Forex news for Asia trading on Tuesday 9 November 2021
- Fed speakers on the agenda for Tuesday include Chair Powell
- The Wall Street Journal reports on Evergrande's sale of tech holding to raise more cash
- Japan giant SoftBank took a US$54bn hit on China's tech crackdown
- Japan's PM Kishida says wants to compile a further economic stimulus package on November 19
- Goldman Sachs is buying Chinese real estate debt
- More on Chinese authorities meeting with property developers, banks
- PBOC sets USD/ CNY central rate at 6.3903 (vs. estimate at 6.3948)
- Chinese property developer Kaisa says it needs external help to pay creditors
- Scotia watching 1.14 support in EUR/USD and a plunge to 1.11 if it breaks
- China's NDRC has held meetings with banks and property developers
- Here's the expected timetable for appointing the Federal Reserve Chair (Powell the favourite)
- Japan real wages have fallen for the first time in 3 months
- Bitcoin and Ether on the move - have hit record highs
- Morgan Stanley says the liquidity environment is shifting - extreme moves in yield curves
- ICYMI - Australian business confidence data was out earlier
- ICYMI - Mastercard to launch Crypto-linked payment cards in Asia
- AMC is reportedly exploring creating its own cryptocurrency
- Australia weekly consumer confidence 109.0 (prior 108.4)
- Moody's on Canada - says outlook for provinces is stable, reflecting recovery and govt support
- Japan - JCER analysis shows GDP dropped by the must in 17 months
- Trade ideas thread - Tuesday 09 November 2021
- New Zealand - Card Spending for October - Retail +10.1% m/m (prior +0.9%)
- New Zealand - ANZ's GDP proxy indicator mixed in November
- Fed report on near-term financial risks: virus, interest rates, China's real estate sector
- All major indices close higher once again
- Fed's Evans say if inflation expectations increase a lot it'd make sense to think about a 2022 rate hike
While the headline to this post refers to moves earlier in the session, BTC/USD is still on the move as I post, extending above US$68K. The news has been supportive of crypto in past days and its been relentless.
In the FX space the notable movers have been yen crosses. USD/JPY is back under 113.00, and under 112.90 as I post, helping drag down crosses. AUD/USD fell a little earlier on in the day despite the National Australia Bank Business Survey showing improved confidence and conditions (although these gains are hardly unexpected given the reopening in states containing just under 50% of the country's population). AUD/USD continued to slide, albeit the range is not overly large, its down around 30 points on the session. Combined with the USD/JPY driop though and AUD/JPY has been a big loser. NZD/USD and NZD/JPY is also a little lower.
Cable, EUR/USD have not down much while USD/CAD is on top of its Asia range as I post.
Late in the US day we had the Federal Reserve financial stability report (highlights in the post above) which warned of numerous risks ahead. Markets seem inured to these though.
ETH/USD:
