ForexLive Asia FX news wrap: Japan / US trade deal?
Forex news for Asia trading Tuesday 16 July 2019
- Barclays expect a lower EUR/USD
- AUD/USD to its session low - two factors weighing
- China press - More Financial Institutions Exposed to Camsing Fraud Scandal
- Former Microsoft worker charged with stealing millions in "digital currency" scam
- France says the international monetary order needs to be reinvented or will become increasingly dominated by China
- Fitch ratings affirms Japan at 'A', with stable outlook
- PBOC sets USD/ CNY central rate at 6.8827 (vs. yesterday at 6.8710)
- More on US and Japan working on a small trade deal - agriculture and autos
- Singapore data - exports fall for the 4th consecutive month and worse than expected
- Australia - Westpac Leading Index (June 2019): 0.08% m/m(prior -0.08%)
- China - heads up for the Politburo meeting later in July - more stimulus to be announced?
- The US and Japan are working towards a trade deal by September
- China - widening clampdown on trust financing of real estate projects
- Huawei to invest $3.1 billion in Italy over the next three years
- More on comments from Federal Reserve San Francisco chief Daly
- Fed's Daly: Not leaning one way or the other on July rate decision
- Pelosi and Mnuchin to discuss US debt ceiling again on Wednesday - 'forward motion' occurring
- ICYMI: EU expects the US to get WTO approval for US7bn in tariffs on EU goods
- NZD/USD lower overnight - resistance cited circa 0.6730/40 now
- AUD/USD levels - support, resistance for the session ahead
- How much QE coming from the ECB? Goldman Sachs modelling says 150bn euro (but …)
- Analyst recommends that in the case of an imminent currency war, buy gold
- Trade ideas thread - Wednesday 17 July 2019
- Private oil data shows a smaller than expected draw in headline crude oil inventory
- (US data) - China's holdings of Treasuries fell again in May
Some minor movement for forex today in a session with little data nor news to act as a catalyst.
USD/JPY had a range-bound day from early Tokyo highs above 108.30 to lows just under 108.15. There was some news (anonymous sources reported via Reuters) of a limited-scope trade deal being worked out between Japan and the US which is to be announced at the Trump-Abe summit in September in the US. To cover agriculture (Japan to buy more from US farms) and autos (US to buy more from Japan).As you can see from that range already discussed, a minor forex impact only.
EUR, GBP, CHF all little changed against the USD.
AUD/USD dropped under its overnight low, but not by much. It found buyers enough to stop the small slide it had (highs were circa 0.7020) ahead of 0.7000. Some news on spreading contagion in China related to a potential financing fraud along with lower iron ore prices seemed to act as enough of a catalyst to trigger the small selling. Do note, we have the much-watched monthly jobs data report from Australia due tomorrow.
USD/CAD is a touch lower on the session ahead of COPI data from Canada on Wednesday.
Still to come:
Wednesday, July 17 is National Hot Dog Day in the US. Apart from that though: