USD/JPY continued its gyrations here today, dipping after its strong Thursday gain toward 137.00. GBP, AUD, NZD, CAD all showed some strength against
USD/JPY
continued its gyrations here today, dipping after its strong Thursday
gain toward 137.00. GBP, AUD, NZD, CAD all showed some strength
against the USD after its huge surge on Thursday. EUR/USD was off its
Thursday lows during the session here also. There was no specific
fresh FX news to drive the moves.
Preliminary
PMIs from Australia and Japan released today were generally poor.
Australian manufacturing and services PMIs both fell, services
further into contraction, as did Japan’s manufacturing index.
Japan’s non-manufacturing PMI rose, helped along by the reopening
of tourism more widely. The results provide a warning for the flash
PMIs to come from Europe a little later.
News
out of China is that the country’s centralised iron ore purchasing
group (only formed in the middle of this year), the state-sponsored
China Mineral Resources Group (CMRG), is about to begin buying
operations. The group will consolidate purchases of raw iron ore
material under a single state-owned buyer. This will no doubt impact
US$160 bn iron ore trade, most likely with prices lower than they
otherwise would be. Australia’s #1 export is iron ore. The news
does not auger well for AUD (on the other hand, we all knew this was
coming).
In
political news, the US weekend government shutdown was averted. The
Senate to fund the government through December 23. The House already
approved the bill. It heads now to US President Biden for signing.
Speakers
from the Federal Reserve will hit the circuit again today. Daly, Williams
and Mester are all on the docket.
news.google.com