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01 September 21

Dollar Up, but Fed Asset Tapering Move Guessing Game Keeps Moves Small

The dollar was up on Wednesday morning in Asia but was trading near its lowest point in nearly three weeks. Investors continued to keep moves small, with the latest U.S. jobs report, which could provide clues to the U.S. Federal Reserve’s asset tapering timeline, due on Friday.
The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched down 0.10% to 92.730 by 11:25 PM ET (3:25 AM GMT). It fell as low as 92.395 for the first time since Aug. 6 on Tuesday.
The USD/JPY pair edged up 0.16% to 110.19.
The AUD/USD pair inched down 0.01% to 0.7314. The Australian GDP grew 9.6% year-on-year and 0.7% quarter-on-quarter in the second quarter of 2021.The NZD/USD pair inched down 0.06% to 0.7040.
The USD/CNY pair inched up 0.04% to 6.4633, with China’s Caixin manufacturing purchasing managers index (PMI), at a disappointing 49.2 in August, below the 50-mark indicating growth.
The GBP/USD pair edged down 0.11% to 1.3739.

Gold Down, Cautious Wait for U.S. Jobs Data Continues

Gold was down on Wednesday morning in Asia. Investors continued their cautious wait for the latest U.S. jobs report, which could provide clues on when the Federal Reserve could begin asset tapering and interest rate hikes.
Gold futures inched down 0.06% to $1,817.05 by 12:31 AM ET (4:31 AM GMT). The dollar, which usually moves inversely to gold, edged up on Wednesday after hitting a more than three-week low the day before.
On the data front, the U.S. Conference Board (CB) consumer confidence index was 113.8, a six-month low, and the S&P/Case-Shiller 20 n.s.a. house price index composite grew a record 19.1% in June. With labor market recovery a requisite for the Fed to begin asset tapering, the focus is squarely on the jobs report, including non-farm payrolls, which is due on Friday.
Some officials at the European Central Bank (ECB) are also starting to ponder whether to begin asset tapering, with Tuesday’s Eurozone consumer price index (CPI) grew a higher-than-expected 3% year-on-year in August.

Japan finds another Moderna vial suspected to contain foreign substance

Japan’s Kanagawa prefecture said it has found another vial of Moderna (NASDAQ:MRNA) Inc’s COVID-19 vaccine suspected of containing a foreign substance and has put the rest of the lot on hold.
In a statement on Tuesday, prefectural authorities said a pharmacist found several black particles in one vial upon checking for foreign substances before the vaccine’s use.
Japan suspended the use of 1.63 million doses of Moderna shots last week after being notified of contamination in some of the supply. Moderna and Spanish pharma company Rovi, which bottles Moderna vaccines, have said the cause could be a manufacturing issue, and European safety regulators have launched an investigation.
Moderna has said no safety or efficacy issues had been identified from the issue.

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