Forex news for Asia trading on Friday 15 October 2021
- China loosens mortgage rules - more lending encouraged
- SEC said to not oppose Bitcoin futures ETF
- Japan finance minister Suzuki says weak yen helps exporters, but pushes up import costs
- BOJ official says no current plan to issue digital currency, but maintaining the status quo on payments not an option
- Japanese government cuts its outlook for exports
- MSCI highlight that firms with around US$7tln in market cap have some sort of exposure to cryptocurrencies
- People's Bank of China issues a 500m yuan MLF
- Fitch says economic activity in Australia to rebound in Q4 with reopening
- PBOC sets USD/ CNY mid-point today at 6.4386 (vs. estimate at 6.4402)
- Taiwanese semiconductor giant TSMC to build a factory in Japan - production output to commence 2024
- Queensland Investment Corporation (Australian fund) consider crypto investment
- BoC Gov Macklem says inflation in Canada is not broad-based, hence not so concerned
- US' second-largest mortgage lender has dropped its plan to accept crypto
- Fed's Harker says there is upside risk to his inflation forecast
- Former Boeing 737 MAX Chief Technical Pilot indicted for Fraud
- Fed's Harker says not expecting rate hikes until late 2022, or early 2023
- PIIE on inflation. 3 reasons its not transitory, will persist through 2022.
- BusinessNZ Manufacturing PMI for September 51.4 (prior 40.1)
- Another oil ICYMI - Goldman Sachs says oil prices could be higher for longer
- Trade ideas thread - Friday 15 October 2021
- US debt ceiling news - McConnell expected to cave in again
- ICYMI - Saudi Arabia says oil inventories on track to normalise at the end of 2021
- Technical levels in play in the new trading day
- White House says it is looking at options on how to improve logistics of moving energy supply around country
- ICYMI - Erroneous trades in US 2 year note
The US Securities and Exchange Commission is said to be not opposing BTC futures ETF trading, this clears the way for launch. News comes via various sources. After languishing sub-US$ 58K and towards $57K for much of the session this lit a fire under BTC, it surged above $58.5K as I am writing ... and above $59K as I publish. The timing for launch of the first ETF looks to be as soon as Monday next week. An early heads up to this was given during the US timezone:
China provided plenty of news, most notably a 500m yuan medium-term lending facility to prompt more bank lending was issued. News also hit that financial regulators had instructed some of the big banks in the country to ease mortgage lending rules - the instruction was issued in late September to encourage house buyers to borrow through Q4. As part of the encouragement to lenders they are permitted to sell securities backed by residential mortgages (RMBS) to free up loan quotas, this practice had been banned earlier this year.
On the FX front EUR/USD and USD/JPY were gainers (hence EUR/JPY ... other yen crosses also did well). NZD & GBP also crept higher but AUD lagged.
Still to come on Friday US time: