ForexLive Asia-Pacific FX news wrap: USD higher

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The
readouts of the Biden – Xi meeting were reported during the
session, with the overall view being that progress was made on a wide
range of topics from Taiwan to the economy. There were a lot of
‘frank’ discussions. At a later news conference Biden may have
undone some of the progress by saying, once again, that Chinese
Communist Party Chairman Xi is a dictator. Biden didn’t score any
diplomatic points for this remark (its reproduced in full in the
‘dictator’) post above.
</p><p>The
data point of focus was the Australian employment report, which
showed a huge
surge of +55K jobs added in October vs. +20K expected. A couple of
points on this, the first is that the bulk of the jobs added were
part-time, taking some of the shine off the big headline. The second
is that many have dismissed the big gain due to the
referendum held in Australia in mid-October, which required a large
employment effort for people to staff voting booths and what have
you. My problem with this dismissal is that analysts providing
estimates were well aware of this event and would have accounted for
it in their forecasts, and yet the headline +55K was nearly three
times the consensus expectation. As for the currency response it was
hard to discern. The USD strengthened almost right across the major
FX board, EUR, GBP, NZD and CAD all dropped against the USD, as did
AUD. The poor old JPY didn’t do much at all and in not losing
ground scored itself a win.</p><p>In other data:</p><ul><li>Japan’s exports rose at a slower pace in October than September</li><li>China's new home prices fell for the fourth month in October</li></ul>

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