Themes
- General mood is “risk on”
- Tight ranges on currencies in Asia today
- Chinese prices data mixed PPI higher than expected CPI lower than expected
What’s Moving
A very quiet Thursday in Asia for currencies. We have had some decent, but sporadic movements over the last fortnight, but with the ever-looming year-end on the horizon, most local players are well positioned into the end of the year.
Chinese data today was mixed, with PPI higher than expected (at 12.9% from 12.1% talk) and CPI lower (at 2.3% from 2.5% talk) than expected. In the end, these releases had little impact on local trading.
European trade sees little more than German Trade (E: 12.9bln). Focus will remain on the U.K.’s response to the Omicron Covid variant.
U.S. data tonight sees Initial Claims (E: 218k). This data set has been reasonably volatile over the last few months but has been settling down lately. Currencies are expected to track the movements on equities tonight.