Forex news for Asia trading on Wednesday 26 May 2021
- RBNZ Gov Orr: Says inflation pressures expected to be temporary
- Reserve Bank of New Zealand Governor Orr press conference - live link
- RBNZ monetary policy meeting minutes
- NZD marked higher in the wake of the RBNZ monetary policy statement
- RBNZ leave policy unchanged, as expected
- BOJ's Suzuki says economy recovering, slowly though
- Australian Q1 2021 Construction work done +2.4% q/q (vs. expected +2.2%)
- PBOC sets USD/ CNY mid-point today at 6.4099 (vs. yesterday at 6.4283)
- RBA monetary policy meeting June 1 - early preview
- Australia - Westpac leading indicator for April +0.2% m/m (prior +0.45%, revised up from +0.38%)
- SG flag the likelihood of the ECB sending EUR lower
- Japan press (editorial) calls for cancellation of Olympics
- Japan PPI Services for April +1.0% y/y (expected 0.9%)
- Australian coronavirus cases mount in state of Victoria - "snap lockdown" fears
- ‘Time to buy’ bitcoin adverts have been banned in the UK
- The US removes Xiaomi from blacklist
- China financial media says further yuan strength expected - citing analysts
- New Zealand trade balance for April surplus of 388m NZD (prior NZD 33m surplus)
- WSJ says "Ban Cryptocurrency to Fight Ransomware" (relax folks, its an opinion piece)
- Coronavirus - Tokyo now mulling seeking an extension of state of emergency
- US President Biden says sanction on Nord Stream 2 now would be counterproductive
- ICYMI - Major China hub for Bitcoin mining issues harshest crackdown measures yet (draft at this stage)
- European governments are said to be growing more confident on a G7 tax accord
- Trade ideas thread - Wednesday 26 May 2021
- Private oil survey data shows smaller than expected headline draw in crude oil inventory
- Elon Musk (TSLA head) tweets on Dogecoin
Traders assessed the Reserve Bank of New Zealand Monetary Policy Statement as leaning a little less dovish with the track ahead of the OCR indicative of a possible rate hike in the second half of next year. This was enough to give the Kiwi $ a decent push higher as it was marked-up towards 0.73. The AUD was dragged along behind, moving above 0.7775 in the kiwi's wake.
Gains for the New Zealand dollar continued as Governor Orr's press conference followed an hour after the Statement release. NZD/USD pierced 0.73.
Elsewhere across major FX ranges were subdued again during the session.
The People's Bank of China set the mid-rate for onshore yuan at its strongest (lowest for USD/CNY) since the middle of 2018.
Crypto continued its stabilisation, BTC/USD moved back above $39K again.
