Asia Market Movers: Nomura remains short USD into Jackson Hole

Thursday, 21 Aug, 2025 Forex Nomura remains short USD into Jackson Hole The softer NFP and CPI data have reinforced their conviction that the Fed is back on the path to cutting, with a 25bp move in September still their base case. The stronger July PPI was only a temporar News Japan flash manufacturing PMI 49.9 vs 48.9 prior Japan flash manufacturing PMI 49.9 vs 48.9 prior Japan flash services PMI 52.7 vs 53.5 prior Japan flash composite PMI 51.9 vs 51.5 prior Learn more News PBOC is expected to set the USD/CNY reference rate at 7.1748 – Reuters estimate People's Bank of China USD/CNY reference rate is due around 0115 GMT. The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as Forex Nordea sees usdnok downside and eurnok upside EURNOK — upside risk (base case dips toward ~11.75 first) Trade idea from the bank: Go long EURNOK on a clean break and hold above 12.00, or buy dips into seasonal late-year NOK softness; avoid struct News US VP Vance says Europe must carry lion's share of security burden US Vice President Vance said Europeans are going to have to take the lion's share of the burden in security. News China pushes deeper cooperation with Pakistan and Afghanistan Chinese Foreign Minister Wang Yi said China, Pakistan, and Afghanistan should expand development cooperation and increase trade and investment exchanges. He emphasized the need to improve the security News Australia Flash Manufacturing PMI 52.9 vs 51.3 Prior Australia Flash Manufacturing PMI 52.9 vs 51.3 Prior Australia Flash Services PMI 55.1 vs 53.8 Prior Australia Flash Composite PMI 54.9 vs 53.6 Prior Composite PMI: 54.9 (Jul 53.8), highest since Apr News New Zealand Imports 7.28B vs 6.5B Previous New Zealand Imports YY 7.28B vs 6.5B Prior New Zealand Exports YY 6.71B vs 6.6B Prior New Zealand Trade Balance -578M vs 142M Prior Learn more News Economic Calendar for the day ahead 21 Aug 2025 Below is a quick look at today's economic calendar. It's a busy day across the sessions today. For Asia-Pac, we have trade data due to NZ, as well as flash PMI data for Australia and Japan. After the

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