Forex and Bitcoin news for Asia trading Tuesday 7 August 2018
- 2 reasons JP Morgan say to stay long yen
- PBOC sets USD/ CNY mid-point today at 6.8431 (vs. yesterday at 6.8513)
- ICYMI - Reuters on "the BOJ is turning more hawkish"
- Japan Labor cash earnings for June: +2.8% y/y (expected +1.7%)
- Japan Overall Household Spending for June: -1.2% y/y (expected -1.4% y/y)
- Australia ANZ weekly consumer confidence: 118.9 (prior 119.8)
- More UK data - Barclaycard measure of consumer spending+5% y/y (July)
- UK data, BRC Sales Like-for-like July: +0.5% y/y (expected 1.5%)
- Australian construction PMI for July: 52.0, from June's reading of 50.6
- Foreign reserves (July) data is due from China today - what to watch
- Trade ideas thread - Tuesday 7 August 2018
- Goldman Sachs on the yuan, looking for USD/CNY around 7 but not sustain
Real cash earnings in Japan in June jumped to a 21 year high. How is that for encouraging? OK, some of it was due to bonus payments, and regular pay climbed more slowly, but it is some encouragement for the BOJ and administration looking for wage gains to encourage consumers to spend more and support domestic demand, especially with exports at a risk of slowing as trade wars escalate.
Further from Japan, check out the post above on "the BOJ is turning more hawkish".
USD/JPY did very little today, dribbling a few ticks lower for a range not much in excess of 15 points. EUR, CHF, GBP, AUD, NZD are all little changed. CAD has ticked a few points to the better but like everything else in a very narrow range.
The USD/CNY reference setting was a lacklustre affair with not much change from yesterday.
The Turkish lira was a mover, it had lost ground during US time (extending losses further) but did bounce a little on news an envoy from Turkey is heading to the US for discussions. For IMHO lira the lira bounce is all about providing a better entry for shorts there is not much going for it.
Stay tuned ladies and gentlemen, we get the RBA announcement due at 0430GMT:
Still to come:
