- Japan extraordinary parliamentary session to discuss plans for an extra budget (and more)
- JP Morgan says Bank of Japan will hike to 1.5% (but not soon)
- South Korea will extend its fuel tax cuts by another 2 months
- Bank of Korea cut benchmark interest rates for a second straight meeting - a surprise move
- The US has reduced its travel advisory level for China from 3 down to 2
- PBOC sets USD/ CNY mid-point today at 7.1894 (vs. estimate at 7.2227)
- Business sentiment in UK services sector is falling at the fastest rate in two years
- Bank of Korea unexpectedly cuts its base rate by 25bp
- Australian data: Q3 Capex headline rose 1.1% vs. +0.9% expected & -2.2% prior
- Plan to overhaul the RBA including splitting the board in two could be back on the agenda
- Mexico has agreed to stop migration into the US (closes southern border)
- US expected to announce further AI chip sanctions against China on Monday
- New Zealand data - ANZ November Business Confidence 64.9 (prior 65.7)
- Data from New Zealand today confirms signs of still-rising unemployment
- HSBC forecasts EUR/USD to 0.99 by the end of 2025
- MUFG with two reasons for the yen rise ... and a word of caution
- Forexlive Americas FX news wrap 27 Nov: Core PCE inflation remains sticky but as expected
- Citi analysts warn Trump's tariffs could impact S&P 500 earnings
- Trade ideas thread - Thursday, 28 November, insightful charts, technical analysis, ideas
Yen was the mover for the session. USD/JPY rose towards 151.75, back near its US session high, recovering from opening levels here in early Asia around 151.00. There was little news nor data of note for it.
What we did get was an announcement from Trump saying that he had spoken with Mexico's President Sheinbaum. Sheinbaum agreed to stop migration through Mexico into the US, effectively closing the US southern border. This should remove Trump’s punitive tariff threat made earlier in the week.
We had data from New Zealand:
- employment data indicated still rising unemployment
- business confidence slipped a touch, activity improved
and from Australia
- headline capex beat
On the central bank front, the Bank of Korea cut is benchmark rate to 3% from 3.25 in a surprise move:
- first time since 2009 the central bank cut interest rates for two consecutive meetings
- BoK also lowered its forecasts for economic growth and inflation
Apart from yen major FX traded in subdued ranges ahead of the US holiday.
