Forex news for Asia trading on Wednesday 6 October 2021
- RBNZ appoints Christian Hawkesby as the new Deputy Governor
- Bank of Japan Governor Kuroda says Japan's economy has picked up
- New Zealand - ANZ to increase floating rate home loan
- Federal Reserve speakers coming up on Wednesday - Atlanta Fed's Bostic speaks twice
Reserve Bank of New Zealand:
- RBNZ October monetary policy decision (rate hike) - link to full text
- New Zealand dollar up a few points following the RBNZ rate hike
- New Zealand - RBNZ hike the cash rate by 0.25%, as expected
- RBA Index of Commodity Prices from the 'Chart Pack'
- AMC CEO tweets accepting Dogecoin, other crypto, in payment for digital gift cards
- Japanese media says farewell to the longest-serving postwar Finance Minister, Taro Aso
- New Zealand report another jump in new COVID-19 cases today
- Coming up from the RBA this week - the latest 'Financial Stability Review'
- South Korea core CPI growing its fastest in 4 years, still only 1.5% y/y though
- US President Biden says China's President Xi has agreed to abide by the Taiwan agreement
- NonFarm Payrolls Friday is coming up - JPM looking for 5% unemployment rate
- Australian prudential regulator has tightened up home loan rules
- Private oil survey data shows build in headline crude inventory
- Circa 450,000 tonnes of Australian coal has been unloaded in China
- Trade ideas thread - Wednesday 6 October 2021
- ICYMI: Oil - Saudi Aramco has cut all but one November crude export price
- ICYMI - SEC head Gensler says the US won't ban cryptocurrencies
The Reserve Bank of New Zealand's Monetary Policy Committee raised its Official Cash Rate from 0.25% to 0.5% at its meeting today, delivering the hike expected at the August meeting that was postponed due the NZ's COVID-19 outbreak. In its decision today the Bank signalled that further removal of monetary policy stimulus is expected over time, contingent on the medium-term outlook for inflation and employment.
NZD/USD initially popped higher on the news, briefly to around 0.6975 (from around 0.6950) before ticking back lower to more or less unchanged and then slid down towards 0.6930. AUD/USD followed a similar pattern, although the 'pop' was much more limited. EUR/USD, GBP/USD are both also just a few points net lower on the session while as I update USD/CAD is on its session high in a small range.
USD/JPY is steady, straddling 111.60 and not far from its high during the day here.
It was a near-empty data calendar during the session while news flow was fairly minor. Biden and Xi were reported as speaking once again, saying they'd abide by Taiwan-related agreements. Further on the central bank from Bank of Japan Governor Kuroda spoke (see bullets above or find the full text here).
NZD/USD on the day:
