Forex news for Asia trading Tuesday 10 December 2019
- Australian business conditions stable at a low level, confidence falling
- China inflation data recap - pork prices up 110% y/y
- Goldman Sachs sticking to its gold price forecast - to USD1600 over the next year
- US House of Reps expected to draft 2 articles of impeachment of President Trump
- The dismemberment of the WTO has dire implications for small exporting countries (lookin' at you Australia)
- UK election on December 12 - GBP scenario
- US House Ways And Means Committee Chairman Neal says expects NAFTA announcement Tuesday
- China inflation data y/y for November. CPI 4.5% (expected 4.3%) PPI -1.4 % (expected -1.5%)
- US House Speaker Pelosi says close but deal not yet done on NAFTA
- PBOC sets USD/ CNY mid-point today at 7.0400 (vs. yesterday at 7.0405)
- CAD PM Trudeau spoke with US' Trump Monday on NAFTA
- More AUD data - house prices up q/q and down y/y
- Australian business confidence 0 (vs. prior 2) & business conditions 4 (3)
- ICYMI: US Ag Sec Perdue says the US is unlikely to impose extra tariffs on China on Sunday
- CAD dep PM Freeland will attend NAFTA talks in Mexico in Tuesday
- China's Global Times warns of downtrend in US-China trade - difficult to reverse
- US House majority leader also says an agreement on USMCA is close
- A Mexican official says USMCA deal is drawing nearer
- RBA Gov Lowe is still confident consumers will spend more
- ANZ have a warning for GBP bulls into the UK election - "not a foregone conclusion"
- Australian weekly consumer confidence rises (I know, right?)
- UK election - Goldman Sachs highlight a key GBP risk (Bank of England)
- RBA Gov Lowe does not mention the economy nor monetary policy in his speech
- The UN Security Council will meet this week to discuss North Korea
- RBA Gov Lowe speaks soon, unlikely to mention the economy nor mon pol … but …
- Trade ideas thread - 10 December 2019
- NAFTA - Lighthizer and Kushner are heading to Mexico for MOAR trade talks
- New Zealand data - ANZ's Truckometer for December -1.5% m/m (vs. previous +2.5%)
AUD and NZD were the only majors to have much of a range on the session here.
I'll come back to those.
There was a lot of news on an impending NAFTA (Ok, USMCA - the US-Mexico-Canada trade deal) announcement. It seems we should expect something on Tuesday US time (around midday east coast US time but it could be earlier). Note, this is an announcement we are expecting, not the sigining of the deal. Or Congressional approval. This has been dragging on for years and I don't expect resolution tomorrow (I better bookmark this page so I can cut and paste it when I need for the US-China 'deal'). CAD is little changed on the session here. The peso is up a little against the USD.
From Australia today we had the much-watched NAB business survey, which reports on business confidence and conditions. Conditions stabilised below their long run average while confidence fell. Nevertheless, both AUD and NZD have risen from their earlier lows, albeit within a small range for both.
The Japanese 10-year bond yield rose to its highest since March this year, to (wait for it ...) zero per cent. USD/JPY is barely changed on the session.
EUR/USD is up a tics, and cable has bounced off its early low sub-1.3140 by a few points.
Still to come:
