Forex news for Asia trading on Monday 14 June 2021
- AUD traders - a big week coming up, Tuesday RBA info and Thursday RBA Gove Lowe and jobs report
- G7 on China - calls for investigation into COVID origins, calls for end of forced labour in Xinjiang
- Hyundai Motor will halt production at its Alabama, US plant for 3 weeks - chip shortage
- Goldman Sachs say June FOMC meeting too soon for a hint on QE taper
- New Zealand (NZIER) consensus economic forecasts - near-term growth outlook has been revised up
- Axios reports on the difficulties faced by Biden's infrastructure plan - - may not get the votes of his own party
- UK manufacturers have accelerated their plans for hiring and investment
- New Zealand services PMI for May: 56.1 (prior 61.2)
- ICYMI - BTC has surged in price after Musk says Tesla will accept bitcoins when miners use more clean energy
- WSJ report on why the Fed could remove monetary policy support sooner than expected
- Coronavirus - The UK Government has approved a 4 week delay to the end of the lockdown
- Oil price forecast from Iraq's oil minister: range U$68 to $75 / barrel during H2 if OPEC holds
- Here is what the G7 agreed to at their summit - economic stimulus programs to continue
- Trade ideas thread - Monday 14 June 2021
- Bitcoin surge on Musk tweet
- Monday morning open levels - indicative forex prices - 14 June 2021
BTC/USD surged in price from circa $36K after weekend lows just under $35K when Tesla CEO Elon Musk indicated his firm will be accepting BTC transactions once it confirms there is reasonable clean energy usage by miners:
"When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions"
ICYMI, the background to this is TSLA stopped taking BTC back in mid-May due to concerns over how mining contributes to climate change.
BTC/USD traded as high as above $39.5K and as I post is straddling $39,000.
News flow was light. We had the G7 Communique which was notable for quite forceful views on China. There was no data that proved noteworthy.
Major FX traded in a subdued fashion during the opening session to the week here in Asia. USD/JPY tested towards its US (Friday) high above 109.80 but so far has not carried on higher from there. EUR, CHF, GBP, AUD, NZD, CAD are all little changed from their late Friday levels. Market holidays in Sydney, Melbourne, Hong Kong and China ensured liquidity in amrekts was lessened during the session.
Gold had lost a few dollars, its just above US$1866 as I post.
