Forex news for Asia trading Tuesday 21 May 2019
- More from RBA Gov. Lowe - govmt policies important for growth
- Is it also time to get cheerful on the Australian economy?
- RBA Gov Lowe: To consider a rate cut at June meeting
- New Zealand credit card spending for April: +0.6% m/m (prior -0.1%)
- New Zealand finance minister says its time to cheer up about the economy
- NZD traders - heads up for the GDT dairy auction coming up Tuesday
- RBA minutes: Rate cut would be appropriate if no further improvement in labour market
- PBOC sets USD/ CNY central rate at 6.8990
- FX option expiries for the 10am NY cut Tuesday 21 May 2019
- Huawei not impressed with the temporary reprieve from the US
- For the 'what could possibly go wrong?' files - BOJ holds 77% of Japan's ETF market
- Morgan Stanley on the chance of a global recession - what to watch
- Iran's Rouhani says he favours talks and diplomacy, but not right now
- Singapore's central bank says its current monetary policy stance is appropriate
- Singapore Q1 GDP +3.8% q/q (expected +2.3%) (annualised)
- Japan's fin min Aso says Q1 GDP not bad, fundamentals solid
- Australia - ANZ/Roy Morgan Consumer Confidence weekly survey 117.2 (prior 114.8)
- Fed's Powell - Premature to make judgement on trade & tariff impacts on path for monetary policy
- Australian regulator moves to boost the housing market
- Fed's Powell speaking, expresses concern on debt levels
- 5 reasons the RBA will cut rates
- 2 reasons the Reserve Bank of Australia is unlikely to cut in June
- Here are 3 EUR/USD forecasts (spoiler: one month 1.12, 3 mth 1.13 & 6 mth is 1.15)
- US President Trump says Iran has been very hostile, but he'd like to have talks with them
- "Preparing for the next recession: 9 things you need to know"
- More on US granting Huawei a temporary general licence
- FT: Huawei to develop its own phone o/s, 'tech cold war gathers pace'
- Trade ideas thread - Tuesday 21 May 2019
- Huawei - China responds by putting the pressure on Australia - relations at a "low ebb"
- US says it is creating a 90-day temporary general license for Huawei and 68 entities
- Recap (and ICYMI) of Bank of England Broadbent comments on Brexit
The Australian dollar moved higher in the Australian morning with the Australian prudential regulator (APRA) loosening mortgage lending restrictions, which is expected to give the beleaguered property market some boost. AUD/USD popped toward 0.6930 before settling sideways and then drifting a little back.
Later in the Australian morning we got Minutes from the RBA May meeting that read dovish, sending the AUD back down a few points. It sat circa 0.6910/15 until Governor Lowe gave a speech in the afternoon, in which he sounded dovish indeed. It was read as being as good as locking in a June (4th) RBA rate cut. We'll see, but market pricing jumped to around 90% for the cut now. AUD has fallen under 0.6890 and is still soft as Lowe's Q&A continues... and now concludes.
NZD moved with the AUD today, though in a small range and ends the session on lows circa 0.6520. Weakness also today for yen, with USD/JPY edging a little higher to around 110.25. There was little news nor data for yen as it moved back to its overnight high.
Elsewhere across FX movement was barely noticeable, 10-15 pip ranges would just about cover it. Gold is down a few dollars only while BTC is little net changed.
