Forex news for Asia trading for Thursday 18 February 2021
- Pfizer says new data shows 1 dose is 93% effective after 2 weeks - urge single dosing
- White House says actively engaged in addressing chip shortage impacting vehicle makers
- Goldman Sachs have ramped up their US GDP forecast, slashed that for unemployment
- More from BOJ Gov Kuroda on the economy, highlights 3 positives and a negative
- BOJ Kuroda says discussed the Bank's March review with PM Suga
- Japanese media report Bank of Japan Governor Kuroda and PM Suga to meet
- US charges North Korean hackers with stealing and extorting more than $1.3bn in cash and cryptocurrency
- ETHereum on a rip. ETH/USD testing towards $1900
- PBOC to inject 200bn yuan through a MLF
- More on Pfizer vaccine being much less effective against the Sth African variant of COVID-19
- PBOC sets USD/ CNY reference rate for today at 6.4536
- FX option expiries for Thursday February 18 at the 10am NY cut
- Oil price jumps, Brent to its highest in over a year
- Hefty drain of funds in China today, PBOC drains 260bn yuan net
- Australia jobs for January + 29.1K (vs. expected +30K) & Unemployment rate: 6.4% (expected 6.5%)
- Australian dollar ticking higher ahead of the employment report
- Coronavirus - reduced efficacy of the Pfizer vaccine against the South African variant
- "Bitcoin is a better version of gold" - quick video interview
- Yellen again speaks on the importance of addressing Covid, global economic recovery
- Goldman Sachs with a carry funding tip, use yen instead of USD
- China return from the long holiday today (ps Goldman Sachs GDP forecast)
- Texas has banned natural gas cos. from exporting fuel out of the state
- Trade ideas thread - Thursday 18 February 2021
- Private oil survey data of crude oil inventory
Oil prices gained again today, Brent hit above $65 and to its highest since January 2020. There had been forecasts for the price rise (GS had forecast it for July) but it has come sooner than expected on the back of the 'reflation trade' as well as supply constraint. The big freeze continues in Texas, a further supply limitation (and not just for oil, gas exports from the state are now curtailed).
The data focus today was on the Australian labour market report (see bullets above) that showed another gain for jobs but tempered by a big drop in hours worked. The drop was attributed by some to extra holidays being taken in January (a big holiday season in Australia); regardless, the jobs market faces reduced fiscal support in the months ahead. The Australian dollar tested its overnight high and has since subsided a little in a not large range for the session. Other currencies traded small ranges also.
China (PBOC) drained funds in open market operations today upon their return from the week-long holiday. The PBOC also rolled over a Medium Term Lending Facility (MLF)