Forex news for Asia trading on Friday 29 October 2021
- Reports that OPEC+ sees space for more oil in the market
- China's state planner says coal prices have room to fall further
- More on US authorities banning China Telecom operating in the US
- "RBA is in a difficult position ... its forward guidance ... not credible"
- PBOC sets USD/ CNY reference rate for today at 6.3907 (vs. estimate at 6.3882)
- Bank of England and Federal Open Market Committee coming up next week
- Australia Retail Sales for September +1.3% m/m (expected 0.2%)
- Australia Private Sector Credit for September +0.6% m/m (expected 0.6%)
- Australia PPI for Q3 +1.1% q/q (expected 0.3%)
- Australian 2024 government bond yield 0.58% (vs. 0.1% RBA target)
- Ford to suspend production at Mexican plant due to shortages
- Japan Industrial Production for September (preliminary) -5.4% m/m (expected -3.2%)
- US House Speaker Pelosi says House vote on infrastructure will be postponed
- More from RBNZ Gov Orr - monetary policy easing has done as much as it can
- Japan - Tokyo inflation data for October: Headline 0.1% y/y (vs. expected 0.5%)
- Japan Jobless (Unemployment) rate for September 2.8% (expected 2.8%)
- Japanese election this weekend - poll shows incumbent government to retain power
- Reuters poll shows consensus expectation of an RBA hike in Q2 2023
- ICYMI - S&P warn on China property developers - “real” risk of default
- New Zealand - ANZ Consumer Confidence Index for October ... "Inflation expectations went ballistic"
- RBNZ Governor Orr says monetary policy has largely run its easing course globally
- Trade ideas thread - Friday 29 October 2021
- AMZN drops after earnings, AAPL too. NASDAQ searching for the Imodium.
- China's Evergrande has reportedly made another debt payment
There were some minor gyrations in some of majors during the session and on the whole the net change is close to not much at all.
EUR/USD, GBP/USD, USD/CHF have barely moved.
USD/JPY rose a little early to around 113.70 before givng back 30 points and is now coming back to little changed. The election in Japan this weekend has kept it interesting. It appears the race is close with the incumbents a little in front. Tune in Monday morning for the post-election jitters in the yen!
The Australian dollar tracked out a similar pattern, confined to a 20-odd point range. The April 2024 Commonwealth Bond of focus gained a few bps in yield but the real action was Thursday, not today. NZD/USD has dipped a few points on the session. ANZ's NZ consumer confidence survey for October dropped back under 100 and notably showed inflation expectations going "ballistic".
Regional equity markets were a little weaker - lower in Japan and HK and treading water in China. US after-hours earnings announcements from Amazon and Apple were on the disappointing side, which kept the Nasdaq on the soft side.
News crossed in the late US afternoon that troubled China property group Evergrande had made a debt payment to once again stave off default (see bullets above).
Note - from China on Sunday we'll be getting the official PMI readings for October.
AUD/USD:
