rate for today at 6.4913 (vs. Friday at 6.4934)
- Japan Services PPI for March, first increase in half a year - recap
- AUD, NZD on approach to Friday's high. Markets underpricing?
- US - Swing Dem Senator Manchin backs Republican smaller infrastructure proposals
- Japan data - PPI Services for March 0.7% y/y (expected 0.0%, prior -0.1%)
- China think tank projects USD/yuan in 6.4 - 6.5 range
- The EU is leaning on the UK to align UK food standards to EU food and safety rules (there's a quid pro quo on offer)
- EU says UK economy predicted to grow at fastest rate since WW2
- Goldman Sachs on comparative global economic growth rates: US to peak in Q2
- Japan's ruling party lost all 3 elections over the weekend
- US to immediately send raw COVID-19 vaccine supplies to help India
- US media report that the EU is set to allow vaccinated US tourists visit this summer
- Renewed slump for Bitcoin, drops under $48.5K
- Trade ideas thread - Monday 26 April 2021
- Bank of England Dep Gov Broadbent sees "very rapid" economic growth at least over the next couple of quarters
- Monday morning open levels - indicative forex prices - 26 April 2021
- It's Fed week but that's just the start of a crazy economic calendar
- US will urge its allies to increase pressure on China over Xinjiang at G7 meeting in June
- RBA research paper on "Monetary Policy, Equity Markets and the Information Effect"
Bitcoin saw further losses late Sunday (US time)/early Monday (Asia time) taking it nearly as low at US$47K before bouncing to highs above $52K. Chatter did the round the early drop was due to a $200m sell order from a 'China whale'. Rumours like this abound in financial markets but if it is correct the whale looks like he may have encountered a Japanese research fishing fleet. BTC has not seen a bounce as big as this since its slump began in earnest the previous weekend.
In the forex space the moves were characterised by a weakening US dollar, carrying on from the Friday Europe/US move. AUD, NZD, GBP, CAD, euro, yen all benefited. News flow was light, and data was only a higher Services PPI (March) from Japan. AUD/USD outperformed on the session, driven partly by a continuing surge for iron ore prices. Dalian iron ore (futures) hit a record high (other commodity futures were strong also, Shanghai rebar to a record high also), iron ore in Singapore hit its highest since 2013. (And, adding in, Copper hitting its highest since 2011 on the LME)
Regional equities:
Japan's Nikkei +0.3%, Topix +0.2%
China's Shanghai Composite +0.57%
Hong Kong's Hang Seng +0.30%
Australia's S&P/ASX 200 +0.05%
Bitcoin:
