ForexLive Asia-Pacific FX news wrap: Aussie trade balance beats, yen crosses fall

Author: Adam Button | Category: News

Forex news for Asia-Pacific trading on November 7, 2019:

Markets:

  • JPY leads, NZD lags
  • Nikkei 225 down 0.1%
  • Gold up $1 to $1491
  • WTI crude flat at $56.31
The market was a bit more lively than what the economic calendar let on. The focus remains on China-US trade and the growing sense of unease around it due to reports that the deal may slip into December. That's not the kind of thing that happens when it's a virtually done deal.

That sense has dragged down yen crosses. USD/JPY is off 30 pips so far today to 108.70 in steady selling that started when Tokyo arrived.

The one to watch for me is AUD/JPY and that's at the lows of the week.

The Aussie didn't get much help from a very good trade balance report. The surplus was strong, the prior was revised upward and it came on rising imports and exports. Still, it's a dated report and after a 10 pip jump initially, the gains faded and Aussie resumed its slide.

There has been a lot of good news for the Aussie this week but it hasn't been able to do much with it. That's got me worried about what's coming next.

Elsewhere, there was some cable selling and it's now in the midst of a five-day losing streak. The declines have been modest but 1.2850 broke and that will be the pair to watch with the BOE coming up later.
Forex news for Asia-Pacific trading on November 7, 2019:
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