The lead into the Asia session:
Forexlive Americas FX news wrap: Huge turnaround in 'war' trades
- Japan is likely to raise the border entry cap to 10,000 people a day
- US House has voted to provide US$13.6bn in aid to Ukraine
- South Korea has elected a new President
- JP Morgan expect "rebalancing flow" out of bonds and into equities
- European Central Bank meet today, Thursday 10 March 2022 - here's a cheat sheet
- US House passes a bill to fund the government through to ... next Tuesday!
- Five simultaneous shocks to the global economy from the Russian invasion of Ukraine
- RBA Deputy Governor Debelle is resigning
- PBOC sets USD/ CNY reference rate for today at 6.3105 vs. estimate at 6.3008)
- Moody's says not to worry about Australian mortgage delinquencies
- WSJ: Ukraine Official Says Digital Battlefield Is Key to War With Russia
- US Pentagon says discussed continued provision of defensive security with Ukraine
- BOJ official says yen-based import price index is at its highest since August 2008
- US Sec State Blinken discussed more security assistance for Ukraine with foreign minister
- Australian Consumer Inflation Expectation for March 2022 4.9% (prior 4.6%)
- UK data - RICS House Price Balance for February 79% (expected 72%, prior 74%)
- Japan data - February PPI 9.3% y/y (expected +8.7)
- US Energy Sec Granholm says need to raise oil and gas production - US is on a war footing
- Goldman Sachs is looking at ways to ramp up its crypto offerings
- UK's Truss to say Russia's invasion of Ukraine is a paradigm shift on the scale of 9/11
- UAE says its committed to OPEC+ monthly production boost agreement
- North Korea to launch a series of satellites to spy on US military
- White House warns on Russia to possibly use of chemical, biological weapons in Ukraine
- Amazon announce 20 to 1 stock split and a US$10bn buyback
- ICYMI - Russia drops its tax on purchases of gold to zero
- Trade ideas thread - Thursday 10 March 2022
- US major indices snap 4-day losing streak with solid gains
Yesterday we had an official from the Bank of Japan warn on rising inflation. Today we had another official there pointing out that import prices (yen-based index of) were at their highest since 2008. Once again today the FX market shrugged off these comments and sold the yen. One of the reasons, not the only one, of course, is there is little prospect of core inflation in Japan getting anywhere near the 2% Bank of Japan target in the near future and thus little prospect of a tightening of policy. Any policy changes, if any!, will be fiddling around the edges. USD/CHF rose alongside. US 2 year yield rose, further support.
EUR/USD barely moved ahead of today’ s European Central Bank decision and Lagarde’s presser.
AUD/USD and NZD/USD traded round trips – a dip initially and since then the retrace has left the two little net changed on the session. Cable is down a few tics only.
Remarks out of the United Arab Emirates (the Energy Minister) stating support for the current OPEC+ framework of planned output rises saw oil steady after Wednesday’s drop back.
Gold is down just a few $$$.
Regional equities followed the lead from Wall Street and rose on the session. Speaking of equities Amazon announced a stock split (one to become 20) and a US$10bn buyback.
