ForexLive Asia FX news wrap: Today’s vaccine report had little impact

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading Thursday 16 July 2020 

The Twitter hack (read from the bottom up:

A late in the US day report from the UK media (Telegraph) on a promising vaccine development was received with little warmth by risk markets, with barely any response. The report was replete with caveats on early results, to be confirmed and what have you but these reports usually are and it doesn't usually prove much of a hindrance to taking markets up. This was not the case today though, risk currencies and equities did basically nothing on the report.

Later in the session selling hit after a New York Times report on Trump's administration considering a 'sweeping' ban on travel to the US by Chinese Communist Party members and families. Flows were prompted into the USD with currencies down a little on this.

It was a big day for data, 

  • Australian jobs were a mixed bag with jobs up for a bit of a bounce back but the unemployment rate climbing also,
  •  Chinese GDP for Q2 came in at a whopping beat, 
  • while Chinese activity data for June was mixed also - manufacturing continues to improve while retail slumped further.

Chinese stocks responded lower, currencies extended their falls a touch.

Also of note today, Japanese investors sold 3.6tln yen of overseas stocks last week.

In the crypto space we had a large-scale hack of Twitter to scam people into sending coins with the promises of easy riches. It worked, albeit at a small scale.

More on all of these in the bullets above. Example scam tweet below (edited to remove the account to send the BTC to!

Forex news for Asia tradingThursday 16July 2020 

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