Forex news for Asia trading Thursday 24 September 2020

The moves lower across equities and precious metals extended during the Asian morning initially. Silver led the way with a sharp drop, gold and equity index futures traded lower alongside. There was a bounce for all as more Asian centres opened and became active but as I update silver, again, is once more losing ground and threatening to drag markets lower. Regional equities are lower following the lead set by US trading on Wednesday.

Currency performance has been quite mixed. USD/JPY is little changed on the session, straddling 105.40 for much of it so far. USD/CHF, meanwhile dropped circa 30 points from its early high (its since retraced just a little). EUR, AUD, GBP all traded similarly to equity moves, losing early but recovering (AUD the exception).

AUD/USD is net a little weaker for the session, under 0.7060. AUD has been weak indeed since Debelle on Tuesday, and then getting another push lower from revised calls for earlier RBA easing since his speech. Morgan Stanley forecasts for a lower iron ore price (adding to similar from Citi and Macquarie earlier in the week) another negative for it on the session here (iron ore is the country's biggest export).

News flow was light only, some US politics capturing interest with Trump refusing to commit to a peaceful transfer of power should the election not go his way.

Forex news for Asia tradingThursday 24September 2020