Forex news for Asia trading Friday 28 June 2019
- Here is more to watch this weekend (its not just about the Xi-Trump meeting) - China PMIs!
- Japanese PM says downside risks to global economy , but signs of stabilising
- Deutsche Bank on the Fed - previous playbook for rate cuts not to be trusted
- CAD traders - heads up for the Bank of Canada Business Outlook Survey - preview
- Citi base case is bullish yuan, expect US-China trade truce at G20
- China President Xi - Gulf region at the crossroads of war and peace
- Australia - private sector credit for May +0.2% m/m (expected 0.2%)
- Here we go - Trump did not raise the issue of the yen exchange rate with Abe
- PBOC sets USD/ CNY mid-point today at 6.8747 (vs. yesterday at 6.8778)
- FX option expiries on Friday 28 June 2019 at the 10am NY cut
- Japan official says there were no talks on US-Japan security between Trump and Abe
- Trump sounds bullish on working out a fix with Iran - 'no time pressure'
- Another bank calling lower for USD/CAD
- EU's Juncker says must tackle unfair trade subsidies
- Money management funds see a lower USD
- BOJ summary for the June meeting released - persistent easing necessary
- Japan industrial production for May, preliminary reading +2.3% m/m (expected 0.7%)
- Japan - Tokyo area inflation for May: Headline is 1.1% y/y (expected 1.0%)
- Japan May unemployment rate 2.4% (expected 2.4%)
- UK data - Lloyds Bank Business Barometer (June): 13% (prior 10%)
- UK data - GFK Consumer Confidence (June) -13 (expected was -11, prior -10)
- The chaps at China's Global Times say US growth claims are fake news
- Commerzbank looking for higher EUR/USD - targets
- WSJ reports that 'Iran Threatens to Pull Out of Nuclear Treaty, Like North Korea'
- Its the RBA (0.75% in cuts to come) vs. the RBNZ (0.5% to come) - AUD & AUD/NZD trades
- New Zealand ANZ consumer confidence for June up 2.8% m/m (prior -3.2% )
- ICYMI - Japan has urged the UK to avoid a no deal Brexit
- UK Times: PM hopeful Johnson preparing emergency budget for no-deal Brexit
- Goldman Sachs says the yen is undervalued - downside risk to 103 target
- One for the AAPL folks - Jony Ive to leave Apple
- Trade ideas thread - Friday 28 June 2019
- Deutsche Bank on the Bank of England and Brexit
The G20 summit began today in Japan, but of course, all eyes and ears are on the meeting Saturday between US President Trump and China President Xi.
There was little news of market-moving substance today although we did get some data. Japanese May Industrial production (preliminary for that month) came in at a solid beat. The shine was taken off somewhat by outlooks coming in not so impressive though. Also from Japan was the 'Summary of Opinions' from the June monetary policy meeting. The BOJ actively discussed further easing, even outline (only vaguely though) further steps they could take.
USD/JPY lost 20+ points on the session, from just above 107.80 it fell under 107.60 and is just above as I update.
EUR/USD, cable, USD/CAD and NZD/USD are all little changed net for the session. AUD/USD has managed to gain a few tics to keep its nose above 0.7000 (NZD/USD got above 0.6700 but dipped under - not far from now though).
Gold was a mover, it regained its composure today, adding to its overnight move to trade above $1,422.
