Forex and Bitcoin news for Asia trading Monday 8 October 2018
- JPMorgan’s mandatory training for new hires … coding lessons
- Morgan Stanley on the EUR - "Material EUR weakness is fundamentally limited"
- China stock markets dropping upon reopening - more PBOC easing coming?
- China's finance minister says will adopt a more proactive fiscal policy
- China Caixin / Markit September Services PMI 53.1 (vs. 51.4 expected)
- PBOC sets USD/ CNY reference rate for today at 6.8957
- ANZ on the AUD - a number of risk events ahead
- Australia data - ANZ job ads for Sept: -0.8% m/m (prior -0.6%)
- Charting the PBOC RRR cuts - another cut over the weekend
- FT reports on US moves to further isolate China
- PBOC adviser says should allow the market to play a bigger role in FX rate setting
- Brexit uncertainty is "starting to bite" for UK firms - surveys
- Morgan Stanley on the AUD - "Within the G10, AUD remains the most vulnerable"
- Brazil election latest, 68% votes counted: Bolsonaro in the lead on 46%
- Fed's Bullard: Does not see much inflation pressure in US economy
- Weekend Brexit news - Japan's PM Abe says he would welcome Britain to TPP
- Weekend Brexit news - European Union is set to offer the U.K. a free-trade deal
- Trade ideas thread - Monday 8 October 2018
- Weekend - PBOC has cut the RRR applicable to some banks, effective from Oct 15
- Monday opening FX rates - foreign exchange indications for 8 October 2018
- Video: What to look for on the dollar crosses
Chinese markets returned after a full week off for holidays today. Over the weekend we got a cut from the PBOC (lowering the reserve requirement, see bullets above for details) along with the finance minister promising more fiscal stimulus, and then today the Bank slashed the price of the onshore yuan (USD/CNY reference rate to its highest since May of 2017). Stock markets took a look at all that and said 'Nah ...." , cutting 2.5% or so out of the Shanghai Composite ... no, wait, down around 3% now .... and more from other indexes. Welcome back.
Across FX otherwise movements were limited indeed. It was a Japanese holiday today and there is a US and Canadian holiday today still to come. These seemed to be pretty much the only excuse needed to confine currencies to relatively small ranges.
USD/JPY is up a few tics on the day with a just over 20 point range on no fresh news. GBP, EUR, CHF have all seen minor wiggles against the big dollar only.
USD/CAD is a few points higher while AUD/USD is up just a touch. Some AUD/NZD support has seen the kiwi just a few points lower in the session.
Gold has had a poor opening to the week, trading back below 1200USD today and losing around $7 on for the day.
Still to come:
