Forex news for Asia-Pacific trading on December 5 , 2019:
- OPEC deal is for cut of 500K bpd with Russia - delegate
- Saudi oil minister: OPEC will disclose news of decision tomorrow
- US-China trade talks remain on track - Global Times, citing 'expert'
- RBNZ's Bascand says economy looks close to a turning point
- PBOC issues 1-year MLF at 3.25% vs 3.25% previously
- China securities journal: Analysts see possible China MLF rate cut later than Friday
- Japan finmin Aso: Negative interest rates are hurting bank profits and in turn hurting individuals
- Japan October household spending -5.1% vs -3.2% expected
- Australia November AiG performance of construction index 40.0 vs 43.9 prior
- OPEC deal is for cut of 500K bpd with Russia - delegate
- Saudi oil minister: OPEC will disclose news of decision tomorrow
Markets:
- WTI crude down 19 cents to $58.24
- Nikkei 225 up 0.3%
- Gold flat at $1475
- NZD leads, CAD lags
Happy non-farm Friday. The tone in the market was generally muted but AUD and NZD had some life. The latter is testing the Asian high from yesterday, which is also close to the 61.8% retracement of the decline that started in July.
The pound is unchanged so far in Asia but has impressively held onto its recent gains, taking almost no steps backwards and consolidating around 1.3150 as we get into the final election countdown.
USD/JPY is near the US low as it fades slightly -- perhaps on jitters about non-farm payrolls after the ADP report. I think there are too many skews in the data for it to have any lasting effect but especially soft number could eat away at the '2020 pickup' story.
The euro is at 1.1107 in what's been a steady gain from 1.1070 in Wednesday's New York trade. We're not close to the high of the week at 1.1116 and that's a level to watch through the jobs report.
The loonie is a tad softer today, perhaps owing to some worries about the Canadian jobs report. I warned about why that could happen here.
Have a great weekend. Eamonn will be back to kick off next week.
