ForexLive Asia-Pacific FX news wrap: Subdued forex ranges

[Forex News]

• Note - the next OPEC and non-OPEC Ministerial Meeting is on 5 September 2022
• The Reserve Bank of Australia have released an explainer on what is causing inflation
• ICYMI - Chinese think tank says that propping up the economy 'should be the priority task'
• Australian data - Building permits for private dwellings July +0.7% m/m
• PBOC sets USD/ CNY reference rate for today at 6.8802 (vs. estimate at 6.9076)
• South Korea's central bank Governor says closely monitoring financial markets
• Awaiting the yuan reference rate setting, PBOC likely to hold USD/CNY under 6.9 today
• EU looks on track to hit its gas storage filling goal two months ahead of target
• Japan data - July unemployment rate 2.6% (vs. 2.6% expected)
• UK industry business optimism balance drops to its lowest since May 2020
• ICYMI - Shell's CEO says that Europe's gas crisis could last several winters
• ICYMI - further hawkish remarks out of the ECB (Lane) on Monday
• ECB meeting next week - Danske Bank expect a 75bp rate hike
• Forexlive Americas FX news wrap:USD loses some steam but stocks & bonds continue sell off
• Goldman Sachs say they remain cautious on AUD/USD
• Violent clashes in Baghdad
• A heads up from the White House about the jobs report due Friday ,,, jobs growth slowing
• Trade ideas thread - Tuesday, 30 August 2022

Aboutthe most interesting item from the session was early on, withafternoon comments from White House Press Secretary KarineJean-Pierre saying the White House is anticipating a slowing in jobsgrowth, and that employment data is going to 'cool off'.

Forthose awaiting the non-farm payroll report out of the US on Fridaythis is most likely a good heads up to a slowing in the labourmarket. Given the Federal Open Market Committee (FOMC) have beenraising rates, looking to slow demand, and promising further hikesahead (J. Powell said ‘forceful’ in his speech at Jackson Holeon Friday) a slower jobs market will come as no surprise.

Apartfrom that there wasn’t much else from the session. Japan’sunemployment rate for July was reported, 2.6%! Speaking of Jays, theZ might be saying “99 problems but a job ain’t one” for Japan.

Australianbuilding permits were also reported, see bullets above but nosurprise here the trend is solidly lower.

Formajor FX it was fairly subdued. AUD, NZD, EUR, GBP, CAD all slipped alittle against the USD but in small ranges only. USD/JPY is net a fewtics lower on the session.

The People's Bank of China set the onshore yuan stronger than expected at the daily reference rate announcement today for the fifth day in a row.

Oil sat sideways after its rise on Monday:

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

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