ForexLive Asia FX news wrap: Kiwi hit by a big sell order

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading Wednesday 10 July 2019

NZD/USD (and NZD crosses alongside) was dropped by a large sell order under 0.66. The pair hit lows circa 0.6570 as the selling was absorbed, in the meantime taking out stop-loss orders extending below 0.66. There was no news to act as a catalyst. The rebound from lows was nearly as swift and as I post its sitting above 0.6590.

Forex news for Asia trading Wednesday 10 July 2019

Earlier on in the session USD/JPY had popped its overnight (Europe/US time) high and approached 109. The only item of interest out of Japan was the PPI figure for June, a disappointing one (aren't we accustomed to that by now though?) .

AUD data today was consumer sentiment (month of June). It fell a substantial (for this indicator) greater than 4% on the month to slip into net negative territory and to a 2-year low. The survey for it was conducted after the RBA had cut its cash rate in the first week of the month and as tax cut legislation was being ushered through parliament. So, yes, despite the ostensibly good news sentiment slipped. The data release is never a big forex mover and saw the AUD down just a few tics. The rest of the session saw it in a small range only.

Small ranges prevailed elsewhere too, EUR, GBP, CHF, CAD. Bitcoin extending its rally to above 13,000 USD. Oil rose after the release of private survey inventory levels. Gold drifted down a few dollars.

Don't forget, ladies and gentlemen, Fed Chair Powell speaks Wednesday US time. Bank of Canada meeting also. 

Still to come:

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