Forex news for Asia trading Thursday 22 August 2019
- Offshore yuan's weak session, USD/CNH highest for the week
- Goldman Sachs is planning a "hiring spree in trading" (but there's a catch!)
- China is not manipulating the yuan, its the US manipulating the dollar
- Australian Securities and Investments Commission (ASIC) to ban binary options
- PBOC sets USD/ CNY mid-point today at 7.0490 (vs. yesterday at 7.0433)
- FX option expiries for Thursday August 22 at the 10am NY cut
- More from Japan's Motegi - gaps remain with US on trade after 1st-day talks
- Japan preliminary PMIs for August: Manufacturing 49.5 (prior 49.4) Services 53.4 (prior 51.2)
- UK data - pay rises in the three months to July the fastest in more than 10 years
- Powell preview - Jackson Hole speech to set the stage for a September Fed rate cut
- US Federal Reserve should use forward guidance now - Kashkari
- Australia - August preliminary CBA PMIs: Manufacturing 51.3 (prior 51.6), Services 49.2 (prior 52.3)
- North Korea says the US cruise missile test was "dangerous"
- London-listed Royal Dutch Shell bids to buy Australian energy retailer
- Goldman Sachs best US recession hedge is short USD/JPY
- Germany's finance ministry says "External risks have increased significantly"
- People of Brexit , relax! Your Samsungs are safe - UK South Korea to sign Free Trade Agreement
- EUR/USD forecast to 1.10 before the end of the year (might be a little quicker than that though ….)
- Mercedes Benz have their very own Brexit backstop - high tech repo men
- Trade ideas thread - Thursday 22 August 2019
A very light flow of news and data on the session here in but a move for the Chinese yuan lower again and flows out of AUD/JPY.
Activity was light, with volumes lower than normal as many are happy to leave fresh position setting until after Fed chair Powell speaks at Jackson Hole on Friday. Expectations are high for more dovishness from Powell but this obviously sets the stage for disappointment.
AUD/JPY drifted lower during the session, with a lower yuan providing some impetus for the move. AUD/USD dropped from highs above 0.6785 to lows circa 0.6765. NZD/USD lost a little ground also, breaking its overnight low. CAD completed the trifecta, with USD/CAD edging above 1.3300.
EUR and cable are both little changed, USD/CHF also. USD/JPY lost a points, but not large.
Do keep in mind that the moves described were all small and with PMIs and ECB minutes still to come in the session ahead we might see some better action.
USD/CNH:
