Forex and Bitcoin news for Asia trading Tuesday 14 August 2018
- China stats bureau says yuan has been affected by the Fed rate hike cycle
- NZ finmin Robertson says NZ economy has strong fundamentals
- Bitcoin back under 6000 USD
- China July data out now: July IP 6% y/y , Retail sales 8.8% y/y
- Australia July business confidence 7 (prior 6) and conditions 12 (15)
- People’s Bank of China sets yuan reference rate at 6.8695 (vs. yesterday at 6.8629)
- Japan press: Turkish lira's crash hits Mrs. Watanabe hard
- More on China should prepare for free float of the yuan
- Australia weekly consumer sentiment: 118.2 (prior 118.9)
- Conservative Brexiteers to publish their own blueprint for a hard Brexit
- Westpac update their RBNZ forecast, expect first hike May 2020 (from Nov 2019)
- Turkey, TRY: Contagion is already here, chances are slim it stays in the FX market
- President Trump says 'Going to straighten it out with Mexico and Canada'
- European Parliament draft new regulations for initial coin offerings
- FT: Leaders of North & South Korea to meet as tensions rise between Pyongyang and US
- Bolton met Turkey's ambassador to the US to discuss detention of pastor
- Trade ideas thread - Tuesday 14 August 2018
A day of subdued movement, even for the TRY (relatively). Although Bitcoin took a tumble back under 6,000 USD.
Currencies moved in limited ranges here today. We had some data to watch, Australian business conditions and confidence (from NAB's survey) is usually of interest and just after that we got data from China; July readings for Industrial Production, Fixed Assets. and Retail Sales.
None of these moved the forex too much at all (details of the releases are in the bullets above).
USD/JPY has barely breached a 20 point range centring on 110.70. EUR, GBP, AUD have all net edged a tiny bit higher against the USD, as had CAD also, NZD/USD is a bit of a star, its up 30 or so points for 'most improved' on the day.
The PBOC maintained the onshore yuan fix at a weak level for the CNY.
Impactful news flow was lacking.
As I said earlier, BTC dropped, back towards 2018 lows today here in Asia , continuing on its recent weakness.
Still to come:
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