Asia Forex news roundup: Oil dries up

  • 18 November, 2021
  • 5:56 pm EET

Asia Forex news roundup: Oil dries up

On Thursday, November 18, 2021, forex news for Asia trading will be released.

Late this afternoon, there was news out of the United States of fresh efforts to synchronize the flow of oil from reserves in the United States, Japan, China, India, and South Korea. The US requests came after OPEC’s pleas to supply additional oil failed. The news on requests to Japan and China was released earlier this week, but India and South Korea were added. today Oil prices had decreased during the US Wednesday session, and another price drop had begun.

Oil fell further during the Asian session when it was revealed that China was working on releasing crude oil from its stockpiles. Brent and WTI are both down for the day.

Regional markets are lower following a slight softening on Wall Street on Wednesday, with Japan, China, and Hong Kong indices all falling.

Across FX, the USD lost some ground against the main currencies, although only in small amounts. The USD/CAD exchange rate remained stable to slightly higher, owing to CAD concerns over the drop in oil prices. The NZD led the gains. The Reserve Bank of New Zealand released the results of its expectations poll for the October to December quarter today, with both 2- and 1-year inflation estimates much higher than in the previous survey. The one-year forecast reached its highest level in over a decade. NZD/USD temporarily surpassed 0.7025, but has now settled around 0.7015/20.

EUR/USD edged up from 1.1330 to 1.1345, while GBP/USD remained mostly stable around 1.3480-90, with little to work with on the session.

US futures moved higher, keeping the overall risk attitude buoyant, even though European indices are looking more mixed, though the DAX and CAC 40 did briefly clip new record highs at the start of trade.

Markets News :

  • NZD leads, JPY lags on the day
  • European equities mixed; S&P 500 futures up 0.3%
  • US 10-year yields down 1 bps to 1.594%
  • Gold down 0.1% to $1,865.51
  • WTI down 0.8% to $77.76
  • Bitcoin down 1.4% to $58,274

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