ForexLive Asia FX news wrap: Pre-NFP session in Asia

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading Thursday 2 July 2020 

The session began with some small losses for the USD, emphasis on small, with AUD, NZD, GBP and even EUR up just a little. CAD was a laggard, well it was a loser, falling some against the USD. Yen lost against the dollar also. 

Data flow was non-impactful, and there was not a lot of it. Australian exports and imports were both lower on the month (May was reported today) but the trade balance remains elevated as imports have weakened more than exports since the global outbreak.

AUD dropped away, losing its gains (I've already mentioned they were small only) as the Prime Minister floated the idea of making the country a 'safe haven' for Hong Kongers in the wake of China's new security law. The other currencies I mentioned above as having gained against the dollar gave back a few points alongside but AUD was the biggest.

The news on the spread of coronavirus in the US worsened again, Bloomberg report a surge of move than 50,000 cases in the preceding 24 hours while other sources came in just slightly under this figure. Goldman Sachs note that more than half of the US has now, or is in the process of, dialling back the reopening moves. You'll note in the bullets above the case count jump in Australia also, small potatoes compared to the US but not a positive for reopening in Australia nonetheless.

NZD:

Forex news for Asia trading Thursday 2 July 2020 

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