ForexLive Asia FX news wrap: S&P500 futures slammed on Globex

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading Wednesday 26 February 2020 

Traders awaited US President Trump's press briefing on the coronavirus. There was nothing much of substance from it. In the midst of the press conference news hit that there was a confirmed case in California "of unknown origin". This, along with the nothingburger press conference spooked US equity futures trade, prompting an evening of losses on Globex trade.

News otherwise during the session on the virus was a quickening of infections in South Korea, but also some positive news out of Japan where a faster result test for the virus was announced. Details on this were thin, see bullet above.

Looking ahead, US Vice President Pence (announced as the head of the virus task force in the US) will chair a virus meeting from 2.30pm US time (1730GMT) on Thursday (27 February 2020). This might calm 'risk' heading in but given the situation the US faces (reported yesterday that

(that is, the US data in infections is not credible) there is plenty of bad news to come before it gets better.

Apart from coronavirus news ... US Presdient Trump once again berated the Fed for having interest rates too high. When he made the comment it prompted some USD weakness, and this has subsequently extended against yen and CHF. GBP, EUR also a little better bid for the session. Gold is up a few dollars also.

From Australia we got capex data for Q4 2019. This was a mixed bag, with the realised spend in Q4 disappointing but planned capex ahead a little brighter. A little, mining capex intentions a bright spot (from a deeply low base) while services capex intentions are suffering from the weak demand Australian economy. AUD/USD stabilised somewhat during the session, as has NZD/USD (see bullets above fro comments out of NZ today). 

Forex news for Asia trading Wednesday 26 February 2020 e

  • As I post, Dow futures down 400 points.
  • S&P500 down 1.5% 
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose