Forex news for Asia trading on Tuesday 28 September 2021
- Chinese authorities to send inspectors into China’s top 25 financial institutions in the coming weeks
- A South Korean court has ordered the sale of seized assets of a Japanese firm - Japan protests
- China provincial governor says should import more coal to ease power shortages
- USD/JPY, US 2 year bond yield - both rising
- China Industrial Profits for August +10.1% y/y (prior +16.4% y/y)
- Australia retail sales for August -1.7% m/m (expected -2.5%)
- Panasonic is to cut more than 1,700 jobs in Japan and Singapore
- PBOC sets USD/ CNY central rate at 6.4608 (vs. estimate at 6.4600)
- World Bank still optimistic on China's economic growth, forecast 8.5%
- Australia & NZ coronavirus update - new record daily high in state of Victoria
- More on the North Korea missile launch
- U.S. SEC's Gensler weighs in again on crypto regulation
- More from Goldman Sachs on why they slashed their estimates for China's economic growth
- Japan economy minister Nishimura says seeking to lift states of emergency on October 1
- New York is firing up to 72,000 workers (the next NFP might be interesting)
- BOJ July Monetary Policy Meeting Minutes - full text
- Bitcoin trading lower, sharp drop
- Australian weekly consumer sentiment 103.7 (previous week 103.3)
- ICYMI - Bank of England Governor Bailey once again flagged rate hike prior to QE ending
- China has released two captive US citizens held since 2018
- Chinese media says to expect a crackdown on high coal prices - citing power shortages, cuts to factory output
- Goldman Sachs has cut its China 2021 GDP forecast to 7.8% (from 8.2% previously)
- US Senate will block the government funding bill, as expected
- North Korea has launched another missile - 'unidentified projectile' into the East Sea
- Here's who is replacing Rosengren and Kaplan as Federal Reserve Presidents
- Fed's Bostic says not facing a long bout of troublesome inflation
- Shenzen government moves to investigate Evergrande. The PBOC seeks to reassure housing investors.
- Trade ideas thread - Tuesday 28 September 2021
- Fed's Powell says the Bank would act against sustained higher inflation
- US stocks close mixed. Nasdaq and S&P close lower. Dow up but off highs.
- Dallas Fed Pres. Kaplan to retire October 8
Brent and WTI both rose on the session (Monday evening US time, Asia morning), extending recent gains. This has provided a tailwind for CAD, with USD/CAD testing below 1.2620 again as I post.
USD/JPY, on the other hand rose, higher short term US yields helping the pair along also.
China was in the news, specifically the problems (once again) of cuts to power supply weighing on industrial output, high commodity price inputs and shortages of components. This was reflected in the industrial profits data point today, although August data is probably going to be better than this month's (when it comes).
There was very little heard out China's Evergrande today, although the share price of its electric vehicle unit did recover some of its losses from Monday's plunge,
Elsewhere across FX AUD/USD had a round trip, dropping 20 or so points in morning trade beoifre fully recovering to be little net changed as I post.
SEC head Gensler once again had comments reported on crypto regulation. BTC/USD is down a little on the session.
AUD:
