ForexLive Asia-Pacific FX news wrap: Subdued forex ranges here

[Forex News]

• ICYMI - China's Audit Office is conducting a review of the country's $3tn trust industry
• So far nothing of substance from China on the news Biden not relaxing tariffs
• PBOC sets USD/ CNY central rate at 6.7324 (vs. estimate at 6.7298)
• Australian August consumer inflation expectations 5.9% (vs. prior 6.3%)
• Goldman Sachs have 4 reasons not expect core US CPI to drop far from here
• COVID cases surging in China's Sanya
• Singapore central bank official says current monetary policy is appropriate
• Chinese city of Yiwu imposes an entire city lockdown for three days starting Aug 11
• Singapore Q2 GDP -0.2% q/q - MTI slashes 2022 growth forecast
• Premature to judge whether the Fed’s next move in September will be a 50 or 75 point hike
• Tentative signs of a PBOC rate cut by the end of next month
• More on U.S. rethinks steps on China tariffs in wake of Taiwan response
• Do the gold peeps have it right on the FOMC (spoiler, buckle up for much higher rates)
• Morgan Stanley maintains a tactical bullish bias on CHF, see further fall for EUR/CHF
• New Zealand house prices -2.8% m/m (median price)
• Trade ideas thread - 11 August 2022
• Microsoft is cutting contractors - number said to be in the hundreds. Hiring freeze also.
• Pelosi: House will pass the Inflation Reduction Act on Friday (as expected)
• Forexlive Americas FX news wrap: Softer CPI sends dollar to the dumps
• US stocks close sharply higher and near session highs

USD/JPYis trading back above 133.20 as I update after lows during thesession circa 132.62. Apart from the yen, major FX traded in verysmall ranges in Asia post-CPI data in the US on Wednesday. Whatmovement we did have was in the form of continued retraces of thesharp USD weakness witnessed after the data. A market holiday inJapan thinned out trading a little. When Japan is closed physical USbond trading in the APac region grinds to a halt. This does notalways result in lacklustre forex moves but today it was quietindeed.

Onshoreyuan (CNY) was set by the People’s Bank of China at its strongestreference rate (lower USD/CNY) for a month.

Newsflow was light. US President Biden’s administration indicated itwas not ready to scrap any China tariffs for now. China’scoronavirus situation worsened, again. The city of Yiwu, which isplays an important role in Chinese manufacturing and export is goingfull lockdown. For 3 days. We’ve heard ‘3 days’ many times inthe past and it often stretches for months. For the folks in thatcity lets hope not this time,

Dataflow was light. Singapore GDP contract q/q in Q2. Australian consumerinflation expectations declined a little on the month.

This article was written by Eamonn Sheridan at www.forexlive.com.

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