ForexLive Asia FX news wrap: Awaiting the RBA

Forex news for Asia trading
for Tuesday
6 April 2021

It
was a subdued day for ranges for the major forex pairs with some
slight strength for the US dollar the overarching theme: EUR, GBP,
AUD, NZD, CAD, yen, CHF all slightly weaker against the USD. Gold was
a bit of an out performer in this context, its trading above $1734 as
I post.

There
were a few notable items in the data released during the session (see
bullets above):

  • Japan’s real cash earnings (+0.2% y/y) recorded their first gain in a year, albeit largely due to consumer prices falling

  • Australia – ANZ March Job Ads rose a heft 39..7% y/y, benefitting from the tailwind of the bug slump as a base effect this time last year. Neverhtelss, the m/m rise was solid and does indicate anongoing improvement in the Australian labour market

  • China’s private-survey PMIs (services and composite) both recorded gains in March

There
was no news of note of much impact upon FX although ongoing position
offloading at Credit Suisse in response to the Archegos implosion had
a tangential effect (see bullets above). As I post the China credit curtailment headline is crossing (first bullet point above) which should weigh on the ‘risk trade. 

Regional
equities:

  • Japan’s Nikkei -0.8%, Topix -0.7%

  • China’s Shanghai Composite -0.1%

  • Australia’s S&P/ASX 200 +1%

Gold:

Forex news for Asia tradingfor Tuesday6 April 2021

Source

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