Forex news for Asia trading Monday 27 May 2019
- North Korea says US National Security Adviser Bolton is a war fanatic
- BOJ Governor Kuroda speech: Global Economy: Challenges and Policy Responses
- Stan Chart on what an all out trade war means for USD/JPY
- Trump and Abe meeting seems to be going well ... except Trump wants to send Abe to Iran
- Goldman Sachs on tightening financial conditions in the US … and who caused it (you'll never guess)
- ICYMI - its a holiday Monday in the UK and USA today.
- China industrial profits in April -3.7% y/y (March was an outlier at +13.9%)
- No looking back for Bitcoin - Sunday BTC/USD rally extends towards 9000 USD
- PBOC sets USD/ CNY mid-point today at 6.8924 (vs. Friday at 6.8993)
- Forex options expiring Monday 27 May 2019
- Brexit - ANZ on where to for the UK and GBP. BoE upbeat, but GBP two-sided risk.
- Weekend China press says US demands are an “invasion” on its economic sovereignty
- Weekend - ECB’s Governing Council member (and potential new boss) Weidmann says he sees no need for policy change
- European election results in the UK - projections (and what it says about Brexit)
- EURUSD - support, resistance and "looking for a break higher"
- Morgan Stanley says Australia's RBA is the ‘canary in the coal mine’ for the US
- Italy's Salvini says Europe is changing - citing strong voting for Le Pen and Farage
- Australia’s largest pension fund to splurge on overseas assets (5 year strategy)
- A EUR/USD end-2019 forecast of 1.15
- Weekend: JP Morgan slashed its US GDP outlook to just 1% in Q2 - has implications for Fed policy
- China: Global Times reports recommendations PBOC adopts 'moderately loose monetary policy'
- Brexit & UK European election voting - Farage's party set to poll strongest
- Greek PM Tsipras calls national election
- Boris Johnson dialling back the b/s - but still considering a no-deal Brexit
- European elections - summary of results (latest projections)
- Bitcoin is ending the weekend with a bang, BTC/USD above $8500
- Good morning Monday! Early FX price guide update 27 May 2019
- The race for the ECB top job starts after the EU elections
- How the UK Conservative leadership race works
Bitcoin surged here in early Monday hours/Sunday after US time from 8000 USD to above 8700. It sat around 8600 then before setting off higher again towards, but not reaching, 9000 USD. There was no specific catalyst. The crypto is a thinly traded an volatile instrument so doesn't need news to move.
Speaking of news, the focus early was on European election results which have seen populist parties make solid gains in representation in the European Parliament but middle ground parties holding on to the most representation. I guess your interpretation will depend on your world view. Gains for the Greens also to further muddy the narrative.
EUR pretty much yawned and ignored the results, its barely changed for late Friday trading levels as I update.
The outcome in the UK showed stark losses for the two major sides. There was a solid pickup of seats for Farage's Brexit party. That's not the full story, the Liberal Democrats also polled strongly. Again, how the results will be viewed through the lens of a person's world view but there is no escaping the dramatic drop in Labour and Conservative votes (and seats)
GBP is up a little on the session here form late Friday levels.
USD/CHF and USD/JPY have both added a few points also while AUD & NZD/USD are both barely changed.
Data today was sparse, Chinese industrial profits for April the only release of note. These fell y/y after the big surge in March.
