Forex news for Asia trading Wednesday 24 July 2019
- Brexit - End of the phoney war for GBP… crunch time has arrived
- TD says gold is holding up well - forecasts
- Japan chief cabinet secretary Suga on Russia, China entering Japan's air space
- ECB report highlights credit standards for loans to firms tightened in Q2
- Brexit - despite the bluster UK PM BJ is most likely to settle for another extension
- PBOC sets USD/ CNY mid-point today at 6.8860 (vs. Tuesday at 6.8818)
- A further soft Australian employment market indicator: Skilled vacancies -6.7% y/y
- Japan July preliminary PMIs: Manufacturing 49.6, Services 52.3
- Westpac now looking for an earlier RBA rate cut, Oct not Nov.
- Bitcoin slides …. uh oh …. where's my BTC 10,000 hat again?
- ECB meet Thursday, rate cut coming? What would Draghi do?
- El Erian on the gains for the USD … its all relative
- Trade ideas thread - Wednesday 24 July 2019
- AUD lower: Australian flash PMIs key take away is on the employment market
- Australia CBA/Markit preliminary PMIs (July) Manufacturing: 51.4 & Services:51.8
- New Zealand Trade Balance for June: 365m (expected +100m)
- Reports Deutsche Bank missing out on 500 million euros in income due to problem derivatives
- Reports that North Korea detained a Russian ship with 17 sailors
- Australian rare earth pilot plant could be just in time if the US-China trade war escalates
- When you are trading crypto, who has time to eat? Even with Warren Buffett
- Video: Non-trend transitions to trend. Has the EURUSD non-trended long enough?
- 18 months of lingering uncertainty ahead for risk assets
- US Dept of Justice to open a broad antitrust review of tech companies
- Oil - private data shows larger than expected draw in headline crude inventory
- Forex firm salespeople misrepresented FX pricing to customers
The Australian dollar was a poor performer today, losing the 0.7 big figure and to below 0.6980 at one stage. Its not much moved from its lows since. A couple of pieces of lower-tier data seemed to weigh on it today. Flash PMIs dropped a little, although still in expansion territory, but it was the signs given on employment that caught a bit of attention:
- Employment decreased for the first time since April, and to the greatest extent since the survey began in May 2016.
AUD dribbled a little lower. Data later showed a slowing in the decline of skilled vacancies but still down 6.7% on the year. Like I said, this is all lower tier data ... the real kicker for the AUD came from a revised forecast from Westpac looking now for the Reserve Bank of Australia to cut its cash rate in October instead of the bank's prior projection of a November cut. Westpac added another cut to come in February 2020 also. WPAC's main point is that the RBA will ease quicker given the expected path ahead for the unemployment rate (ie not dropping fast enough).
Elsewhere across forex it was fairly steady going, with little more than 10 points for the majors. NZD/USD lost further ground.
Gold is up, BTC is down.
Oh, and one more thing. If you like watching option expiry data for potential 'magnet' price levels be sure to check out the USD/JPY expiry in this:
