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ForexLive Asia-Pacific FX news wrap:Trump Canada, Mexico tariffs remarks trigger FX swings
Forex news for Asian trading on Tuesday, January 21, 2025
Session wrap
Wrap Asia
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Japan’s Top FX Diplomat Mimura: US economy’s outlook up to Trump’s macroeconomic policies
Atsushi Mimura, Japan’s Vice Finance Minister For International Affairs and top foreign exchange official, said on Tuesday, “US economy outlook’s up to Trump’s macroeconomic policies.” Further comments Need to closely watch if China’s recent export strength will continue.
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MoF's Mimura speaking, not mentioning FX issues
Mimura is the official responsible for yen intervention if he deems its necessary
JPY
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USD/INR gathers strength as Trump 2.0 era begins
The Indian Rupee (INR) tumbles on Tuesday after reaching a one-week high in the previous session.
USDINR
SEO
India
EmergingMarkets
Macroeconomics
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Trump's Tik Tok threat to China - no deal could mean tariffs
TikTok has a 75 day reprieve
Politics
China
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Trump orders suspension of new offshore wind power leasing
From all areas of the U.S. outer continental shelf
Politics
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Australian weekly consumer confidence survey drops to even more pessimistic
Inflation expectations rose
AUD
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Kato: Japan to respond appropriately after examining new US President’s policies
Japan’s Finance Minister Katsunobu Kato on Tuesday that “Japan to respond appropriately after examining new US President’s policies.” Additional quotes Will closely monitor impact of US policies on world economy, Japan.
Japan
USDJPY
Currencies
BOJ
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Japan finance minister Kato expects BoJ to hit 2% inflation target with approprate policy
Kato speaking ahead of this week's Bank of Japan meeting
BOJ
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Trump has ended the ban on new exporting liquefied natural gas (LNG)
Biden era ban removed
Oil
NatGas
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Trump says will straighten out deficit with EU with tariffs or by them buying our oil &gas
More again from Trump
Oil
Politics
EUR
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NZD/USD attracts some sellers below 0.5650, Trump’s tariff policies in focus
The NZD/USD pair slumps to around 0.5645 during the Asian trading hours on Tuesday.
NZDUSD
Majors
Macroeconomics
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Trump floats the idea of universal tariff, says not ready for that yet
Trump has also signed his EO that'll 'unleash' energy production
Politics
USD
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PBOC sets USD/CNY reference rate at 7.1703 vs. 7.1886 previous
The People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead on Tuesday at 7.1703 as compared to the previous day's fix of 7.1886 and 7.2888 Reuters estimates.
USDCNY
PBOC
CentralBanks
Currencies
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PBOC sets USD/ CNY central rate at 7.1703 (vs. estimate at 7.2888)
PBOC CNY reference rate setting for the trading session ahead.
CNY
China Stock Market
China
CNH
pboc
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Trump says thinking in terms of 25% tariffs on Mexico and Canada
Tariff comments (finally) crossing
USD
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Trump rescinds Biden's EV mandate - eyes on TSLA
Its difficult to make the case that this is a positive for Tesla
SPX
Nasdaq
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WTI extends its decline below $76.50 as Trump vows to boost oil output
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $76.15 on Tuesday.
Oil
WTI
Commodities
Macroeconomics
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PBOC is expected to set the USD/CNY reference rate at 7.2888 – Reuters estimate
PBOC CNY reference rate setting for the trading session ahead.
CNY
China Stock Market
China
CNH
pboc
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President Trump has signed a large number of executive orders - none on tariffs
ForexLive gave the heads up on the USD-slashing news on Sunday afternoon US time
Politics
China
USD
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Trump speaking - addressing energy issues: reaffirms the policy is to "drill baby drill"
Says he doesn't like windmills
Oil
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Draft Trump memo directs investigation, remedy of persistent US trade deficits
Mentions FX manipulation also
Politics
China
USD
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USD/CAD weakens to near 1.4300 as Trump delays tariffs policy
The USD/CAD pair remains on the defensive around 1.4300 during the early Asian session on Tuesday, pressured by the weakening of the US Dollar (USD).
USDCAD
Majors
Macroeconomics
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7 days, 4 major central bank decisions (BoJ, Federal Reserve, European Central Bank, BoC)
The BoJ kicks off the monetary policy festival on Friday
BOC
BOJ
ECB
Fed
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GBP/USD gains ground ahead of UK labor figures
GBP/USD rose 1.35% on Monday, gaining ground and climbing back over the 1.2300 handle as markets breathe a collective sigh of relief after freshly-minted US President Donald Trump made a last-minute pivot away from a broad, sweeping policy of day-one trade tariffs.
GBPUSD
Employment
Currencies
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European Union finance ministers met Monday, energy prices were a hot topic
EU fin mins also want strong ties with the new US administration
Oil
Politics
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New Zealand services PMI (December 2024) 47.9 (prior 49.1)
BNZ – BusinessNZ Performance of Services Index (PSI)
NZD
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Economic calendar in Asia Tuesday, January 21, 2025 - not a lot
Asian Economic Calendar: Key Events and Consensus Expectations for 21 January 2025
economic calendar
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Trade ideas thread - Tuesday, 21 January, insightful charts, technical analysis, ideas
Post 'em if ya got 'em!
USD
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Trump is expected to lift the freeze on supplying one ton bombs to Israel
Info via an internet news provider
Politics
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ESMA Sets Deadline for Crypto Firms to Align with MiCA Stablecoin Rules
The European Securities and Markets Authority (ESMA) has set strict deadlines for crypto firms to act against non-compliant stablecoins under the new Markets in Crypto-Assets Regulation (MiCA).
esma
stablecoin
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