Forex news for Asia trading on Thursday 18 November 2021
- RBNZ inflation (expectations) data released today ensure a 25bp rate hike on November 24
- 30 member countries in the International Energy Agency (IEA) hold oil in reserves
- Federal Reserve speakers coming up on Thursday includes NY's Williams
- RBA on Cryptocurrencies - "significant amount of hype and misinformation in this area"
- More info on China "carrying out the work of releasing crude oil reserves"
- New Zealand dollar higher after the RBNZ inflation report
- Japan chief cabinet secretary Matsuno says has no comment on oil reserve release
- New Zealand 2 year inflation expectation 2.96% (vs. prior 2.27%)
- China is working on a release of oil from reserves
- Wall Street Journal: Tweedledum and Tweedledee at the Fed
- PBOC sets USD/ CNY mid-point today at 6.3803 (vs. estimate at 6.3785)
- Baltic Exchange's dry bulk sea freight index fell to its lowest in more than 5 months
- Scotia see EUR/USD dropping under 1.1270 recent lows soon
- Global chip shortage news - South Korea's Hynix plans to boost production threatened by US moves over China
- European Union lawmakers agree on how to target big tech firms to limit anti-competitive practices
- China Evergrande unit to sell all its shares of Hengsten
- South Korea financial markets open an hour later than usual on Thursday 18 November 2021
- Argentina earthquake magnitude 5.6
- Trade ideas thread - Thursday 18 November 2021
- Major indices close lower for the second time in three trading days
- More from Fed's Evans - says gas prices are high but so is the stockmarket
- Fed's Evans says he is looking for inflationary pressure to fall
- More on Biden raising the issue of oil reserve release with Japan and China
- The head of Evergrande has borrowed USD105m using HK properties as collateral
There was late afternoon news out of the US regarding further moves to coordinate a release of oil from reserves out of the US, Japan, China, India and South Korea. The requests from the US come after pleas to OPEC to supply more oil have failed. The news on requests to Japan and China had been out earlier this week but added in India and South Korea. today Oil prices had fallen during the US Wednesday session and another subsidence in the price kicked off.
Oil fell further during the Asian session with news out that China was carrying out the work of releasing crude oil from its reserves. Brent and WTI are both lower on the session.
Regional equities are lower following the touch of softness on Wall Street Wednesday; Japan, China and Hong Kong indexes all lower.
Across FX the USD lost some ground within not large ranges against the major currencies. USD/CAD held steady to up, with CAD wariness on the oil price fall. NZD led the gains. The Reserve Bank of New Zealand published the results of its survey of expectations for the October to December quarter today with both 2- and 1-year inflation expectations significantly higher than the previous survey. The 1-year expectation hit its highest in over a decade. NZD/USD popped briefly above 0.7025 but has since steadied circa 0.7015/20.
BTC losing a little ground as I post:
