Forex and Bitcoin news for Asia trading Wednesday 5 December 2018
- Sky News reports that UK Parliament does not need to pass law to revoke Article 50
- Ex-JP Morgan traders and their artificial intelligence FX trading fund
- US politics: Mueller's office says Flynn cooperated with prosecutors
- Responses to the Australian GDP data coming in
- China Caixin Service PMI (Nov) 53.8 (expected 50.7)
- BOJ policy board member says US-China trade war a risk for Japan economy
- More on China confident it can reach a deal with the US on trade
- PBOC sets USD/ CNY mid-point today at 6.8476 (vs. yesterday at 6.8939)
- Earlier data from Japan: Nikkei / Markit Services PMI: 52.3 (prior 52.4)
- Australian Q3 GDP: +0.3% q/q (expected +0.6%)
- US President Trump tweets - going to have a real deal with China or no deal
- Heretical thought - China-US trade talks went well, its just a messaging issue
- Nth Ireland party MP says will vote against Brexit deal
- China's Min of Commerce - says trade meeting with US very successful
- NZ data: ANZ index of NZ export commodity prices: -0.6% m/m (prior -2.4%)
- At least Fitch like China … affirms A+ rating, assesses outlook at stable
- Here is what is trading on the CME on the US holiday Wednesday
- Chairman of Foxconn says he sees a 5 to 10 year US China trade war
- China - Navarro pleads for talks to be given a chance
- Japan press - Japan govmt to ramp up infrastructure spending to a decade high
- More signs that China and the US aren't on the same page after G20
- Australia - CBA / Markit Services PMI, November final: 53.7 (prior 52.6)
- NZ data: Q3 Construction work done +0.7% q/q (expected +2.3%)
- Trade ideas thread - Wednesday 5 December 2018
- Australia services PMI (Nov): 55.1 (prior 51.1)
Further headline flow today on the China-US (Xi-Trump) weekend meal deal in Buenos Aires. A statement from China's Commerce Ministry was very positive (see bullets above). This was soon followed by a tweet from US President Trump that, between the lines at least, seemed to be positive also (we will get a deal, if not now, later).
Do, though, take note of comments (again, bullets above) from Chair of Foxconn - sees a 5 to 10-year China / US trade war.
There was data flow also today, mainly lower-tier releases, but we did get the awaited Australian GDP result (for Q3), and it was a big miss on estimates that had been lowered in recent days. Long story short is a result half of what was expected and driven by government spending. More above, both in the data post and in the 'responses' post. The Australian dollar was marked down on the data announcement and has not managed much recovery.
NZD/USD fell alongside the AUD, though not to the same extent. Both of these two have fallen further as I post.
Elsewhere it was a story of continued USD strength (after overnight moves that was in the US) to varying extents. USD/CHF and USD/yen clocked 15+ and 30+ point gains. Cable was a touch lower only, as was EUR/USD/ USD/CAD has added on pints too, CAD with a lower oil price headwind to contend with also.
Still to come:
Remember folks its a US holiday today as a mark of respect to former President George H. W. Bush. This will thin out forex markets in the US, lighter volumes and greater spreads will be the result.
