ForexLive Asia FX news wrap: US coronavirus relief bill passes Senate
Forex news for Asia trading Thursday 26 March 2020
- US coronavirus relief bill has passed the Senate - here is what's next
- While we await the US Congress vote - coronavirus cases in the USA jump by 12,000 in one day
- Singapore has just set a new high for number of new confirmed coronavirus cases
- Japan announces 98 new coronavirus cases and another 2 more deaths
- ‘Apocalyptic’ coronavirus surge at New York City Hospital
- South Korean new coronavirus cases +104, and deaths +5
- PBOC sets USD/ CNY reference rate for today at 7.0692 (vs. yesterday at 7.0742)
- FX option expiries for Thursday March 26 at the 10am NY cut
- RBA QE operation, offer to purchase AUD3bn in Australian government bonds
- Singapore Q1 GDP -10.6% q/q (annualised). Worse than expected.
- Coronavirus - The Governor of Colorado has issued a statewide stay-at-home order
- City of Tokyo lockdown mooted after big jump in coronavirus cases
- More on the EU 'coronabonds' - set to be a firm "NO" from Germans and Dutch
- UK coronavirus confirmed cases rise to 9,529 from 8,077 the previous day
- More from Pelosi - House members will get 24 hours notice prior to US coronavirus relief bill vote
- US jobless claims forecasts range is huge, guesses as high as 4 million for the week
- ICYMI: Nine eurozone countries issue call for ‘coronabonds’
We spent the session here in Asia awaiting the vote on, and thus the result of, the economic relief bill in the upper house of the US Congress. The result is it has been approved, but the process is not over, the bill now passes to the House of Representatives for their vote. Indications are it'll be a least 24 hours before the Reps vote and it is probably most likely to be not until Friday (I have seen Friday 9am Washington time floated),
Ahead of the vote yen crosses traded down. USD/JPY dropped to lows under 110.50 before stabilising somewhat. USD/JPY, as I update is drifting back towards its earlier lows after the news of the approval of the bill has come through.
AUD/USD was a big loser on the session, down under 0.5880 at one stage but back over 0.5900 as I update. NZD/USD had slid with it to lows circa 0.5780 before it bounced just a little stronger to just above 0.5840.
EUR/USD is up on the session, over 1.0900. Cabkle is net not a lot changed while USD/CHF has followed a similar pattern to USD/JPY..
Gold lost some ground early but is net little changed for the session as I update. USD/CAD gained 50+ points on the session, oil has not done a lot.
On the virus, there is a bit of a rebound in cases in Japan, South Korea and Singapore. UK and US total cases continue to surge higher.
Regional equities as I post
- Nikkei: -3.64%
- Hang Seng: -0.48%
- Shanghai: -0.18%
- ASX: +2.62%