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Asia FX news roundup: USD maintains ISM/Clarida gains

  • 05 August, 2021
  • 5:39 pm EEST

Market news

Asia Forex News Wrap:

During the Asian session, forex volatility and ranges have fallen, but the dollar has largely kept its gains. USD/JPY rose slightly to just over 109.70. (its not far from there as I post). The USD/CHF pair also rose somewhat. The EUR and GBP have dipped marginally lower against the USD. CAD, AUD, and NZD, on the other hand, have recorded relatively tiny gains against the dollar for the session .CAD is doing nicely (relative to AUD and NZD, which both slumped on Wednesday US time against the dollar).

It was a light data day, but Australia’s trade balance came in at a massive surplus (the 42nd month in a row), with higher prices playing a significant role in export performance. This could be a passing fad, since Dalian iron ore hit a four-month low in trading Wednesday. Payroll statistics from Australia was not so encouraging; the prolonged lockdown in Australia’s most populous state and city (NSW & Sydney) is causing employment losses. In today’s stats, Sydney has been on lockdown for 6 weeks and has had its worst 24 hours in that period for new cases.

In other coronavirus-related developments, Japan is getting closer to declaring wider states of emergency as case counts continue to grow. China is clamping down too tightly, as it always does as the number of cases increases.

USD/CAD 5 minutes candles:

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