Forex news for Asia trading Tuesday 28 July 2020
- UBS updated gold price forecasts
- PBOC sets USD/ CNY central rate at 6.9895 (vs. yesterday at 7.0029)
- FX options for expiry at the 10am NY cut on Tuesday 28 July 2020
- Gold and silver continue to climb in Asian morning trade
- Uh-oh, now it looks like a China - US Mint war! China to issue gold, silver coins set
- Gold, silver - The US Mint says it has reduced gold and silver coin supplies to purchasers
- Global Times says Australian iron ore can’t prop up souring economic ties with Beijing
- Pelosi says still hopes to come to a compromise agreement with Republicans on coronavirus economic relief bill
- AUD/USD support and resistance levels ahead
- Japan data - PPI Services for June: 0.8% y/y (expected 0.8%)
- Australian data - ANZ Roy Morgan Consumer Confidence Index: 89.0 (prior 90.7)
- New Zealand has suspended its extradition treaty with Hong Kong
- UK data - Lloyds Bank Business Barometer for July: -22 (prior -30)
- Japan’s biggest private life insurer is planning to buy more US corporate bonds
- Coronavirus - Google to keep most of its employees at home until July … 2021
- US Senate Republican Leader McConnell: Cost of Republican coronavirus response bill about $1tln
- North Korean dictator Kim Jong Un says nuclear deterrence guarantees national safety
- Biden's staff have been told top to delete TikTok from their work & personal phones
- More explosions in Iraq - this time north of Baghdad
- Pelosi, Mnuchin, Meadows, Schumer to meet at 2200GMT
- Trade ideas thread - Tuesday 28 July 2020
- US Senate leader McConnell speaking on the next economic package to come
- Three rockets hit an Iraqi military base housing US/coalition troops
Demand for the precious metals continued in Asia today with gold touching $1980 and silver $26. The FOMC meeting is today (and Wednesday) and an even more dovish Fed is expected. Investors are not seeming to be meekly awaiting the outcome with widespread USD selling in past days although currency moves here in Asia were muted compared with those for gold and silver.
And Bitcoin - it trade quickly higher also, to circa $11,400 before coming to a halt and retracing somewhat.
From Washington we had news on what appears to be an inching forward of stimulus negotiations with Pelosi indicating Dems would continue to work with the US Senate towards a compromise to get more economic relief stimulus through. Apart from this there was little news nor data of impact.
ForexLive's TradeOn Summit is on right now - check it out here to register and login (its ForexLive, so its free!)