ForexLive Asia FX news wrap: USD extends its gains

Forex news for Asia trading on
Wednesday
17
November 2021

The higher dollar that continued
in US time on Tuesday did the same here in Asia Wednesday, with nearly
across the board gains. As
I was preparing the wrap a renewed bout of currency selling hit,
EUR/USD triggering substantial stops just ahead of and then under 1.1300, and cable under
1.3420 (and briefly venturing under 1.3400).

USD/JPY rallied early in the day to just
above 114.90 while USD/CHF is above 0.9320
as I update.

The
USD index hit its highest since July on 2020 during the session.

News
flow was non-impactful. On data, we had the much-awaited Q3 wages
data from Australia today which, at 2.2% growth y/y is well below the
3% the RBA sees as necessary to contribute to sustainably on-target
inflation. AUD/USD subsided a little on the data release and has
since extended that loss, albeit not in a large range and in a
continuation of its losses overnight, as already referred to. NZD/USD was not hit so hard, further rate hikes ahead from the RBNZ are providing some monetary policy divergence bid support for it against the AUD. 

EUR/USD hit by stop-loss sellers circa 1.1300. The 1-minute candle chart shows you the pressure heaped on, and under, the figure:

Forex news for Asia trading onWednesday17November 2021

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