ForexLive Asia-Pacific FX news wrap: Bloomberg to shake up Democratic race?
Forex news for Asia-Pacific trading on November 8, 2019:
- Michael Bloomberg is preparing to enter the Democratic presidential race
- China October exports -0.9% y/y in USD terms vs -3.9% expected
- Fed's Bostic says he wouldn't have supported last rate cut if he had a vote
- PBOC sets yuan mid-point below 7 for the first time since August
- Australia September home loans +3.6% vs +1.0% m/m expected
- White House 'very optimistic' will soon reach China deal - Aide
- Fed's Bostic: Further rate adjustments will depend on data
- Japan Sept household spending 9.5% vs 7.0% y/y expected
- Japan Sept labor cash earnings +0.8% vs +0.1% y/y expected
Market moves were modest across the board but the commodity currencies came under some modest pressure. The Nikkie opened 1% higher but gave almost all of it back in a tentative sign of worry despite yet-another White House story about a deal.
AUD/USD slid down to 0.6680 from 0.6900 following the Statement on Monetary Policy. It highlighted some poor wage growth trends that will keep the RBA on the sidelines even if the global picture improves.
USD/CAD took a cue from a 35-cent drop in oil prices and that pushed the pair up 15 pips in the early going. It's bumped into resistance at the US high of 1.3190 and that will be a level to watch.
USD/JPY and the yen crosses more broadly came under some pressure and edged below the US lows. That's something to watch in the day ahead but Asia-Pacific trading hasn't provided much of any guidance this week.
GBP/USD tested 1.2800 again but it held and it's back up to 1.2815. There are some big options rolling off at the New York cut so that could help to make things a bit more lively.
Canadian jobs and the preliminary UMich consumer sentiment survey are out later. Eamonn is back next week. Have a great weekend.