ForexLive Asia FX news wrap: Bitcoin surges towards $40,000

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading on Monday 26 July 2021

BTC/USD moved a little higher over the weekend but really rocketed during the Asian morning. Its been on a steady recovery path since last week's media event with Wood, Musk and Dorsey but really surged here today. The narrative that was applied (narratives are often back-fitted to price moves) was related to the Amazon job ad for a digital currency and blockchain expert, which led to speculation the firm would gear up to accept crypto (currently it does not). The Amazon ad was reported on late last week.

Across FX there were a few minor moves. Yen has appreciated, with USD/JPY down from early highs around 110.55 to lows just under 110.35. CAD has lost ground, USD/CAD has scaled slowly back to just above 1.2580. AUD, too, lost ground against the USD, but only a few points while EUR /USD is a touch higher than its late Friday level.

News flow was light, as was data flow:

  • NZ trade balance for June showed increasing exports and imports
  • Flash PMIs from Japan (for July) were a little sad as the economy takes continued hits from coronavirus impacts

Market focus is shifting towards the Olympics, plenty of financial market players are tuning in to live coverage at the expense of markets! Who remembers when waiting for daily counts did not mean how many people are infected? Here's what it used to be about:

Forex news for Asia trading onMonday26July 2021

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