Forex news for Asia trading on Thursday 29 July 2021
- China will continue to allow Chinese companies to go public in the U.S.
- Proposed US infrastructure deal looks to higher taxes on crypto for part of the funding
- Pfizer-BioNTech COVID-19 vaccine still 84 % effective after six months
- ICYMI - UBS pilot scheme to offer clearing, settlement of crypto ETPs
- Disney will once again require masks to be worn at California and Florida parks
- Australia Q2 export prices +13.2% q/q (prior +11.2%) & import prices +1.9% q/q (prior +0.2%)
- Japan economy minister Nishimura says the COVID-19 situation in Osaka is quite severe
- PBOC sets USD/ CNY reference rate for today at 6.4942 (vs. yesterday at 6.4929)
- Sydney coronavirus new cases surge, 239 today (up from 177 previous day)
- New Zealand July Business Confidence -3.8% (prior -0.6%) & Activity Outlook 26.3 (prior 31.6%)
- US coronavirus surge - Twitter is shutting its offices in San Francisco and New York again
- China state financial media says yuan-denominated assets are to become more attractive
- Who's looking for a bottom now for Chinese stocks?
- WSJ reports that the Robinhood IPO Prices at $38 a Share
- Goldman Sachs expects an FOMC taper warning in September, announcement in December
- UK vehicle manufacturers warn on chip shortage (output was up on 2020)
- US Senate procedural vote on infrastructure (not a deal yet folks) is a yes
- Not fresh news: Australia’s Central Bank Set to Defer Bond Taper
- No taper talk from FOMC or Powell (as expected) - Jackson Hole the next opportunity
- Apple to require employees & customers to wear masks in more than half of its US shops
- Trade ideas thread - Thursday 29 July 2021
Chinese stock markets opened higher on the session today following more efforts from authorities to calm markets including:
- China's securities regulator met with executives of major investment banks on Wednesday night
- More positive stock market items in Chinese financial media Thursday morning
- the People's Bank of China injected liquidity into the banking system on Thursday morning
- plenty of chatter about state-linked funds buying
Coronavirus news flow intensified with:
- Japan considering further action as cases mount
- Mask mandates, public and private, being reintroduced in the US, particularly for areas lagging in vaccinations
- Australia's largest city, Sydney, saw a big rise in cases and further tightening of restrictions
The yen has gained during the session, USD/JPY hit lows under 109.70. EUR, GBP and CAD are all up a little against the dollar also, to varying extents (none recorded large ranges). AUD and NZD lagged a little and are not a lot changed.
Bitcoin traded just under $40k.
Shanghai Comp (5 min bars)
