FOREX NEWS

ForexLive Asia FX news wrap: US dollar moves higher – ForexLive


Forex news for Asia trading
for Wednesday
24
March 2021

The
USD gained strongly during Europe/US time on Tuesday and the move
carried on (to a lesser extent) here in Asia on Wednesday. NZD and
AUD were once again the biggest losers. AUD
was not helped by comments from the Treasury on job losses and slow
wage pressures ahead (see bullets above). There
was no fresh news of much impact (for the shipping news, see below).
The
focus remained on oil having given back gains on expectations of
lower demand as virus waves rampage through Europe and lockdown
measures spread, calling into question the ‘reflation trade’ and the much-touted commodity supercycle. 

Data
flow, too, was light. Japan’s preliminary PMIs (March) were
encouraging with a move further into expansion for manufacturing and
while services and composite both remained in contraction they too
showed improvement.

Regional
stocks followed the losses on Wall Street with losses, some quite
ugly:

Given
the firmness of the USD gold has performed well on the session. It
languished early but pretty much held its overnight low before adding
on a few dollars to gain above $1734 at one stage.

While
not directly forex, one of the world’s largest container ships ran
aground in the Suez Canal, throwing another spanner in the works of
global shipping and
trade.
The Ever Given is still wedged and
is blocking ship traffic in both directions, 100 ships are lined up
behind (and counting). 

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