Forex news for Asia trading on Friday 6 August 2021
- JP Morgan looking for +900K, 5.6% jobless rate in the NFP
- Morgan Stanley NZD/USD target is towards 0.6600
- RBA Statement on Monetary Policy (SoMP) forecasts look promising ...
- RBA Gov. Lowe says do not need macroprudential tightening, might be needed next year
- PBOC sets USD/ CNY mid-point today at 6.4625 (vs. yesterday at 6.4691)
- Australian state NSW (Sydney the capital city) records another record high new COVID-19 case count)
- More from RBA Gov. Lowe - not targeting a low AUD but its a result of policy
- US Senate looks unlikely to be voting on infrastructure Thursday (i.e. tonight)
- TD is expecting a further fall for gold following the NFP report
- More from RBA's Lowe - pick up in wages growth is gradual, in 2 yrs time still sees it under 3%
- RBA Gov Lowe: Says the Australian economy has bounced back faster than expected
- Japan data - wages down, household spending too
- US nonfarm payroll (NFP) report for July - what to expect
- Goldman Sachs jam its end of year S&P500 target 400 points higher
- Australia - AiG Services PMI for July: 51.7 (prior 57.8)
- Goldman Sachs NFP preview
- Trade ideas thread - Friday 6 August 2021
- More from Fed's Kashkari - says cryptocurrency market is akin to the "wild west", is "full of nonsense"
- US Senator Manchin tries to undercut Federal Reserve independence - wants taper
- Fed's Kashkari speaking - says economy still in a deep hole, up to 9m jobless
The US dollar had gains during the session here across the major forex rate board. Normally ahead of a nonfarm payroll data release Asia is a little quiet, but today we have seen a slow grind higher for the dollar.
The Australian dollar was the biggest loser with Reserve Bank of Australia Governor Lowe giving fairly upbeat testimony before a parliamentary committee but mentioning AUD weakness (see bullets above). NZD, EUR, GBP, CAD, yen and CHF all lost ground too.
Equity markets in the region were a little mixed. China and HK declined, the crackdown on tech from Chinese regulators continuing to reverberate. As I update the Shanghai Composite and Hang Seng are off circa 0.4% each. Japan's Nikkei 225 is up half a percent.
In the US Senate, infrastructure bill amendment process debate was called off for the data late Thursday with no vote. Debate will resume noon Saturday says majority leader Schumer.
