December 8, 2022

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USD holds its ISM/Clarida gains

2 min read

Forex news for Asia trading on
August 2021

the US dollar had a big Wednesday during US time, dipping a little on
a sad ADP jobs report and then posting large gains on a record high
ISM services index and simultaneous comments from Vice Chair Clarida:

the session here in Asia forex volatility and ranges have slumped,
but the dollar has mainly
held its gains. USD/JPY ticked a little higher, to just over 109.70
(its not far from there as I post). USD/CHF, too, extended a
little higher. EUR and GBP have dibbled slightly lower against the
dollar. On the other hand CAD, AUD and NZD have shown very small
gains against the dollar for the session. CAD is performing well
(relative to AUD and NZD, which both slumped on Wednesday US time
against the dollar).

was a light day for data, the Australian trade balance came in at a
huge surplus (its 42nd
month in a row of surplus), higher prices a strong contributor to
export performance. This
may be a short-lived phenomenon as Dalian iron ore hit a 4 month low
in trading today. Payroll
data from Australia was not so positive, the ongoing lockdown in
Australia’s largest population state and city (NSW & Sydney) is
biting into jobs. Sydney has been in its lockdown for 6 weeks and
registered its worst 24 hours in that time for new cases in today’s numbers.

other coronavirus-related news Japan is moving further towards wider
states of emergency declarations as case counts stubbornly rise there
also. China is locking down too, harshly, as China does,
as case counts rise there (see bullets above for more on the
COVID-19 news in the region).

USD/CAD 5 min candles:

cad chart 

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