Oil
continued its price move higher during the Asian session. There was
no fresh catalyst, the forces of:
- demand
rising - supply
being held back - inventories
falling
carried
on supporting the price.
The
data focus during the session was on Australian retail sales for
August, which came in at a miss. Sales gained 0.2% m/m (0.3% was the
consensus) and just 1.5% y/y. AUD and NZD rose against the USD
during the session as their rebound from late in the US afternoon
persisted.
USD/JPY
dribbled back towards 149.40.
The
People’s Bank of China is continuing to hold the CNY (and therefore
the CNH also) from falling too
far in
value further. The modelled estimate for the mid-rate was above 7.32
but the PBoC set USD/CNY on the 7.17 big figure again today. The
difference was over 1440 points and another record-high divergence.
ICYMI, China will be out on holiday beginning Friday, 29 September
2023 right through next week.
Brent crude: