Forex news for Asia trading for Thursday 14 January 2021 There were sharp moves in Asia today on the news that new (soon to be) President Biden’s stimulus plan could be in the order of $US2tln, whereas as previous expectations had it pegged around $1.3tln. aud/usd ticked just a few points higher as the news
News
Oil producers face an unprecedented challenge to balance supply and demand as factors including the pace and response to COVID-19 vaccines cloud the outlook, an official with International Energy Agency (IEA) said on Wednesday. “Producers are grappling with huge uncertainty about where this goes from here,” said Tim Gould, head of energy supply outlooks and
Sterling strength continues today, in the otherwise mixed markets. UK Prime Minister Boris Johnson told the parliament that restrictions measures are already “starting to have an effect in many parts of the country”. Canadian Dollar is following as second strongest for today, lifted slightly by upside acceleration in oil prices. Dollar, as the third strongest,
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do
Gold prices fell Rs 108 to Rs 48,877 per 10 gram in the national capital on Wednesday as rupee appreciation capped upside in the price of the precious metal, according to HDFC Securities. In the previous trade, the yellow metal had closed at Rs 48,985 per 10 gram. However, silver prices rose Rs 144 to
Similar to Australian dollar, Canadian dollar this year should continue to benefit from broad-based USD weakness, global recovery, and rebound in commodity, in particular crude oil, prices. However, with the US as its largest trading partner, BOC should track the Fed’s monetary policy closely, and avoid excessive appreciation of CAD against USD. This could limit
Thre Chinese cities are in near full lockdown, testing has ramped higher and other restrictive measures have been put in place. National Health Commission reported: 115 new confirmed cases on the mainland (55 the previous day) 107 are local infections Most of the newly reported cases are near Beijing (Hebei province with 90), some are
Gold eased on Tuesday in choppy trading that had earlier seen it climb as much as 1%, as a firm dollar and rising U.S. Treasury yields outweighed support from bets on higher inflation as Washington rolls out more stimulus. Spot gold was 0.1% lower at $1,842.21 per ounce at 10:07 a.m. EST (1507 GMT). On
Sterling surges broadly today after BoE Governor criticized that negative interest rates have a lot of issues. Commodity currencies are currently the next strongest, reversing some of this week’s pull back. On the other hand, Dollar is now the weakest one for the day, as the near term recovery lost momentum. Yen and Euro are
What’s at the top of the agenda Economic data is light today with JOLTS as the only notable release on the schedule. The consensus for the 1500 GMT report is 6400 job openings but it won’t be a market mover. It’s all about Fedspeak today starting with Brainard at 1435 GMT. She’s speaking at an
Gold prices in the national capital jumped for the second consecutive day on Tuesday gaining Rs 297 to Rs 48,946 per 10 gram, in line with rally in international precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 48,649 per 10 gram. Silver also gained Rs
Dollar remains firm after some Fed officials’ upbeat talks about the second half but buying appears to be slowing slightly in Asian session. Gold is also setting in range for now, reflecting some hesitation to push the greenback further higher. Yen and commodity currencies turned mixed, together with the stock markets. While US stocks closed
Aso says 400k yen will be provided to small firms that suffer a sales decline by half or more due to shorter hours over measures to address the pandemic In other news two more prefectures are being considered for emergency measures – Aichi and Gifu For bank trade ideas, check out eFX Plus
Brent oil prices could rise to $65 per barrel by summer 2021, Goldman Sachs said on Monday, driven by output cuts in Saudi Arabia and the implications of a shift in power to the Democrats in the United States. The Wall Street investment bank had previously predicted oil would hit $65 by year-end. The Democrat-led
Dollar’s rebound extends further today and remains firm entering into US session. Yen is following as the second strongest. Markets are paring back recent strong risk-on sentiment, on concern of near term deterioration in coronavirus spread and lockdowns. Commodity currencies are generally weakest for now, as led by Australian Dollar. European majors are mixed, with
What’s happening in FX today The new week kicks off with a bit of a change of pace from what market participants have been accustomed to. Stocks aren’t already pushing fresh record highs, under a little pressure, and the US dollar isn’t getting slammed, coming back into favor. [embedded content] For bank trade ideas, check
Soybean prices on Monday fell by Rs 43 to Rs 4,566 per quintal in futures market as participants cut down their positions on weak spot demand. On the National Commodity and Derivatives Exchange, soybean contracts for January delivery fell Rs 43, or 0.93 per cent, to Rs 4,566 per quintal with an open interest of
China’s inflation surprised to the upside in December. Thanks to food price, headline CPI improved to +0.2% y/y in December, compared to deflation of -0.5% a month ago. Food inflation rebounded to +1.2% y/y, after contracting -2% a month ago, as pork price deflation narrowed to -1.3% from November’s -12.5%. Inflation in fresh fruit accelerated