ForexLive Asia-Pacific FX news wrap: USD/JPY back below 155.00, Bitcoin above 96K

• Federal Reserve speakers Thursday include Hammack, Goolsbee, Barr
• ICYMI – OPEC+ could further extend voluntary cuts at its December meeting
• Chinese government advisers call for steady 5% 2025 economic growth goal, strongr stimulus
• There are at least 10 European Central Bank officials speaking on Thursday
• U.S. Department of Justice asks judge to force Google to sell off Chrome internet browser
• US firms plan for Trump China tariffs – stockpiling, raising prices?, bailing out of China
• Bank of England’s Catherine Mann speaking Thursday
• CHF traders note – Two Swiss National Bank speakers due Thursday, November 21
• Heads up for Bank of Japan Governor Ueda speaking at 0510 GMT, 0010 US Eastern time
• Deutsche Bank is wary of a ‘significant correction’ for US equities
• Adani dollar bond prices fell sharply following charges against Chairman Adani
• TSMC expected to build one new fabrication facility a year in Taiwan over the next decade.
• PBOC sets USD/ CNY reference rate for today at 7.1934 (vs. estimate at 7.2482)
• Westpac revise its RBA forecast – see later but faster interest rate cuts
• South Korea 1 – 20 November trade data: Exports jump 5.8% y/y
• Japan’s economic package expected around 21.9 trillion yen
• UBS continue to see gold and oil as hedges against macroeconomic, geopolitical risk
• BoA Securites raised US growth and inflation forecasts, see fewer Fed interest rate cuts
• Trump aims to revive the Keystone XL pipeline (politics report)
• BlackRock bitcoin ETF options indicating BTC/USD to $176K in 2026
• New Zealand Treasury plans to cut economic and fiscal forecasts
• ICYMI – (nearly) 90% of economists expect the Federal Reserve to cut by 25bp in December
• More from Fed’s Collins – too early for Fed to factor in the election impact
• Trade ideas thread – Thursday, 21 November, insightful charts, technical analysis, ideas
• Nvidia shares down after Q3 results beat
• Nvidia earnings Q3 2024: Adj. EPS 0.81 (expected 0.75), Revenue 35.08bn (exp 33.12bn)
• Forexlive Americas FX news wrap 20 Nov: Fed’s Bowman more hawkish. 20 year auction ugly.
• Fed’s Collins looks to be on the fence re a December interest rate cut

The
US dollar lost some ground during the Asia session with a higher EUR,
AUD, CHF and, most notably, JPY.

There
was little news nor data out of Japan to account for the drop in
USD/JPY from its high in early trade above 155.50 to lows circa
154.90. We
did get a rumour of the size of the government fiscal package, NHK
(Japan’s national broadcaster) saying around 21.9 trillion yen
(circa 141bn USD equivalent).

We heard from Federal Reserve Bank of Boston President Susan Collins
after the US cash (equity) close. Collins was non-committal on her
December FOMC view. In brief:

• Some
  additional rate cuts needed.
• Policy
  still restrictive.
• Doesn’t
  want to cut rates too quickly.
• Overly
  slow rate cuts could hurt the labour market.
• Final
  destination of rate cuts is unclear.

No
such indecision from the People’s Bank of China at today’s
USD/CNY reference rate setting. The Bank sought to prop up the yuan
again, setting
the mid-rate about
550
points lower than the modelled
estimate of 7.2482.
The PBoC is seeking to support
the
yuan by
damping
USD/CNY gains.

For
tech traders,
the US Department of Justice has
asked a judge to make Google divest Chrome browser, along with other
punitive measures. This was foreshadowed in the days leading up to
today.

Bitcoin
rose
above USD96,000

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