Its well past 9am in Tokyo but ... clocks ... overrated, eh?

The big news over the weekend is the Trump ban on people from certain countries, refugees and the response.

I ran through it here on this post: Gold higher as Asia opens the week

To repeat:

Trump slapped a ban on travellers from some countries:

  • President Trump's executive order, signed on Friday, halted the entire US refugee programme and also instituted a 90-day travel ban for nationals from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen.

And went much further than that. Then .. US judges have been overturning the ban

  • In Boston, a judge decided two Iranian nationals, professors at the University of Massachusetts, should be released from detention at Logan International Airport
  • An order issued in Virginia banned, for seven days, the deportation of green card holders held at Dulles Airport and ordered the authorities to allow access to lawyers
  • A Seattle judge issued an emergency stay of removal from the US for two people

The latest is (this via Reuters headlines):

  • Senior US administration officials says all of Trump's executive orders on immigration remain in effect and are being enforced

If the administration contravenes judicial orders there is the makings of a constitutional question ... which could (probably will) blow up further.

Add into the mix the Chinese Lunar New Year holidays today, with major FX centres Hong Kong and Singapore out ... this means that liquidity is as good as its going to get for the session here : Tokyo, Australia and New Zealand markets open.

USD/JPY slid in the really early goings on this morning, I posted the 'early prices' extra early this morning (5.40am my time, you're welcome! :-D ) to account for the politics-inspired moves.

Its been the yen as the biggest winner, though other currencies have benefitted also (Actually, GBP might give the yen a run for the biggest winner)

Update now:

Gold is around USD1194, also liking the turmoil

-

Where to now?

Likely some gap covering (IMO). And the next impulsive move? We await more political hot air ...