Forex news for Asia trading Thursday 4 June 2020
- China may be labelled as a currency manipulator
- China is set to allow resumption of foreign airline inbound international flights
- US - Los Angeles shakes in California earthquake
- Australia trade balance for April: AUD 8.8bn surplus (expected surplus of AUD 7.5bn)
- Australia retail sales for April: -17.7%
- PBOC sets USD/ CNY reference rate for today at 7.1012 (vs. yesterday at 7.1315)
- FX option expiries for Thursday June 04 at the 10am NY cut
- Now Brazil reports a new daily record for coronavirus deaths +1,349
- New Zealand - ANZ Commodity Price index for May: -0.1% m/m (prior -1.1%)
- Chinese firms press on with US stock market listing plans despite Trump threats
- US to impose restrictions on additional Chinese media outlets
- Another round of Australian economic stimulus announced, 688m AUD for the construction sector
- As Brexit trade talks continue, news that Rolls-Royce confirms 3,000 job cuts across the UK
- AUD update, higher due to FOMO & central banks
- Apple is disabling iPhones looted from its stores
- More from Trump - says he has not thought. About sanctions on Xi over Hong Kong
- Trump says economy will be even better with a little time - 'mind boggling' economic numbers coming in fall
- Oil - BP is evacuating offshore workers in Gulf of Mexico due to oncoming storm
- More on the BOE warning UK banks to step up plans for a no-deal Brexit
- US - China trade relations update - souring further
- Trade ideas thread - Thursday 4 June 2020
- Merkel says German economic stimulus package is worth 130bn EUR
- ICYMI: Deal agreed on Germany's stimulus package
- The EU-China summit planned for September has been cancelled - because coronavirus
Small reversals of the US dollar moves of the week so far in Asia during the session. EUR, AUD, GBP showed some falls as did CAD and NZD to a smaller extent.
EUR/USD found a top above 1.1250 late in the US afternoon when news hit that the German stimulus package had been agreed to. Since then its been net lower for the euro, its under 1.1220 as I update. Cable had further reaction lower during the session here, with stops loss sellers triggered, notably under 1.2565/70, taking GBP/USD to lows circa 1.2530.
Fresh news flow during the session was light. Trump said he has not thought of sanctions personally on Chinese President Xi. This is hardly surprising given the mildness of Trump's response to China's tightening of rules on Hong Kong.
Protests continued on the US for another evening, largely peaceful. Trump has maintained military preparedness but so far there has been no actual deployment of active service military personnel onto the streets of the US.
Data released during the session was not of much impact (see bullets above).
Tiananmen Square commemoration was banned in Hong Kong
