ForexLive Asia FX news wrap: Stock market rout extends further during Asia

Author: Eamonn Sheridan | Category: News

Forex and Bitcoin news for Asia trading Thursday 11 October 2018

The US President called the Federal Reserve crazy …

In slightly less bizarre developments today:

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The big slide in US stock markets overnight was the focus for Asia today. 

After the 4pm US cash market close the Australian dollar fell another 30 points, and with a falling USD/JPY at the same time AUD/JPY had a poor start to the day here.

NZD/USD and NZD/JPY fell away at the same time.

We got a bit of a reprieve until Tokyo markets opened, and then during the Singapore and HK mornings US equity futures (overnight Globex trade) took another hit, dropping again. Asian stock markets all opened weaker, as you'd expect, and as I post losses are approaching 4% in China (Shanghai Comp), Japan (Nikkei) and HK. China's loss today comes on the back of a big run lower in previous months. Hitting a four year low today.

The early sell off in AUD/USD retraced over following hours (kiwi too). As US stocks were taking a renewed hit EUR/USD popped above its US time high, taking out stops above 1.1545/50 on a surge. GBP, CHF, yen all traded stronger against the USD also. Flows into yen and CHF are not too surprising given the volatility.

It wasn't all bad news for the USD though ... it performed very well indeed against bitcoin …



Still to come:

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