ForexLive Asia FX news wrap: China PPI hits its highest ever

Forex news for Asia trading on
Wednesday
10
November 2021

Lower US stock markets on
Tuesday were a negative input for regional shares here in Asia;
Japan, China and Hong Kong all down on the session so far.

The
data focus for the session was on Chinese October inflation, both CPI
and PPI. These rose sharply, above September rates and above central
estimates. The CPI hit its highest y/y since September last year
while the PPI hit its highest ever (the National Bureau of
Statistics, NBS began this data series in 1996). For the PPI the NBS
cited the usual suspects of tight supply in energy and materials.

Federal
Reserve St.
Louis President Bullard spoke on Tuesday US
time. His comments did not attract wide media coverage, reporting
only becoming available in the early Asia hours. There is more in the
bullets above but the main takeaway is he sees 2 Federal
Open Market Committee rate hikes in 2022 (the
usual caveats apply). This is something to be aware of as Europe and
the US become active. Languid Asian markets have done little with it.

Asia
FX has been mainly tightly rangebound with little net change across
the majors. 

Offshore yuan rangebound also:

Forex news for Asia trading onWednesday10November 2021

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