Forex news for Asia trading on Friday 11 June 2021
- ICYMI - Saudi Arabia has unwound its extra oil output cut faster than expected
- Responses to the hot US CPI number continue - transitory ... but
- US CPI (core) data the highest in 30 years. What is temporary?
- PBOC sets USD/ CNY mid-point today at 6.3856 (vs. yesterday at 6.3972)
- AUD traders - Governor Lowe to speak next week, and other RBA events
- South Korea first 10 days of June exports +40.9% y/y, imports +31% y/y
- Japan data - Large Manufacturer conditions -1.4% q/q (prior +1.6%)
- Fed June Federal Open Market Committee meeting - preview
- UK Times says UK Prime Minister Johnson is considering a 4-week delay to re-opening
- The latest US CPI data ... Hot or Not?
- New Zealand manufacturing PMI for May: 58.6 (prior 58.4)
- US to donate 500m doses of vaccine, UK to donate 100m
- A bipartisan group of US senators say they have reached an agreement on infrastructure
- ICYMI: SNB, BDF, UBS, Credit Suisse, Natixis hooking up to trial cross-border central bank digital currency payments
- Trade ideas thread - Friday 11 June 2021
More on the bipartisan US senators infrastructure package - circa $1.2tln over 8 years
Post US-CPI data day in Asia saw major forex rates with barely a pulse. Asia assessed the US data as most likely indicating 'transitory' inflation (this is not a unanimous view, there are plenty of takes seeing more persistent inflation ahead) with US yields holding around lows.
Fresh news flow of any interest to FX was non-existent. The only item that maybe could have caused a stir, but did not, was that a group of US senators (bipartisan) had reached agreement on a US$1.2tln infrastructure package and how to pay for it. There is still negotiation to be done on this, with party members (on both sides) and the US administration. Data released here during the session failed to have an impact either.
EUR/USD, USD/JPY (and hence EUR/JPY) are up a few tics. CAD, AUD and NZD are all little changed. Gold too is little changed, hovering around its overnight post-CPI high.
BTC has remained relatively subdued (for it), just above $36K as I update.
Have a great weekend everyone, when it finally comes around.
EUR/JPY with a 25 or so point rally and hence a star of the Asia timezone show today;
