Forex news for Asia trading on
1 June 2021
the US holiday the USD lost ground with currencies higher pretty much
across the board. There was some continuation of this move during the
Asian timezone here today most notably for AUD and GBP which both
added solid gains. I posted on moves from China to relax emission
rules on steel production (see bullets above) which gave iron ore
(and AUD) a boost. GBP didn’t seem to need any
news for its rally.
too, moved higher against the dollar, USD/JPY testing back towards
its US time lows. The People’s Bank of China set its reference rate at the highest (for the CNY) since May 15 of 2018.
the data front we had plenty of manufacturing PMIs published for May
out of Australia, China and across Asia, solid expansions indicated
for many. Further
data from Australia provided ‘partial’ indicators for Q1 GDP
which is due tomorrow. Expectations are for around +1% q/q growth for
the economy in the first quarter.
the coronavirus front the news was not so encouraging, further
restrictions continue in many Asian countries (see bullets above). On
the other hand European countries are seeing some relaxation.
towards US$38K but has come back a little since.
await the Reserve Bank of Australia policy decision and Statement
from Governor Lowe due at 0430GMT:
Cable to its highest since April of 2018: