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Forex news for Asia trading
for Wednesday
24
February 2021
It
was an active day in some of the major forex pairs here during the
session, cable the stand-out mover with a 100+ point jump (and a
solid size retracement after GBP/USD spiked to highs (briefly) above
1.4230 on the back of a drop in EUR/GBP, cable stop loss buy orders
being triggered and option hedge activity. Its since dropped back to
be around 1.4155 as I post.
Also
today we had the Reserve Bank of New Zealand policy statement which
saw the kiwi $ initially marked down before it jumped to a fresh
session high circa 0.7384. The
RBNZ have given no guarantee but the indications are they see the
next cash rate move as higher (see bullets above for more). Of
course there was the usual couching of views around the risks ahead
and what have you (again, see bullets above for the RBNZ today).
The
Australian dollar rose with the NZD, to its highest since February of
2018.
USD/JPY
and USD/CHF continued their gains, USD/JPY more so. While EUR/USD was
realtively subdued for the day here.
The
PBOC set the onshore yuan today ever so slightly weaker (for the CNY)
than expected).
A
couple of items not posted on but that are nevertheless of interest:
- JP
Morgan says: “We
remain optimistic that governments can continue to gradually remove
restrictions as the vaccine rollout gains momentum, and that will
allow for a powerful rebound in growth during the middle quarters of
this year.” - China’s
Securities Times reported that China
is likely to shift emphasis away from quantitative growth targets and
instead focus on reforms and nurturing new growth drivers