Forex news for Asia trading Thursday 23 May 2019
- AUD and the RBA … "if you think ‘one and done’ is enough … you are in for a surprise."
- BOJ deputy Governor Wakatabe: BOJ not yet at stage to discuss exit
- Bitcoin hasn't had much of a session either - lower
- Reuters: China's rare earth supplies could be vital bargaining chip in US trade war
- BOJ Deputy Governor Amamiya - need to continue current easing
- The Hong Kong dollar peg has been in place without breaking since 1983. This time its different says Kyle Bass.
- PBOC sets USD/ CNY mid-point today at 6.8994 (vs. yesterday at 6.8992)
- South Korean press reports US have been lobbying South Korea not to use Huawei products
- Japan data - Flash manufacturing PMI for May comes in at 49.6 (prior 50.2)
- Australia press: "Tough road ahead in Australia housing"
- Fitch Ratings says operational risk may further pressure Australian bank ratings
- Review of North Korea’s latest smartphone: The Pyongyang 2425
- Huawei issue - not about trade at all.
- Japan press- Trade will not be the focus of Trump's upcoming trip to Japan
- Australia flash PMIs for May: 51.1 (prev. 50.9), Services: 52.3 (50.1), Composite: 52.2 (50)
- Brexit - Nigel Farage ‘trapped on Brexit bus due to people armed with milkshakes’
- FOMC minutes response - inflation dip transitory
- Brexit - UK Times reports UK PM May will resign on Friday
- FOMC minutes response - No precautionary rate cut coming
- AUD levels (support, resistance to eye)
- Largest Australian fund manager on the RBA - says they got it wrong
- NZ finmin Robertson says New Zealand government to shift to a net debt target range
- NZD traders - Fonterra has forecast the 2018-19 milk price at the lower end the expected range.
- Trade ideas thread - Thursday 23 May 2019
- Brexit: UK press report that the PM is considering pulling the withdrawal agreement bill
- The Swiss national stock exchange group is working to develop a stablecoin
Some movement today in yen crosses, lower and then a retrace pretty much sums it up on a session without much in the way of market-moving news nor data.
We did get a disappointing flash manufacturing PMI from Japan, the Nikkei/Markit preliminary purchasing managers index for May. The final will be published in a week but this one today indicated that export orders fell at their fastest in four months. The headline result dropped back into contraction, at 49.6, down from 50.2 in April.
We had a few Brexit items crossing, most notably a splash across the front page of the UK Times saying Prime Minister May will be announcing her resignation on Friday. I have lost count of the number of pundits predicting May's demise over her 2-year or so tenure, its been laughable. Maybe the Times is onto something this time.
For currencies, yen found a bit of support today. USD/JPY fell down towards 110.10 before retracing some of its move. The range was not large though. With no fresh catalysts explanations fell back on timidity on risk due to trade wars, Brexit and what have you.
AUD, EUR, GBP, NZD, CAD ... all lost a few points and again within small ranges.
Gold did little, down not very much net for the session.
Bitcoin fell late US time into very early Asia trade time and has not managed much recovery. Its down 300 to 400 USD (depending on where you are counting from), which in the big picture for the cryptocurrency is not large, but notable nonetheless. Again, no obvious catalyst headlines.
Still to come:
