Forex and Bitcoin news for Asia trading Tuesday 21 August 2018
- NZ data: Credit card spending for July -1.1% m/m (prior +2.1%)
- WSJ: US Moves Toward New Tariffs on China Despite Fresh Round of Trade Talks
- Westpac change call on RBA, now expecting on hold right through 2020
- The new China stock, yuan put; supported by government, banks, insurers
- RBA minutes: No strong case for a near term rate move
- PBOC sets USD/ CNY mid-point today at 6.8360 (vs. yesterday at 6.8718)
- UK government aims to boost exports to 35 percent of GDP - plan due on Tuesday
- Britain presses for more EU sanctions against Russia
- Australia weekly consumer sentiment falls to 114.1 (prior 118.2)
- Australian politics - PM Turnbull retains his position
- BHP says economic growth in China will slow modestly in 2018
- RBA's Lowe speaking now
- More Trump: Says speaking to Mueller prove could be a perjury trap
- More from Trump: 'most likely' to have a second meeting with North Korea's Kim Jong Un
- Are we getting close to Trump saying he wants intervention to drive down the USD?
- Trade ideas thread - Tuesday 21 August 2018
- More from Trump: Will be no concessions with Turkey over pastor
- More from Trump - does not anticipate much from trade meeting with China this week
The US forex moves (in a nutshell a weaker USD) carried on in Asia this morning, with follow through moves higher for currencies against the USD pretty much across the board.
The moves in US can be found discussed here, worth checking out if you did miss it:
Apart from Trump's comments on the Fed he addressed other matters also in the interview with Reuters, bullets above.
The USD continued its downward trajectory. EUR/USD popped above 1.1500 and swiftly above 1.1525, taking out stops above the figure and through to circa 1.1540. It has since subsided just a little to be around 1.1520 as I update.
USD/JPY dropped under 110 to lows just under 109.80 before settling somewhat and to be back around the figure as I post. CHF, GBP, CAD, all gained too against the big dollar.
AUD and NZD carried on a little higher. We had some political volatility in Australia today, with a challenge for the Prime Ministership; from spill to resolution (PM Turnbull put the sword to his opponent) taking about 20 minutes and then normal service resumed! I think the pub was due to open, hence the quick vote.
News and data flow was light, we got RBA minutes (of the August monetary policy Board meeting) which had been superseded anyway by the release of the SoMP and multiple appearances by Governor Lowe since the meeting.
The PBOC cut the USD/CNY today, strengthening the yuan.
Still to come:
