Forex news for Asia trading Monday 3 June 2019
- More from Fed's Daly: Mexico tariffs raise uncertainty - will hurt economic growth
- Goldman Sachs have cut its US GDP forecast again – sees rising chance of Fed rate cut
- FT on the China PMI data - factory activity expands in May
- China private survey manufacturing PMI for May, Caixin/Markit: 50.2 (expected 50.0)
- Bank of Japan Governor Kuroda says Bank will continue easing
- Melbourne Institute Inflation gauge for May: 0.0% m/m (prior 0.2% m/m)
- Australia - ANZ job advertisements for May, -8.4% m/m
- Fed’s Daly says the Federal Reserve should think about more monetary policy tools
- Trump says White House economic adviser Hassett is quitting
- Australian data, Q1 inventories 0.7% q/q (expected 0.0%)
- PBOC sets USD/ CNY mid-point today at 6.8896 (vs. Friday at 6.8992)
- FX option expiries for Monday 3 June 2019 - 10am NY cut
- South Korean factory activity has its fastest fall in 3 months
- Nikkei Japan Manufacturing PMI for May, final: 49.8 (prior 50.2)
- Reports that Trump has decided against tariffs on Australia
- Australia data - CoreLogic house prices for May, down 0.4% m/m (prior down 0.5%)
- Japan data - Q1 capex and company performance data
- Goldman Sachs on oil - lower prices sooner
- UK (quarterly) survey of firms shows output, orders grow, but at a slower rate
- JP Morgan RBNZ rate cut forecast - down to 1% in 2019
- 2 manufacturing PMIs from Australia - both in expansion - recaps
- (Another) Australia manufacturing PMI for May: 51.0 (prior 50.9)
- ANZ has the AUD trading above fair value, looking for it lower.
- Australia manufacturing PMI for May: 52.7 (prior 54.8)
- An ICYMI - Friday and weekend updated Fed rate cut forecasts (yes, cuts)
- US overnight equity futures trade opens, down.
- Q1 data coming from Australia today - preview of profits and inventory data
- Reports of missile attacks on a Syrian T4 military airbase in province of Homs
- Trade ideas thread - Monday 3 June 2019
- FT: Facebook in talks with US regulator over digital currency
- German politics news - head of Merkel's coalition partner party to resign
- Bitcoin had a positive weekend, touched above $8800
- Monday morning FX - early price indications - 3 June 2019
- China white paper on trade talks sets prerequisites for a deal
- June forex seasonals: More trouble ahead on a few fronts
- The Fed can't ignore the yield curve any longer
- Xinhua - Chinese authorities to launch an investigation into FedEx
- Mexican President says chance of no deal on border dispute a remote possibility
- GBP/JPY shorts were the best trade in May
After falling on Friday the US dollar lost a little more ground here in Asia to open the week. The weekend brought no let up in the trade war with China and Mexico. News also hit the White House had considered tariffs on Australia! As the socialists in the White House gain the upper hand with protectionist measures another economic adviser bailed out - White House Council of Economic Advisers Chairman Kevin Hassett will be leaving shortly. How much longer before Mnuchin and Kudlow do the same?
JP Morgan, Standard Chartered, Barclays - all jacked up their forecasts for Federal Reserve rate cuts soon.
As noted, the impact has been a drip lower for the USD. GBP, EUR, AUD, NZD, CAD, yen, CHF all gained against the dollar. EUR/CHF hits its lowest since July of 2017.
Data today was on the weaker side. The Japanese manufacturing PMI dropped into contraction, the South Korean many PMI showed activity slowing at its sharpest in 3 months.
Bitcoin gained over the weekend (chart from earlier, image upload the moment)
