Forex and cryptocurrency news from the European trading session - 10 April 2018
News:
- Fed's Kaplan: US economy in 2018 will be relatively strong
- Fed's Kaplan: Base case is the Fed should increase rates 3 times this year
- More from Kaplan: There will be a lot of continuity with the Fed under Powell
- Fed's Kaplan: Discussions on US-China trade issues will move behind the scenes
- ECB's Nowotny: Must normalise policy not too soon but not too late
- More from Nowotny: ECB doesn't have an exchange rate goal
- BOE's McCafferty says BOE "shouldn't dally" over raising rates modestly going forward
- BOE's Haldane says policy loosening since 2007 has had a significantly positive effect
- US rejected China offer to cut trade deficit by $50 bn - Bloomberg
- Has the trade war rhetoric changed after Xi's speech today?
- South Korea's largest cryptocurrency exchange sees a 171-times spike in revenue for 2017
- Kremlin spokesman says Russia will not cave in to pressure from the West
- Russia's Nabiullina says central bank has a wide range of tools to address risks
- EURGBP gives up on 0.8700 as GBP demand prevails
- FX option expiries for the 14.00 GMT cut - 10 April 2018
- Rain or shine, the kiwi continues its march higher
- Nordea says China is unlikely to devalue the yuan or dump Treasuries in trade response
- US equity futures hold steady after gains from Xi's speech
- European equity markets open firmer again 10 April
- Deutsche raises China 2018 GDP forecast to 6.6% from 6.3%
- Trading ideas for the European session 10 April
- China says steps on reforms are domestic-driven, not due to external reasons
- OCBC says that commodities risk up to a 30% rout in a full-blown trade war
- IEA's Atkinson says US is not yet at peak oil production
- Nikkei 225 closes higher by 0.54% at 21,794.32
- Japan March preliminary machine tool orders 28.1% vs 39.5% prior
- China says won't back down should a trade war break out
- USD/JPY settles just above 107.00 ahead of European trading, what's next?
- PSA: Another reminder that ONS data has been rescheduled from April onwards
- More on the report by the People's Daily on China opening up its economy further
- Oil looks poised for another test to the upside
- Opening up of economy won't be at cost of China's interest - People's Daily
- IMF's Lagarde says that fintech could lead to systemic risks in Asia
- AUD/NZD downside move stalls for the time being
- Singapore PM Lee says that China's response to US tariffs has been careful
- France February industrial production m/m +1.2% vs +1.4% expected
- Italy Feb industrial production SA mm -0.5% vs +0.8% exp
Perceived softer tones on US-China trade war from Xi has had equities on the rise again and risk-on sentiment underpinning yen pairs.
USDJPY had tested 106.80 support lines in Asia on trade concerns but Xi calm stance saw it back up to 107.25 with yen pairs also on the rebound, underpinning core pairs again.
GBPUSD moved up from 1.4130 on GBPJPY buying and EURGBP selling, a move also helped by hawkish comments from BOE's McCafferty and finally posting highs of 1.4180. EURUSD has been up to 1.2335 having found support at 1.2300.
Commodity currencies have felt the love too with AUDUSD breaking up through 0.7720 to post 2-week highs of 0.7739 before running into fresh sellers. Option expiry interest at 0.7700 in play too as is NZDUSD at 0.7270 that has seen the pair rally to test 0.7350. USDCAD has fallen to post 1.2672 just above large option interest between there and 1.2650.
Equities opened strongly but currently off early highs as is oil with demand also helping to push USDCAD lower. Similar story on gold and AUDUSD both pushing higher.
Bitcoin remains on the back foot after the fall from $7200 yesterday but finding consolidation around $6700
US data coming up includes PPI at 12.30 GMT
