- Goldman Sachs expect US nonfarm payrolls at +225K
- Australian Q3 retail sales data out earlier showed sales growth slowing notably
- Nomura not optimistic on China dialling back zero COVID any time soon
- Media reports of China's new stealth lockdown approach covertly closing cities under Xi
- Fed's Collins will be speaking on Friday after the jobs report
- Some chatter of PBOC efforts to defend the yuan
- China reports 704 new local COVID cases vs. 531 the day before
- PBOC sets USD/ CNY reference rate for today at 7.2555 (vs. estimate at 7.2683)
- Japan Services PMI for October
- RBA statement: Not on a pre-set rate hike path
- Japan fin min Suzuki says no intention of guiding FX to certain levels by intervening
- PBOC is expected to set the USD/CNY reference rate at 7.2683 – Reuters estimate
- ECB speakers due on Friday, 4 November 2022: President Lagarde, and de Guindos, Enria
- Limited reaction for the USD on Friday's NFP expected - focus is on next week's CPI data
- There are more Bank of England speakers on the agenda today - Pill, Shortall, Hauser
- Saudi Arabia have lowered oil prices for customers in Asia for December
- Last batch of US SPR release oil has been sold. Biden said he's ready to unleash more.
- G7 have agreed to set a fixed price cap on Russian oil (price not yet set)
- Longtime US China investor bails out of fresh stock buys in the country - Xi, COVID cited
- Australian Construction PMI for October plunges further, to 43.3 (prior 46.5)
- ICYMI: Bank of England jacked rates 75bp higher, biggest in >30 yrs, & were, errr, dovish
- Credit Suisse stays bullish USD/JPY, looks to buy around 145.25, says it going over 150
- Moody's has affirmed Canada's AAA rating and sticks to a stable outlook
- Forexlive Americas FX news wrap: Pound sinks after dovish Bank of England message
- Trade ideas thread - Friday, 4 November 2022
Yet again a shout-out to Chinese equity markets, up strongly to finish the week. Earlier this week we saw the same, which was attributed to a social-media rumour of an end to Xi’s damaging ‘zero’ COVID policy. There is similar chatter again today. And also of further ‘national team’ buying (i.e. officially sanctioned stock market support buying).
Meanwhile the yuan has crept higher also. The People’s Bank of China kicked off trading in the official onshore currency by setting the reference rate stronger (for the CNY) than expected despite another broad surge for the USD Thursday in Europe/US time.
Elsewhere across major FX the USD lost some of its broad gains it had on Thursday. The US nonfarm payroll report is due later today.
