Forex news for Asia trading for Tuesday 3 November 2020
- RBA Governor Lowe will hold a press conference at 0500GMT
- RBA announces policy easing measures (widely expected). Cash rate cut to 0.1%
- Bitcoin does not like the new regulation moves from Hong Kong
- Magnitude 6.0 earthquake off the coast of Chile
- HK media report that China is expected to ban imports of Australian wheat
- Hong Kong's SFC says will require all cryptocurrency trading platforms be regulated
- Twitter blocks another Trump tweet - here is what he said
- WSJ reports the US election "is tightening in 12 battleground states"
- Final CNBC polls in six key states to win
- PBOC sets USD/ CNY reference rate for today at 6.6957 (vs. yesterday at 6.7050)
- FX option expiries for Tuesday November 03 at the 10am NY cut
- DoubleLine's Gundlach says he thinks gold is going up substantially (comments on Bitcoin also)
- Citi on FX impacts of the US election
- Canada's Public Safety minister says will keep its border with the US closed as long as needed
- Federal Reserve FOMC meeting Thursday - preview (spoiler ... "a very quiet meeting")
- Bank of England Monetary Policy Committee meet Thursday, preview
- Australia weekly consumer sentiment up for the 9th week in a row: 99.9 (prior 99.7)
- Special Operations for Austria's Armed Forces have been deployed to Vienna to secure the city
- More than 500,000 b/d of crude still offline in the US after Hurrican Zeta
- Trade ideas thread - Tuesday 3 November 2020
- Election day has dawned (in Asia) - latest polling still has Biden ahead
Volatility was sapped in the Asian timezone today with thinner trade than normal as many traders were on hold ahead of the US election and also by a holiday for Japan.
The big event of the session here was the Reserve Bank of Australia monetary policy decision. The Bank eased further ,as was telegraphed by Governor Lowe and other officials, and widely expected by the market. See bullets above for details.
The Australian dollar, as I update, is down just a few points.
Note that Reserve Bank of Australia Governor Lowe is to hold a press conference today at 0500GMT. Lowe does not hold pressers after policy decisions, unlike central bank chiefs in basically all other developed market countries. We'll see if this becomes a regular occurrence, but if so, tune in for the first one ever today!
As I said above, currency moves were subdued, we had some small movement higher for currencies against the USD earlier in the Asian morning but many of these small moves have since partially or fully retraced. AUD the big (relative) mover though.
Bitcoin dropped on news of increased regulation in Hong Kong (see bullets above).
