investingLive Asia-Pacific FX news wrap: AUD up, NZD up, JPY up … again!

• FT: China aims to replace foreign imports with its own tech and dominate exports
• Fitch warns Japan’s new stimulus could add fiscal risk to its A/Stable rating
• Recap – BoJ’s Noguchi tempers December hike bets, urges measured, step-by-step tightening
• Wood Mackenzie: China nearing peak oil demand as growth drops toward zero by 2027
• AMD Technical Analysis with Video: Bulls Defend Support After a Steep 27% Correction
• Talking innovation at the FIX Southeast Asia Multi-Asset Trading Conference 2025
• NAB’s Auld: RBA may need to hike rates by early 2026 as economy nears capacity
• BoK reveals split vote as three members signal openness to near-term rate cuts
• RBNZ’s Hawkesby: Further rate cuts face “high hurdle” as easing cycle ends
• Headline gains mask a weaker October as China’s industrial profit recovery loses steam.
• BoJ’s Noguchi: Policy easing to fade only if wage gains sustain inflation momentum
• JPMorgan: S&P 500 could top 8,000 by 2026 with deeper Fed rate cuts
• PBOC sets USD/ CNY mid-point today at 7.0779 (vs. estimate at 7.0733)
• Bank of Korea leaves its base rate on hold at 2.5% as widely expected
• Australian data: Q3 Private Capital Expenditure headline +6.4% q/q (vs. +0.5% expected)
• Financial Times says “Japan needs to end its dangerous debt delusion”
• New Zealand November business confidence 67.1% (up from 58.1% prior)
• Japan to boost short-term JGB issuance by ¥7tn to fund stimulus, Reuters reports
• WSJ: Trump urged Japan’s Takaichi to soften tone on Taiwan in private call
• Deutsche Bank lifts 2026 gold forecast to US$4,450 as structural demand strengthens
• RBNZ’s Hawkesby says policy now stimulatory but warns on global independence risks
• HSBC warns OpenAI may stay unprofitable to 2030 amid trillion-dollar compute bills
• JPMorgan now expects Fed rate cut in December after dovish Fedspeak shift
• New Zealand Q3 retail sales show huge jump, much improved from Q2
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• BofA turns cautious, sees muted S&P 500 gains as valuations and AI risks rise
• Major US indices close higher for the 4th consecutive day
• Carney to meet Trump at World Cup draw as Canada-U.S. trade talks remain frozen

It was another session dominated by data and central-bank commentary from New Zealand, Australia and Japan.

New Zealand kicked things off with a strong set of Q3 retail sales numbers, followed by an eye-catching surge in business surveys. November business confidence jumped to 67.1%, an 11-year high, while firms’ own activity delivered its best reading in more than a decade. Fresh off Wednesday’s rate cut, the RBNZ continued reinforcing that further easing is now off the table, with Governor Hawkesby emphasising improved economic momentum in a round of post-decision media appearances. The NZD extended its gains across the session.

The Australian dollar also traded higher. Australia’s Q3 capital expenditure report was exceptionally strong: new capex rose 6.4% q/q (vs 0.5% expected), the biggest increase since 2012, with plant and machinery investment hitting a record high. Analysts at one of the major banks flagged that, after yesterday’s inflation upside surprise, rate hikes may need to return to the RBA discussion in the first half of next year.

From Japan, BoJ board member Asahi Noguchi reiterated the need for a “measured, step-by-step” approach to policy normalisation. Importantly, he avoided endorsing growing expectations for a December rate hike, stressing instead the importance of adjusting policy only at the right moment. The yen briefly firmed ahead of his remarks but later eased on the neutral tone.

China data showed industrial profits up 1.9% in the January–October period, but October alone fell 5.5% y/y, the weakest in five months, underscoring fading momentum after September’s strong rebound.

US markets will be closed Thursday for Thanksgiving, reopening for a shortened session on Friday. No major data releases, Treasury auctions or Fed speakers are scheduled for the day.

Asia-Pac
stocks:

• Japan
  (Nikkei 225) +1.1%
• Hong
  Kong (Hang Seng) +0.34%
• Shanghai
  Composite +0.49%
• Australia
  (S&P/ASX 200) flat

This article was written by Eamonn Sheridan at investinglive.com.