Forex news for Asia trading Tuesday 28 May 2019
- Pakistani clerics have issued a fatwa against USD buying
- Australian forex users with turnover around 100,000 AUD a year - check this out
- PBOC sets USD/ CNY reference rate for today at (vs. yesterday at 6.8924)
- Rising Australian consumer confidence being (partly) attributed to expected RBA rate cut. Oh dear.
- Japan macro adviser flags BOJ may need to do more, raises yen intervention question
- NZ Government concedes at least some of the 2019 Budget has leaked
- Reports of mass attack in Tokyo - 15 people stabbed
- AUD back watching iron ore? The metal is at a 5 year high.
- Japan PPI services for April: 0.9% y/y (expected 1.1%)
- Australia ANZ/Roy Morgan Consumer Confidence: 118.6 (prior week was 117.2)
- US President Trump says his meetings with Japanese PM Abe went very well
- Updated AUD/USD forecasts from 2 banks, 0.68 tipped by both
- Nomura - forget elections, look at fundamentals, euro downtrend to persist for some time
- Trade ideas thread - Tuesday 28 May 2019
- China Global Times: US tries to suppress China, steal away interests, wants to rob China
- US markets were closed on Monday 27 May 2019. Here's a 'catch up' on the day's headlines.
The Chinese offshore yuan dropped today. The onshore was set weaker again by the PBOC / CFETs (CFETS is the China Foreign Exchange Trade System, theFX division of the People's Bank of China) and the offshore was sold to take USD/CNH to highs above 6.92. Trade war rhetoric continues to ramp up on the China side at least, we seem to have had a break from it on the US side with president Trump in Japan (he is on his way home today).
Gold was another mover, down to under 1283 for the session here.
Elsewhere currencies played out limited ranges with results mixed across the board.
USD/JPY moved above 109.60 and then dropped back under 109.50. Japan's finance minister said there was no 'currency clause' discussed while Trump was in Japan, which prompted the yen selling before the move was reversed. Again, small range so despite the stories net change is tiny.
EUR and CHF have lost a little ground, while AUD, NZD have gained. All within limited ranges of course. Cable and USD/CAD are also little changed on the session.
Still to come:
- Preview of the Bank of Canada monetary policy decision due this week
- Bank of Canada's monetary policy rate announcement preview (spoiler ... non-event)
- NZ data due tomorrow - business confidence is being closely watched
- Preview of the RBNZ Financial Stability Report (FSR) and the NZ government budget
- NZD traders heads up for a busy week of data, RBNZ and the government budget this week
- AUD traders - heads up for the capex data for Q1 due this week - preview
