FX option expiries for 10 December 10am New York cutRBA leaves its cash rate unchanged at 4.35%, as expectedChina trade data dribbling out: Jan – Nov exports +5.4% y/y & imports +1.2% y/yYuan update – finding a few bids in the wake of promisesAustralia’s largest fund manager expects RBA hold today, cut in MayJP Morgan says crypto had a ‘monumental’ month in NovemberChina Xi holding meetings with ‘heads of major international economic organizations’ todayICYMI – Former Binance CEO says it’s ‘inevitable’ for China to build a BTC reserveFed Expected to Cut Rates in December and January: RBC AnalysisPBOC sets USD/ CNY central rate at 7.1896 (vs. estimate at 7.2806)Australian November business confidence -3 vs. prior 5Australian November business confidence and conditions coming up at the bottom of the hourJapan’s Economy Minister discusses Q3 GDP data – start of a wage and price cycleSouth Korea says will respond to excess volatility with stabilizing measuresThe Bank of Canada is expected to cut by 50bp again this week – previewAustralian Consumer Confidence slumps nearly 3 points in a weekS&P 500 forecast to hit 7,100Forexlive Americas FX news wrap for 9 Dec: The USD mixed to start the new week.Stock lowerBank of America on the upcoming US CPI report – rally vs. volatiltyUS Dollar mirroring post-election rally; HSBC analysts predict renewed strengthICYMI – China opened the taps Monday afternoonMajor indices close moderately lower across the boardTrade ideas thread – Tuesday, 10 December, insightful charts, technical analysis, ideas
The
focus for the session was on Chinese trade data and the Reserve Bank
of Australia December monetary policy decision.
China’s
trade data showed strong exports in November, ahead of expected
increased trade imposts to come under the new US administration. Trump’s
extra tariffs will enter the scene after today’s data showed:
China’s
November trade surplus with the US reached $34.9 bn, from $33.5 bn
in October,for
the January – November period, China’s trade surplus with the US.
hit $326.8 bn.
China’s
yuan strengthened on the session, catching a bid after yesterday’s
stimulus promises.
Prior
to the Reserve Bank of Australia announcement we had the National
Australia Bank business survey for November, showing
business
confidence fell sharplybusiness
activity conditions also fell, with retail and manufacturing
reporting the worst conditions, while services sector conditions
improved
The
Reserve Bank of Australia left its cash rate unchanged for the ninth
meeting in a row at 4.35%, its highest in 13 years. The Statement
softened the Bank’s hawkish stance though, with the Board saying:
its
gaining some confidence that inflationary pressures are declining in
line with these recent forecasts (but added the caveat that risks
remain)and the
Statement removed its “not ruling anything in or out” words
AUD/USD
declined into the announcement and extended its loss after.
This article was written by Eamonn Sheridan at www.forexlive.com.
