ForexLive Asia FX news wrap: Brexit optimism drives up GBP
Forex news for Asia trading Tuesday 12 March 2019
All the Brexit (read from the bottom up for chronological order):
- Brexit - Irish transport minister says hopes agreement can be ratified in UK parliament
- Brexit - May/Juncker deal is basically an agreement to try really, really hard
- Brexit: Corbyn says PM May's negotiations have failed, parliament must reject
- Brexit : UK PM May says having an insurance policy to avoid Ireland border is right
- Brexit: EU - UK commit to finding alternative arrangements to backstop by end 2020
- Brexit - now the DUP weighs in - will study the latest agreement
- Eurosceptic MP - government gloss on something which falls short of expected
- GBP added a big figure on the optimistic comments re Brexit
- Brexit - UK Cabinet Office Minster says negotiations still ongoing in Strasbourg
- Brexit rumour - better than expected progress made
- Nigel Farage met with US President Trump, asked Trump to support no-deal Brexit
- Pro-Brexit MP says doubts alternative backstop arrangements have been agreed
- Singapore to suspend Boeing 737 Max operations into and out of country
- Trade woes bite - air cargo traffic growth annual forecast halved
- China Vice Premier and US trade Rep had further discussions
- Japan fin min Aso: Don't expect Japan's economy to worsen rapidly
- PBOC sets USD/ CNY reference rate for today at 6.7128 (vs. yesterday at 6.7202)
- BOJ Dep Gov Amamiya says Bank has several options if it needs to ease MOAR
- Australia (Jan) Home loans -1.2% m/m (vs. expected -2.0%)
- Australia - (Feb.) NAB business confidence 2 (prior 4) and conditions 4 (prior 7)
- Australia - more on the ANZ-Roy Morgan Australian Consumer Confidence slide
- New Zealand data - ANZ Truckometer heavy index +0.4% m/m (prior +3.5%)
- Trade ideas thread - Tuesday 12 March 2019
Sterling the gainer in early Asia trade here during the session. The meeting between UK PM May and European Commission President Juncker went on longer than expected but produced an 'agreement'. I reckon its pretty thin and will be curious to see how the Uk and Europe markets react, let alone whether it gets the nod of approval from the UK parliament at the 'meaminggful' vote scheduled for Tuesday. More in the bullets above.
Cable added a big figure, well more, to above 1.3285 at one stage before subsiding a little to circa 1.3220. Its just under there as I post.
Optimism on GBP spread a bit wider, EUR, AUD, NZD, CAD, CHF all gained a few points against the USD, EUR/USD up 25-odd points at one stage. Each has retraced a little.
AUD dropped on the data releases today, housing finance still trending lower and, of more focus, the NAB business survey showed further losses in their measures of business confidence and conditions. AUD/USD fell back, briefly, to under 0.7060 but has since risen toward its earlier highs.
USD/JPY headed higher during the session, topping ahead of 111.50 and is under 40 as I post. News flow was minimal from Japan, and, apart from Brexit, elsewhere.
Still to come: