ForexLive Asia FX news: Japan politics, higher yen
Forex and Bitcoin news for Asia trading Monday 12 March 2018
- AUD update - China commodities opening a little heavy
- Japan media say Abe's wife name removed from controversy documents
- The latest hot new indicator for the stock market is ... bitcoin
- Japan political issue reignites - yen on the rise again
- Goldman Sachs on the where to for the yen - says the BOJ, govt have limited options
- PBOC sets USD/ CNY mid-point today at 6.3333 (vs. Friday at 6.3451)
- Australian PM Turnbull says steel tariff exemption a win-win
- FX week starting as it left off - watch 107 in USD/JPY
- USD/JPY the wild thing in early Monday trade
- AUD/CAD trade idea for the week ahead
- Trade ideas thread - Monday 12 March 2018
- Fed’s Bullard weekend interview - says 4 hikes this year could slow economy
- WSJ: OPEC Divided on the Right Price for Oil
- The output gap is like a lot of things in economics: It works in theory
- Does big data on taxis prove Fed leaks?
- Christopher Liddell may replace Gary Cohn at the White House
- Trump is preparing to go full MAGA - report
- Cohn didn't resign over an issue, he quit over a process
- Japanese trade minister said there is still time to seek steel tariff exemption
- Trump says deal with North Korea 'very much in the making'
Politics to centre stage yet again, this time in Japan. Weekend news that the finance ministry forged documents relating to a 2016 school land sale was confirmed in the Diet Monday,. The yen strengthened in the very, very early trade (NZ time), only to lose the gains into early Tokyo (USD/JPY 'gapped' lower then retraced + some) before gaining again during mid-morning Japan. USD/JPY has been as low as about 106.50 (just above there actually), dragging yen crosses heavier with it. More details on the news in the bullets above.
Elsewhere AUD and NZD are both a little higher against the USD for the session, as I update China commodity exchanges are seeing some opening losses, seemingly capping these currency rises for now.
USD/CHF had opened lower (NZ time), retraced and is now down just a few points on the session. EUR/USD has eked out a 10 or net point gain, as has cable - but these were not where the interest was during the timezone.
Gold and oil, both small ranges also. Bitcoin is up a little.
From the People's Bank of China today - the biggest jump for the CNY (against the USD at the reference rate fixing from the Bank) in a couple of weeks.
Still to come:
- FX option expiries for Monday 12 March 2018, NY cut
- Week ahead for Australia and New Zealand - a lot on the agenda
- Big Tuesday coming in the US - inflation data for February. Previews.
- SNB meet this week - what to expect (and when). And where to for EUR/CHF.