Forex news for Asia trading Monday 25 March 2019
- Fed Chicago chief Evans: We have to be nervous when the yield curve gets flat
- New Zealand PM Ardern to meet with President Xi in China
- Fed Evans again - will take action if inflation undershoots
- More from Fed's Evans - does not see a rate hike until H2 of 2020
- Bank of Korea Governor says extra budget spending would shore up economic growth
- Fed's Evans says the US economy is in a strong position
- China's Industry Minister says will fully liberalize general manufacturing industry
- PBOC Governor Yi Gang says Bank has pulled back from day-to-day currency intervention
- PBOC sets USD/ CNY reference rate for today at 6.7098 (vs. Friday at 6.6944)
- More from ex-BOJ dep Gov Nakaso - Leverage build up across world getting to high levels
- Former BOJ dep gov Nakaso says global policies to remain looser for longer
- Brexit - survey finds UK financial sector gloomiest outlook since 2008
- Japanese stock markets opening rather weak, Nikkei 225 down more than 2%
- Coming up in US China trade talks, March 28 and April 3 the next dates to watch.
- US Navy and Coast Guard vessels sailed through the Taiwan Strait on Sunday.
- ECB's Rehn says Brexit is the biggest threat to the eurozone in the short term
- Turkish President Erdogan has some FX advice! Lira sellers will pay “a very heavy price”.
- Brexit - UK press want PM May to resign
- Mueller report has dropped … yen down, S&P up
- Weekend Brexit - UK PM May considers offering indicative votes on options
- Brexit - Boris Johnson writes … well … the usual BJ baloney
- HUGE day coming up on March 27! RBNZ monetary policy decision.
- (collusion-free) Trade ideas thread for Monday 25 March 2019
- Uri Geller urges mass-telepathy against Brexit
- Weekend Brexit - Reports that UK PM May told she had to resign for deal approval
- Mueller report major findings released - FX little changed
- Monday opening FX rates - foreign exchange prices, early indications 25 March 2019
Weekend:
- The roadmap to doing the "impossible" in your forex trading
- A cabinet coup is underway to oust Theresa May - report
- 95% of all reported Bitcoin trading volume is faked - report
Politics to the fore today as the financial market week opened here in Asia.
- 1. Special Counsel Robert Mueller's report was delivered to the US Congress, with a summary of findings issued by Attorney General William Barr. Yes, the report itself is not yet publicly available, just the four-page summary sent to the chairs and ranking members of the House and Senate Judiciary Committees. Bear in mind that the headlines come from this letter from Barr, but in a nutshell, the report found no collusion by Trump with Russia (its more complex than that, but, yeah, in a nutshell). There are plenty of other points and more questions to come. Not over. The initial market response was a move to US equity indices (Globex trade) and out of yen, but the moves were small indeed. These moves have since been reversed and then some.
- 2. Brexit. Of course. Weekend Brexit news and reports were familiar, UK PM May is being asked to resign by the usual Brexit hardliners, with talk also of Cabinet murmurings, but on the other hand support issued by other Cabinet members. This is politics, take it all with a grain of salt, May has proven so far to be a survivor, One thing to note that might make it all different this time is the UK Sun printing a front-page opinion piece demanding May resign. Cable is down a few points on the session.
More on Mueller and Brexit in the headline bullet links above.
Aside from politics, there was plenty of financial market-related developments to influence trade here today. Global growth concerns weighed on 'risk' in the back half of last week, intensifying on Friday and that sentiment carried through here today. Regional equities are lower, Japan, Hong Kong falling heavily. China shares were heavy also but not to the same extent. Gold has added a few dollars for the session.
Nikkei:
USD/JPY has net declined during the session, from early highs circa 111.15. AUD fell a little but is, as I post, little net changed for the session. CAD ditto. EUR/USD, too, barely altered from late Friday levels.
ps. Check out the ECB Rehn post in the bullets above, Rehn clearly states there are plans for coordinated actions from the European Central Bank and the Bank of England in the case of volatile market moves in the event of a disorderly Brexit.
Still to come:
