Technical Analysis

ForexLive Asia-Pacific FX news wrap: China reopening, property support, & Goldilocks NFP


  • Forex news for Asian trading on Monday, 9 January 2023
Eamonn Sheridan

  • Trade ideas thread – Monday, 9 January 2023
  • Federal Reserve study shows consumption reacts to bad economic news, but not to good news
  • Proportion of manufacturers who think the UK is competitive halved from a year ago
  • Fitch revise corporate revenues expectations lower – slower growth, mild US, EU recessions
  • Goldman Sachs take on the US jobs report Friday – “encouraging for a soft landing”
  • China mainland and HK shares rising, yuan too
  • UK households cost of living crisis, average incomes likely to fall by more than £2,000
  • PBOC sets USD/ CNY reference rate for today at 6.8265 (vs. estimate at 6.8276)
  • Australian (November) building approvals -9% m/m (vs, expected -1%)
  • China financial press reports 6 cities setting GDP targets 5.5 to 7% for this year
  • China’s Spring Festival travel rush expected to see about 2.095 billion passenger trips
  • Weekend – BoE’s Mann says price caps on energy could be boosting other inflation
  • ICYMI – Retiring Chicago Fed President Evans sees path for slower pace of rate rises
  • Citi CEO says Federal Reserve to hike to just under 5.5% by May, recession likely in H2 23
  • PBOC official says economic growth will return to normal, yuan to rise mid to long term
  • Weekend report – Financing for Chinese real estate firms surges 33% y/y in December
  • Weekend – Japan PM Kishida once again says will have ‘discussions’ with new BOJ governor
  • Monday’s economic calendar in Asia is light, & Japanese markets are closed for a holiday.
  • Brasil civil unrest – supporters of ex-President Bolsonaro broke into Congress
  • TRANSITION: The weekend forex technical report (and more) for the week of Jan 9, 2023
  • Iran has cut its gas exports to Turkey by 70% – network fault cited
  • China bought another 30 tonnes of gold in December 2022, following 32 tonnes in November
  • Futures trading 101: Where do I even start?
  • Newsquawk Week Ahead: Highlights include US & China CPI, and US earnings season
  • S&P index approaches, but closes below 200 hour MA. Monday will be a key day ahead of CPI

Asian
equity markets rose on the session:

  • China’s
    Shanghai Composite +0.5%

  • Hong
    Kong’s Hang Seng +1.6%

  • South
    Korea’s KOSPI +1.8%

  • Australia’s
    S&P/ASX 200 +0.6%

  • MSCI
    Asia Pacific Index +1.6%

Across
major forex currencies rose against the USD pretty much across the
board.

The
positive sentiment was in response to Friday’s encouraging jobs
report from the US:

Forexlive Americas FX news wrap: ISM miss overshadows non-farm payrolls

and
the ongoing reopening moves in China and further support for the
property sector.

News
and data flow was light.

China’s
onshore yuan was revalued nearly 650 points higher at the reference
rate setting today. Offshore yuan rose also:

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