ForexLive Asia-Pacific FX news wrap: AUD, NZD, CAD catch a small bid

• Higher AUD/USD on the session – rising iron ore price in China a tailwind
• There are rumours that some Chinese banks are freezing some savings accounts – PBOC denies
• Bank of America S&P500 technical analysis, 4325 and 4200 as the next two major levels
• Fund manager says Fed Chair Powell will err on the side of hawkishness at Jackson Hole
• PBOC sets USD/ CNY mid-point today at 7.1988 (vs. estimate at 7.3050)
• Japan Jibun preliminary August PMIs: Manufacturing 49.7 (prior 49.6) Services 54.3 (53.8)
• Two tankers (one LNG, the other, oil products) collided in the Suez Canal
• Goldman Sachs’ $86 oil forecast, weighing up supply & demand factors, bank is net bullish
• Manufacturing & Services Australian preliminary PMIs for August remain in contraction
• UK Govt transferred over 14bn GBP to the BoE, largest transfer ever, to cover QE losses
• 590,000 b/d TMX crude pipeline in Canada will likely start commercial “later” in Q1 2024
• New Zealand Q2 Retail Sales -1.0% q/q (expected -2.6%)
• Swiss gold exports down due to lower shipments to China, India
• ICYMI – US Commerce Department eases export restrictions on 27 Chinese entities
• Big money EUR/USD triggers for shorts at 1.0810 says UBS
• Trump plans to ramp up taxes on imports, plus a ‘matching tax’, if elected
• BoA see scope for USD resilience to continue, & Fed’s focus to shift from higher to longer
• Forexlive Americas FX news wrap: Euro slumps even as Treasury yields cool
• TD analysis: Powell’s speech at Jackson Hole – A shift in the Fed’s policy emphasis?
• Private oil survey data shows a smaller than expected draw for the headline crude number
• Reserve Bank of New Zealand Chief Economist says is mindful of the fall in the NZ dollar
• US Commerce Sec Raimondo met with China’s Ambassador Xie Feng – ‘productive discussion’
• Trade ideas thread – Wednesday, 23 August 2023
• NASDAQ index squeezes out a modest gain. Dow industrial average and S&P index close lower

It
was a subdued sort of session with traders settling in to wait for
Federal Reserve Chair Powell speaking Friday US time (previews in
bullets above).

From
New Zealand were retail sales data for Q2 that didn’t come in good,
but they weren’t as bad as expected. These data have supported the
NZD during the session.

A
supported Dalian iron ore price provided a bit of a tailwind for the
AUD, while a little bounce for oil has lent some bids to CAD.

All
of the ranges have been small and those influences are open to being
reversed ahead. There was little impetus to moves.

USD/JPY
had a quiet session, its not a lot changed on the day.

The PBOC once again set the USD/CNY reference rate a lot lower than the modelled estimate to support the yuan.

Flash PMI data from Australia was poor, while Japan’s was a little more mixed. The Japaneses service sector PMI improved.

Asian
equity markets:

• Japan’s
  Nikkei 225 +0.3%

• China’s
  Shanghai Composite -0.6%

• Hong
  Kong’s Hang Seng +0.3%

• South
  Korea’s KOSPI -0.3%

• Australia’s
  S&P/ASX 200 +0.7%