FOREX NEWS

ForexLive Asia FX news wrap: AUD pops above 0.7300 after the RBA minutes – ForexLive


Forex news for Asia trading
Tuesday 15
September 2020 

The Australian dollar spent
the first part of the morning dribbling lower on the back of just a
bit of USD strength. Once
the Reserve Bank of Australia September meeting minutes were
published, however, AUD/USD began a quick track higher, popping above
0.7300 in the space of about 20 minutes and to a high just over
0.7310. Moments after
the high the data from
China was released, showing industrial production, retail sales, and
fixed investment (the three headline items of the ‘activity
data’ for the month)
all beat median consensus estimates. The
RBA minutes did not contain much to prompt the AUD move, IMO, but the
China data is a different story – it was supportive indeed. Of
course, the chronology is wrong but maybe the China data was already
out in someone’s hands? Just putting it out there, based
on this is not the first time such events have played out. OK enough
of that ….

Earlier
on during the session were UK House of Commons votes related to the
bill to allow the UK to renege on its commitments in the withdrawal
agreement with the EU. There were two votes, both were wins for UK
PM Boris Johnson but do note there is further voting to be done on
the bill in the days ahead, so it is not yet a done deal. GBP had
some (very) minor movement into and over the votes and as I update is
a bit of a straggler on the session – cable tracked as low as circa
1.2815 before its recovery to around 1.2840 as I update.

EUR,
CHF, CAD, NZD are all up just a little against the USD net for the
day so far here.

USD/JPY
is barely changed at all.

Also
from China today in addition to the data already mentioned:

  • the
    People’s Bank of China added funds via a one-year MLF
  • the
    Bank also set the mid-rate for onshore yuan at its strongest since
    the middle of May 2019
  • China
    Customs extended a tariff exemption measure on 16 US goods for
    another year (was due expire on the 16th
    of this month)
  • China
    August steel production hit record highs and accelerated at its
    fastest pace in 6 months in August (steel production at such strong
    levels in China is underpinning the price of iron ore, Australia’s
    main export to the country).

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