ForexLive Asia-Pacific FX news wrap: Little net change for major FX rates, awaiting US PPI

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There
was some movement for major FX rates during the session here but as I
update the net changes are not large.</p><p>USD/JPY
dipped to a low under 148.50 but has since popped back above 148.70.</p><p>AUD
and NZD traded a little higher initially and have since given gains
back. GBP is similar but has not dropped back so much. GBP and NZD
hit multi-week highs.
</p><p>Fresh
news flow was sparse. Data was lower-tier only.
</p><p>From
China was the news (from
the China Passenger Car Association)
that September retail passenger vehicle sales rose 5% y/y, retail NEV
sales rose 22.1% y/y. China’s economy, barring the property sector,
is continuing to show signs of recovery. Once again the People’s
Bank of China set the USD/CNY reference rate on the 7.17 big figure
despite the market trading it circa 1000 points higher.
</p><p>While
on central banks, Reserve Bank of Australia, Assistant Governor
(Financial Markets) Christopher Kent spoke on monetary policy
transmission. His comments on the current impact on inflation seemed
very much to indicate he is not expecting a rate hike any time soon,
but he did caveat with the usual would do more if needed. Note that
On
October 25 we get official quarterly CPI data from
Australia which may influence the November 7 meeting decision.More in the
points above.</p><p>Regional
stocks are firmer, following a good lead from Wall Street and also
with sentiment supported by dovish FOMC indications and continuing
hopes for more stimulus from China.</p><p>In
South Korea Samsung Electronics jumped 3.7%, spurring the Kosdaq and
Kospi on.</p><p>Brent
held above US$87 with Israel continuing its action in Gaza to root
out Hamas terrorists. A ground invasion move seems imminent.
</p><p>Bitcoin
lost some ground.
</p><p>Asian
equity markets:</p><ul><li><p>
Japan’s
Nikkei 225 +0.5%</p></li><li><p>
China’s
Shanghai Composite +0.2%
</p></li><li><p>
Hong
Kong’s Hang Seng +1.4%
</p></li><li><p>
South
Korea’s KOSPI +2.3%</p></li><li><p>
Australia’s
S&amp;P/ASX 200 +0.5% (up 4 days in a row)</p></li></ul><p>Bitcoin:</p>

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