ForexLive Asia FX news wrap: USD bid in Asia

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading Wednesday 8 April 2020  

The USD net gained during the session. US President Trump, despite in the past decrying the gains for the USD, mentioned on two separate occasions (at his coronavirus press briefing and then again later in a Fox TV interview) how strong the dollar is - he even said the EUR was 'peanuts' compared to it. Did the president's remarks cause the rally in the dollar? That is debatable but nevertheless it chalked up some broad gains, albeit not big ones.

Earlier on in the session it was the yen that had gained, USD/JPY traded down toawards 108.50 but is 30+ points higher as I update.

There were no updates out of the UK about the condition of UK PM Johnson who remains in intensive care. GBP weakened a little against the USD.

We also await anything out of the group of euro area finance minsters, a press conference has been scheduled for the European morning (10am Brussels time, 0800GMT). EUR is down from 1.09 highs under 1.0870.

Data from NZ showed a (preliminary) record low for business confidence (ANZ survey) while S&P ratcheted down their outlook for Australia from stable to negative while leaving the AAA rating intact. AUD and NZD are both down on the session against the US dollar.

There was little fresh news on oil nor gold (there was the private survey stock data for oil, see bullets above, also some comments out of Iran). Trump again said he has been in communication with leaders of Russia and Saudi on oil and that 'it'll all work out' (he made similarly vague comments on the US economy shut down related to the coronavirus outbreak response).

ps. ANZ EUR/USD forecasts:

Forex news for Asia trading Wednesday 8 April 2020  
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