ForexLive Asia FX news wrap: Pre NFP Friday in Asia
Forex news for Asia trading Friday 4 September 2020
- EUR/USD - JPM looking to add to longs
- Reuters poll on a 'where to?' for GBP
- Strong iron ore prices (key Australian export) bode well for AUD
- Australia retail sales data for July +3.2% m/m (prior was +2.7%)
- PBOC sets USD/ CNY reference rate for today at 6.8359 (vs. yesterday at 6.8319)
- FX option expiries for Friday, September 4 at the 10am NY cut
- 'Turnaround' Friday in Asia - US stock index futures on the up
- Heads up for a US holiday on Monday - here are the markets that are closed
- Japan M4.8 earthquake, no tsunami alert threat issued
- Deutsche Bank RBA outlook - expecting a rate cut by February
- Japan chief cabinet secretary Suga all but locked in to succeed Abe Shinzo as PM
- Mohamed El-Erian says US stocks "could have another 10% fall, easily"
- Brexit - UK PM Johnson wants fisherfolk to catch more fish
- EUR/USD similarities to its 2017 correction
- AstraZeneca (coronavirus vaccine candidate) update - firm spends $60m to ensure production capacity
- New Zealand Q2 building works: -22.4%q/q (expected -30%)
- US stopgap funding bill to avoid shutdown - further chatter
- Fed Evans said partisan politics threatens as a very significant downside risk
- ICYMI - Pelosi, Mnuchin agree on plan to avoid government shutdown
- ICYMI - a catch up on currency moves as US stocks sold off Thursday (and why EUR/USD went up)
- China's Global Times (opinion piece) says the country likely to reduce its holdings of US Treasury bonds
- Trade ideas thread - - Friday 4 September 2020
- Goldman Sachs nonfarm payroll preview
- Fed Chair Powell to speak October 6 (... but the market is falling NOW!)
Coming off the shellacking of US stock markets on Thursday we saw regional equity markets lower here in Asia on Friday, of course. US stock index futures reopened showing further losses but these were retraced which relieved some of the pressure locally.
Currencies followed a similar pattern, AUD/USD and NZD/USD fell to fresh lows compared to US Thursday trade before turning around from these early losses against the US dollar to rebound. As I post both AUD and NZD against the USD are little changed. CAD has recovered from it s earlier weakness against the USD alongside (please note, all of this occurred in small ranges only).
Cable is higher as I update. EUR/USD is barely net changed on the session; USD/JPY and USD/CHF, ditto.
Gold has had a good run on the session, tracking back above $1940 at one stage.
News and data flows were light indeed.
Coming up at 1230GMT is the US payroll data, with:
- the headline expected at+1350k jobs (prior 1763k)
- the jobless rate expected at 9.8% prior 10.2%)
- average hourly earnings are expected flat m/m and +4.5% y/y (priors +0.2 and +1.8 respectively)