ForexLive Asia FX news wrap: CNY mid-rate weakest since March 2008

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading Tuesday 13 August 2019

It was more of the same from the People's Bank of China today with a further weakening (but not as much as expected) for the onshore yuan at the daily setting for the reference rate. 

Staying in China, Hong Kong's Chief Executive Carrie Lam described the city as being in a 'chaotic situation' as protests continued again. She went on to mention that further disruption would weigh on the economy, which is already happening. The Hong Kong dollar stayed on the weak side, although it is not yet at its trading pegged downside limit (7.85 for USD/HKD). 

Economic growth in Singapore for Q2 was confirmed at negative q/q (-3.3% annualised!). The Monetary Authority of Singapore said there would be no inter-meeting policy meeting inserted into their schedule (next policy meeting is scheduled for October).

In Australia we got the monthly business confidence and conditions report (National Australia Bank Business Survey for July). Both continue to languish. 

Across the forex space we saw a weakening for the yen, CHF and EUR despite the bad news from around the place; 'risk', at least in the currency space held more or less unperturbed on the session here. NZD/USD is softening a little as I update, off 10 points or so from its session high but not changed much net on the day. AUD/USD, too, little changed on the session. Cable is nudging a little lower. 

Forex news for Asia trading Tuesday 13 August 2019

Gold moved back above 1515 USD. 

The forex moves on the session here seem to be setting up for something larger in Europe/US time. Got that feel about it (and Europe/US surpassing ranges in Asia is par for the course to be honest).

Still to come:

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