ForexLive Asia FX news wrap: Subdued FX ranges ahead of huge events later

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading Thursday 9 April 2020

There was little in the data and news flow during the day here to take markets by surprise, which also helped to keep ranges in check. Also, too, there are plenty of big events to come during the Europe/UK/US sessions ahead and the long weekend holiday.

UK PM Boris Johnson spent his third night in intensive care. There were no updates on his condition out of the UK. The London morning is not far off so I expect we'll get an update in the hours ahead. So far the information flow around Johnson's condition has been kept very tightly on a leash and this appears unlikely to change. Cable traded little more than a 25 or so pip range around 1.2400.

EUR, too, was tightly range bound, 1.0855/80 more or less confining it. The Euro finance minister meeting failed to reach agreement but is set to recommence formally at 1500GMT on Thursday. If it stretches on and on (the earlier meeting this week went for 16 hours) any announcement may have an outsize impact if it comes after UK markets close and into the thinly traded pre-holiday US Thursday market, or even later.

Expect similar for oil. The OPEC+ meeting is set to officially commence at 1400GMT, news flow is hinting at a deal for a cut (of 10m barrels a day) but please be careful ladies and gentlemen, reaching agreement appears even more difficult than it would have been at the meeting which saw the existing agreement disintegrate. Add in the very thin pre-holiday trading conditions and enhanced, perhaps bordering on erratic, price swings seem likely.

Also on the agenda is the US jobless claims numbers (initial and continuing) along with the US Congress consideration of the economic relief measures. 

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ps. Re the holiday on Good Friday, 10 April 2020 for Asia

Markets closed:

  • New Zealand (also closed Monday 13th)
  • Australia (also closed Monday 13th)
  • Hong Kong (also closed Monday 13th)
  • Singapore 
Open:
  • Japan
  • China 
And ForexLive ... I'll be checking in on both Friday and Monday with some updates. Keep an eye out of you are about, and Happy Easter! 

Forex news for Asia trading Thursday 9 April 2020Title Here

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