How we got here:
APAC headlines (read from the bottom up for the chronology)
- JP Morgan says oil could hit US$120 / barrel if Russia's crude exports are disrupted
- US Federal Reserve speakers on the schedule for Thursday 10 February 2022
- Oil - US President Biden and Saudi King Salman spoke on Wednesday. Oil a topic.
- AUD traders - Reserve Bank of Australia Governor Lowe speaking Friday local time
- The EU will publish their economic forecasts on Thursday 10 February 2022
- South Korean President moon calls for US - North Korea summit
- UK jobs index 68.6 in January (prior 69.3) - " jobs market is still growing strongly"
- PBOC sets USD/ CNY reference rate for today at 6.3599 (vs. estimate at 6.3618)
- Toyota expects to halt auto production at 3 plants in Ontario - citing protests, other
- More on Japan's higher than expected wholesale inflation rate in January
- Australia survey of consumer inflation expectations 4.6% (prior 4.4%)
- US Democrat Senators have called for a suspension of gasoline tax
- US CPI data due Thursday 10 February 2022 - preview
- Japan January PPI +0.6% m/m (expected +0.4%)
- Hedge fund manager Ackman says crypto innovation should be a top priority
- The European Union is forecasting 3.5% inflation in 2022
- Ford has shut down an engine plant due to protestor blockade of Detroit Bridge
- AUD/USD capped around 0.72, forecast to 0.6900 (or under) in the weeks ahead
- Trade ideas thread - Thursday 10 February 2022
- US President Biden's Economic Adviser Deese comments on inflation
- US stocks close higher and near session highs. S&P close above its 100 day moving average
It was a bit of a placeholder session for APAC here today as markets awaited the US inflation report due later. There is a preview in the bullets above and more will follow.
There was news regarding the Canadian protests further disrupting economic activity. Both Ford and Toyota announced production curbs, including plant closures.
Otherwise news and data flow was of minor import only. Japan’s PPI for January rise to 36+ year high! As noted in the posts on the this data point (see bullets above) there has so far been very limited flow-through to Japanese consumer prices (I’m sure this is news to no-one).
Across FX it was a day of minor wiggles only. Bond markets are awaiting the CPI and yields have been a forex driver, thus today was a little subdued.
Even Bitcoin was a bit quiet:
