- Heads up for the meeting of G-20 finance ministers and central bank governors this week
- Chatter of a potential BOJ surprise at Kuroda’s final meeting March 9/10 - help out Ueda
- Citi expects USD/JPY a little higher but a slide to 125 around June
- RBNZ meet this week - flooding, cyclone events bolster the case for a pause
- PBOC sets USD/ CNY reference rate for today at 6.8643 (vs. estimate at 6.8655)
- PBOC LPR setting: 1-year and 5-year both unchanged
- US - China weekend meeting does not appear to have smoothed differences, barbs traded
- Reserve Bank of New Zealand policy decision due mid-week. Preview & NZD implications.
- UK data: Rightmove house price (February) flat m/m (prior +0.9%) & +3.9% y/y (prior +6.3%)
- BoA have added in another FOMC rate hike, now see March, May and June +25bp at each
- AUD traders heads up - RBA February meeting minutes are published tomorrow - hawkish tilt
- North Korea has fired another (what appears to be) ballistic missile
- Traders' heads up for a US and Canadian holiday today, Monday, 20 February 2023.
- Trade ideas thread - Monday, 20 February 2023
- Monday morning open levels - indicative forex prices - 20 February 2023
- If you're not confused, you're not paying attention
- US has info that China is considering arms supplies to Russia
- Forexlive Americas FX news wrap 17 Feb: The USD reverses gains and closes little changed
It was a subdued range-bound day across major FX ahead of the US market holiday today, Monday. The NYSE and Nasdaq are both closed, as is the bond market.
USD/JPY traded higher to begin the session, topping out circa 134.50-odd before slipping back to circa 134.30 as I post. EUR/USD drifted lower initially before it too retraced somewhat. News flow was very sparse. There were no data releases of note.
In China we had the monthly setting of Loan Prime Rates. Last week we had the latest medium-term Lending Facility (MLF) at an unchanged rate. This was strongly suggestive of no change to the LPRs today, and so it was.
The 1-Year Loan Prime Rate was left at 3.65% for the sixth month in a row. Most new and outstanding loans in China are based on the one-year LPR.
The 5-Year Loan Prime Rate was left at 4.30% for the sixth month in a row. Most home mortgage rates are based on the five-year.
Stocks in mainland China and Hong Kong rose.
North Korea fired off two ballistic missile tests. The UN Security Council will hold a meeting on the launches at 2000 GMT Monday (this is 3pm US Eastern time).
Asian equity markets:
Japan’s Nikkei 225 flat
China’s Shanghai Composite +1%
Hong Kong’s Hang Seng +0.9%
South Korea’s KOSPI +0.4%
Australia’s S&P/ASX 200 +0.1%
USD/JPY:
