ForexLive Asia-Pacific FX news wrap: Poor data from Japan, China

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ForexLive Asia-Pacific FX news wrap: Poor data from Japan, China

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USD/JPY
rose back towards 140.50 in Tokyo morning trade. The only fresh data
from Japan was Q3 GDP (preliminary) which was a huge miss (see
bullets above). If you are looking for a reason for the weaker yen on
the session so far this'll work. It adds to the case for no pivot
from the Bank of Japan any time soon.
</p><p class="western">We
also had poor data from China. October retail sales, industrial
production and investment data all missed. Retail
sales contracted y/y. This
poor data adds to the case for a COVID-policy pivot out of China, and
further support for the property market. We've had Chinese
authorities moving this way, especially over the weekend (see
yesterday's wrap for a rundown on the new policy moves from China).
Having said this, high COVID numbers in major city Guangzhou have
prompted lockdowns there.
</p><p class="western">Also
from China today we had a 1 tln yuan maturing medium-term lending
facility. This was partially rolled over with a fresh 850 tln yuan
MLF. Other long-term loan measures made up the shortfall. The other
interesting item in this was the unchanged rate, at 2.75%. This
indicates that no change in the one- and five-year Loan Prime Rates
(LPR) to be set on Monday, 21 November, by the People's Bank of
China is likely.
</p><p class="western">Elsewhere
across major FX rates NZD/USD traded back to its overnight high. EUR
lost ground against the USD.
</p><p>Higher USD/JPY and NZD/USD translate to a rise for NZD/JPY:</p>

                This article was written by Eamonn Sheridan at forexlive.com.

Source: ForexLive Asia-Pacific FX news wrap: Poor data from Japan, China

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