ForexLive Asia FX news wrap: Weekend BTC dump

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading for Monday 19 April 2021

Bitcoin dropped sharply over the weekend. Various explanations have been offered up:

  • US Treasury eyeing increased regulation to combat money laundering via digital assets

  • blackouts in China's Xinjiang region said to be caused by a coal mine explosion in Xinjiang on April 10 weighing on BTC's hash rate a week later

  • 'whale' selling (ahead of the expected hash rate drop)

The price of the crypto has stabilised somewhat in the past few hours, BTC/USD is back above US$57K as I post.

US stocks opened the week (Sunday night Globex equity futures trade) on a heavy note, declining initially but since recovering (as I post) to be positive for the session. Local equity markets in the region gained.

On the FX front its been a mixed bag, with EUR quite weak against the dollar but, after earlier being much the same, some recovery for AUD, NZD, GBP. They are less weaker than EUR. 

On US political news, Republican Senators are said to be supportive of a US infrastructure bill at a lower amount that US President Biden's proposed $2tln+ amount, it also appears likely the US tax rate on corps will be set at 25%, not Biden's favoured 28%.

Regional equities:

  • Japan's Nikkei +0.2%, Topix +0.1%

  • China's Shanghai Composite +1.19%

  • Hong Kong's Hang Seng +1%

  • Australia's S&P/ASX 200 +0.21%

Forex news for Asia tradingfor Monday19 April 2021

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