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ForexLive Asia FX news wrap: Yen crosses gain

Forex news for Asia trading
for Wednesday 2
December 2020 

While forex ranges in Asia
during the session here today were not large, yen crosses were notable
movers. USD/JPY moved towards (but not to) 104.50 from an early low
under 104.25 (briefly) while other major FX gained at least a few points pretty much
across the board against the USD.

Impactful
news flow was light indeed, but on the data front we got Q3
Australian GDP showing a beat on expectations. AUD/USD has net gained
only ten points or so on the session (GDP data is always ‘old’
news).

While
in Australia, Reserve Bank of Australia Governor Lowe spoke today,
appearing before a parliamentary committee. Lowe stuck to familiar
ground, after the substantial policy moves in November it is too soon
to expect him to be flagging any new initiatives. Lowe was, as he
most usually is, net upbeat (even if a little tempered by a poor
employment outlook). NZD/USD is slightly higher on the session also.

EUR/USD
is also slightly up, while cable is more or less flat on the day, as
is USD/CAD.

As a
heads up, ECB Chief Economist Philip Lane may be speaking today, at
1400GMT. May be. Do stay tuned though as it was Lane who jawboned the
EUR lower in the early part of September.

And,
one more thing, though its not strictly FX; as this goes to post Trump
has threatened to veto a circa trillion USD bill that funds the
military and Pentagon unless Congress repeals legal protections for
Silicon Valley. This is a substantial escalation of a White House war
on big tech and has serious national security implications. I don’t
know if the concern may seep into markets, but a heads up.   

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