ForexLive Asia-Pacific FX news wrap: Mixed PMIs from China, 45 days funding for US govmt

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Major
FX rates traded in small ranges during the session. USD/JPY ticked a
little higher to an 11-month high above 149.75. From the Bank of
Japan today we had the ‘Summary of Opinions’ from the September
meeting. If you are not familiar with the Summary, it provides a
concise precis of the views expressed by Policy Board members during
the meeting. It does not attribute opinions to individual members but
offers a general overview of the views held by the board. The Summary
precedes the full Minutes of the meeting by many weeks and is often a
useful source of what was discussed very quickly after the meeting.
Today’s Summary was notable in not indicating any prospect of a
tweak or change in policy from Bank any time this year. It was a
contributor to the further yen weakness seen today. Rising US yields, again, did so too. </p><p>As
the headline to the post points out we had a mixed bag of PMIs from
China. These were released over the weekend. Both of the two official
PMIs, from China’s National Bureau of Statistics (NBS) improved
from August, both beat expectations, both are now in expansion, and
the manufacturing returned to expansion for the first time in six
months. Both of the privately-surveyed Caixin PMIs dipped from
August, both missed expectations, and in a more positive sign, both
remained in expansion.
</p><p>Also,
the US Congress passed a ‘can-kick’ bill to fund the US
government for 45 days. US President Biden signed the Bill into law.
The Congress now has those 45 days ahead, into mid-November, for the
warring factions to piece together a more enduring agreement. If they
can.
</p><p>Asian
equity markets:</p><ul><li><p>
Japan’s
Nikkei 225 +1.4% … local stocks helped by a weaker yen again</p></li><li><p>
China’s
Shanghai Composite % … China
is on holidays all this week</p></li><li><p>
Hong
Kong’s Hang Seng % … Closed today for the national holiday, will reopen Tuesday local time</p></li><li><p>
South
Korea’s KOSPI +0.1%</p></li><li><p>
Australia’s
S&amp;P/ASX 200 -0.1%</p></li></ul>

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