- August Inflation data coming up from Japan tomorrow
- South Korea's central bank held its benchmark rate unchanged at 3.5% today
- Nomura on Chinese yuan weakness, 7.50 is not far away!
- Kyle Bass says investing China is a bad idea now, "profits are not going to westerners"
- PBOC sets USD/ CNY reference rate for today at 7.1886 (vs. estimate at 7.2791)
- Fed's Jackson Hole symposium full agenda will be available Thursday, Powell speaks Friday
- USD/JPY intervention is a clear risk near 150, "hard to ignore"
- JP Morgan says Artificial Intelligence (AI) will not save the US economy from a recession
- China has cut the number of economic statistics it publishes by more than 50%
- Boeing says manufacturing quality issue on the 737 Max will cause delivery delays
- UBS say "Higher gold prices are delayed, not canceled". Year-end forecast is USD 1,950
- Bank of America says another stock market indicator flashing bullish, highest in 18 months
- North Korea says its satellite launch failed, will try again in October
- Goldman Sachs preview Federal Reserve Chair Powell speech coming up Friday at Jackson Hole
- Trade ideas thread - Thursday, 24 August 2023
- Nvidia EPS /revenues beat estimates. EPS $2.70 vs $2.09 est. Rev $13.507B vs 11.224B est.
- Forexlive Americas FX news wrap: Soft PMI reverses US dollar rally
- Major indices all close higher today as yields move lower. Nvidia earnings eyed.
It was another subdued forex session in Asia today ahead of the speech from Federal Reserve Chair Powell coming on Friday at 10.05 am US Eastern time.
News and data flow was basically non-existent relevant to major FX rates.
USD/JPY had a minor swing, down in the Tokyo morning on approach to 114.60 and then back up to just over 145.00. Its not far from that high as I post. There was no fresh news nor data to drive the moves.
On the central bank we had a Bank of Korea policy decision, see bullets above but the short version is that the base rate benchmark was left unchanged at 3.5%, where its been all year.
The People’s Bank of China once again set the reference rate for USD/CNY in a supportive fashion for the yuan. There have been circa 10 big figure gaps between the modelled estimate and the setting from the PBOC all week. That continued today (just under 10 big figures).
Asian equity markets:
Japan’s Nikkei 225 +0.4%
China’s Shanghai Composite -0.1%
Hong Kong’s Hang Seng +1%
South Korea’s KOSPI +0.9%
Australia’s S&P/ASX 200 +0.4%
USD/CNH 5 minute candles