Forex news for Asia trading on Monday 7 June 2021
- ICYMI - Twitter's Dorsey says Square is considering creating a non-custodial hardware wallet for bitcoin
- Update on Tesla cancelling its Model S Plaid Plus (tri-motor version electric sedan)
- Taiwan to quarantine workers to control COVID spike at semiconductor chip firm
- Russian President Putin says will further deepen cooperation with China
- S&P have affirmed Australia rating at 'AAA', outlook revised to stable
- Australia ANZ job advertisements survey for May: +7.9% m/m (prior +4.7%)
- PBOC sets USD/ CNY reference rate for today at 6.3963 (vs. Friday at 6.4072)
- China coronavirus - Macau to ban entry from Guangdong
- China says it expects to have at least 70% of population vaccinated by December
- Japan wage growth seen at slowest since the aftermath of GFC after spring wage agreement
- Here is Rosneft’s head Igor Sechin warning on an 'acute' oil shortage (spoiler - its a long term view)
- UK Trade Secretary Liz Truss calls out China’s pernicious trade misbehaviour
- Weekend - Goldman Sachs and other Wall Street firms to tighten up lending for short meme stocks
- Weekend news - Fintech firm Square to build an open-source, solar-powered bitcoin mining facility
- Fox report on USD880bn infrastructure bipartisan agreement
- Gold to surge in 2022. But Bitcoin to surge even more. (Hedge fund view, adds comment on Fed taper).
- Australian Services PMI for May: 61.2 (prior 61.0)
- Japan intends to issue COVID-19 passports this summer
- Bitcoin had a busy weekend, the price ping-ponged around on divergent events
- Weekend - President of El Salvador wants to make Bitcoin legal tender
- Will Elon Musk tweet fewer attacks on Bitcoin? 'Anonymous' have sent him a warning message video
- Trade ideas thread - Monday 7 June 2021
- Here is more from US Treas Sec Yellen - a slightly higher interest rate environment ... would be a plus
- NZD traders heads up - its a New Zealand market holiday today
- Bitcoin has rebounded a little from its low under US$35K over the weekend (Goldman Sachs, China)
- US Treasury Secretary Yellen says will persist with Biden's $4tln spending plan even it it sends inflation higher
- Monday morning open levels - indicative forex prices - 7 June 2021 ... not much change despite Yellen's remarks
- Why it's best to stay away from the AMC madness
There was plenty of news to drive BTC over the weekend resulting in a dip to under US$35K at one stage and a recovery since to highs back around $37.5K as I update (see bullets above for details).
Across the forex space it was much quieter here for the week's opening session. US Treasury Secretary Yellen was in the news, speaking after the G7 she said she'd welcome higher interest rates, they'd be indicating recovery for the economy and also said infrastructure spending would continue even if inflation gained (see bullets above), arguing that such spending is not stimulus per se but investment for the future.
Cable was the mover for FX, down 30 or so points off its session high as I post. CAD lost ground also.
The People's Bank of China set the mid-rate slightly stronger for CNY than expected today.
Oil (WTI futures) test US$70 for the first time since October 2018.
Still awaiting China's trade balance data (May).
