Forex and Bitcoin news for Asia trading Friday 8 June 2018
There wasn't much movement on the FX today but there was plenty of action ahead of the G7. In a nutshell President Trump is further isolating himself from the other 6, with differences on Iran, trade, climate, and more. Trump will leave the summit meeting 4 hours early. There was plenty of twitter bitchin' today:
- Trump tweeting again: European Union and Canada ...Take down your tariffs & barriers
- White House confirms Trump will leave G7 summit early
- FT: "Trump lashes out at Canada and France ahead of G7"
- Senior Canadian official says Trump expected to leave G7 Summit before lunch on Saturday
- More Trump tweets ahead of G7 ... "Prime Minister Trudeau is being so indignant"
- US Comm Sec Ross says Canada and France at fault for US tariffs taking effect
- US official now - Austria willing to host Trump - Putin meeting
- Trump tweeting ... aggressive ahead of the G7
- Trepidation ahead of G7 summit
- Russia's Putin has asked Austria's chancellor to set up summit with Trump in Vienna
- French President Macron says Europeans have aligned positions ahead of the G7
Other headlines:
- China trade balance (May) in USD terms now: Surplus 24.92bn USD (+33.25bn expected)
- China trade balance for May: CNY +156.51bn (expected CNY 222bn)
- US 250bn fund manager concerned US isolationism could undermine USD status
- Japan auto makers asscn head says strong concerns about US tariffs
- Ben Bernanke says the US economy faces a "Wile E. Coyote" moment in 2020
- CAD - Ontario election - Ford projected to win says CBC
- PBOC sets USD/ CNY mid-point today at 6.4003
- Survey of economists: BoE hike August, recession chance 20%, Brexit deal likely
- UK starting salaries rise at fastest pace in three years
- Japan final Q1 GDP -0.2% q/q (prelim was -0.2%, prior was +0.1%)
- Japan BoP Current Account Balance for April ¥ 1845.1B(expected ¥ 2076.5B)
- EM: Argentina reaches agreement with IMF - agreement good for next 3 years
- Expectations for Q1 NZ economic growth are low
- China press says PBOC has room to cut RRR despite Fed rate hike
- Turkey to lift state of emergency after the election (media reports)
- Overnight Japan press: Bank of Japan to consider cutting inflation forecasts
- Brazil central bank head comments on currency, EM capital outflows
- UK PM May says working to ensure EU response to Trump metal tariffs is proportionate
- Moody's says US tariffs, subsequent retaliations may be disruptive to trade
- Trade ideas thread - TGIF 8 June 2018
Apart from the geo-pol we had the final report for Japanese Q1 GDP (see bullets above). Of more focus for traders were the trade figures from China for May. A headline miss on the surplus but a beat on estimates for both exports and imports softened the impact.
AUD/USD hit a fresh session low on the data after a small range session
Currencies elsewhere were also quiet with subdued ranges.
Still to come:
