- FX option expiries for 10 December 10am New York cut
- RBA leaves its cash rate unchanged at 4.35%, as expected
- China trade data dribbling out: Jan - Nov exports +5.4% y/y & imports +1.2% y/y
- Yuan update - finding a few bids in the wake of promises
- Australia's largest fund manager expects RBA hold today, cut in May
- JP Morgan says crypto had a 'monumental' month in November
- China Xi holding meetings with 'heads of major international economic organizations' today
- ICYMI - Former Binance CEO says it’s ‘inevitable’ for China to build a BTC reserve
- Fed Expected to Cut Rates in December and January: RBC Analysis
- PBOC sets USD/ CNY central rate at 7.1896 (vs. estimate at 7.2806)
- Australian November business confidence -3 vs. prior 5
- Australian November business confidence and conditions coming up at the bottom of the hour
- Japan's Economy Minister discusses Q3 GDP data - start of a wage and price cycle
- South Korea says will respond to excess volatility with stabilizing measures
- The Bank of Canada is expected to cut by 50bp again this week - preview
- Australian Consumer Confidence slumps nearly 3 points in a week
- S&P 500 forecast to hit 7,100
- Forexlive Americas FX news wrap for 9 Dec: The USD mixed to start the new week.Stock lower
- Bank of America on the upcoming US CPI report - rally vs. volatilty
- US Dollar mirroring post-election rally; HSBC analysts predict renewed strength
- ICYMI - China opened the taps Monday afternoon
- Major indices close moderately lower across the board
- Trade ideas thread - Tuesday, 10 December, insightful charts, technical analysis, ideas
The focus for the session was on Chinese trade data and the Reserve Bank of Australia December monetary policy decision.
China’s trade data showed strong exports in November, ahead of expected increased trade imposts to come under the new US administration. Trump’s extra tariffs will enter the scene after today’s data showed:
- China's November trade surplus with the US reached $34.9 bn, from $33.5 bn in October,
- for the January – November period, China's trade surplus with the US. hit $326.8 bn.
China’s yuan strengthened on the session, catching a bid after yesterday’s stimulus promises.
Prior to the Reserve Bank of Australia announcement we had the National Australia Bank business survey for November, showing
- business confidence fell sharply
- business activity conditions also fell, with retail and manufacturing reporting the worst conditions, while services sector conditions improved
The Reserve Bank of Australia left its cash rate unchanged for the ninth meeting in a row at 4.35%, its highest in 13 years. The Statement softened the Bank’s hawkish stance though, with the Board saying:
- its gaining some confidence that inflationary pressures are declining in line with these recent forecasts (but added the caveat that risks remain)
- and the Statement removed its “not ruling anything in or out" words
AUD/USD declined into the announcement and extended its loss after.
