It was a session of limited major FX rate movement awaiting the US nonfarm payroll report, but some property sector concerns accelerated in China. More to come on this.
The Forex news for Asia trading on Friday 5 November 2021 Japanese PM Kishida inform the finance ministry to look into tax breaks for wage rises Biden, Xi may be near to reopening shuttered consulates – a sign of improving relations Fed speakers coming up on Friday 05 November 2021 – Kansas President George Japans Economy Minister says will take into account energy prices in compiling stimulus Chinese regulators have told some banks to limit their wealth management as sets at current levels Morgan see signs global production bottlenecks may have begun to ease PBOC sets USD/ CNY mid-point today at 6.3980 (vs. estimate at 6.3983)Chinese developer Kaisa shares suspended in Hong Kong RBA Statement repeats will need to see wages growth materially higher for a rate hike There are three Bank of England speakers coming up on Friday Goldman Sachs likes CAD longs Japan household spending for September +5.0% m/m (expected 2.8%)China's state planner says coal inventory levels are back to normal Goldman Sachs on oil – stay bullish. Any US SPR release a temporary relief only, may back-fire. Japan media says the government to splash cash handouts Will the US respond to OPEC's “No extra output for you!” by releasing oil from its strategic reserve？ Australian services PMI for October: 47.6 (previous was 45.7)Goldman Sachs nonfarm payroll preview – GS are higher than the consensus Trade ideas thread – Friday 05 November 2021 ICYMI – Saudi Arabia's oil output will soon pass 10m bbls/day for the first time since the pandemic. This is a four times a year report. There was not a lot in it new, the Bank has conservative forecasts going forward which, it says, will likely see conditions in place for a rate hike no sooner than 2024. This is familiar ground. The Bank stated that a hike might be sooner if conditions improve quicker. The Australian dollar slid a little on the release, NZD fell alongside. The falls lasted as China's markets kicked off. Bonds for firms in the property sector in China continued their fall, many to the lowest ever since they listed. Share trading in HK in Kaisa group and related units were suspended. EUR, GBP, CAD all lost a little ground against the USD. USD/JPY fell a little after early highs while USD/CHF, on the other hand has gained points on the session. AUD lower in a limited range.
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