Forex news for Asia trading Friday 28 February 2020
- Japanese officials are undecided whether to hold a BOJ, MoF, FSA meeting today
- US VP (and Coronavirus Czar) says risk of coronavirus spread in the US remains low
- Coronavirus - Tokyo Disney resort will shut for 2 weeks
- Hyundai to suspend production at no. 2 factory in Ulsan
- NZ government introduces even stricter coronavirus response moves
- US week ahead data will be eyed re the FOMC on March 18 - politics will be a complication
- Brexit recap - UK says it'll break off trade talks with EU if 'good progress' is not made by June
- Japan's PM Abe says has reserves to tap for virus response, not yet needed.
- CAD is falling further in Asia, NZD also
- China stockmarkets down around 2% at opening
- How the coronavirus outbreak will hit Eurozone exports
- PBOC sets USD/ CNY reference rate for today at 7.0066 (vs. yesterday at 7.0215)
- Japan - Kirin asks 10,000 workers to work from home
- South Korea confirms 256 more coronavirus cases, total 2022
- Australia Private Sector Credit for January: 0.3% m/m (expected 0.2%)
- Chinese naval ship lases a US Navy plane near Guam
- UK February consumer confidence at -7, highest in 18 months
- China reports 327 new coronavirus cases and 44 deaths for February 27
- Japan Industrial Production for January (preliminary) 0.8% m/m (expected 0.2%)
- Japan Retail sales for January +0.6% m/m (expected -0.1% )
- FT: Saudi Arabia is pushing to make a substantial cut in oil production when Opec meet
- Small business sentiment measure from China: February 37.3 (from 56.2 in Jan)
- Japan Unemployment rate for January 2.4% (expected 2.2%)
- Tokyo area headline CPI (February) 0.4% y/y (expected 0.5%)
- ASX listed Zoono product tests show > 99.99% effective against COVOID-19 (coronavirus)
- South Korea's vice fin min says will act against herd-like behaviour in FX market
- US President Trump says 'We've done a great job' on coronavirus
- The killing of 22 Turkish troops in Idlib risks NATO - Russia conflict
- Bank of America revises global GDP forecast to weakest since 2009
- Oil -11.8%, Dow - 11.1%, S&P500 -10.8%, Nasdaq-10.6%. Apart from that, how's your week going?
- Guggenheim's (USD 270bn fund) chief investment officer Scott Minerd - possibly the worst thing I've ever seen
- China, Japan, & South Korea at risk of a second wave of disruptions to their supply chains
- US CDC says 'aggressively' evaluating how long the virus survives for on surfaces
- Trade ideas thread - Friday 28 February 2020
- NZ data - Feb consumer confidence -0.5% m/m (prior -0.5% also)
USD/JPY slid during the Asian session today, and with a lower NZD/USD, AUD/USD and a higher USD/CAD these currencies against yen took a thrashing. Of course the moves are all tied into coronavirus fears (and CAD getting a double whammy from weak oil), the approaching weekend is a caution for those wanting to hold 'risk' over the tw0day break (China PMIs this weekend an added 'bonus' wildcard).
- NZD/USD hit a 4 month low today
- USD/CAD climbed above 1.3415
- AUD/USD back towards 0.6550
The news flow on coronavirus during the session here was not good, but if you want to take some positives away the number of new cases in South Korea declined on Thursday (Thursday is the latest update). Daily new cases in China reported continued to fall also. It will be interesting to see how infections in the US develop once we can get some data that can trusted (still only a few states with testing capability).
NZD/JPY looked at stocks: "Hold my beer"
