Forex news for Asia trading Monday 24 June 2019
- Northern Australian city shaken by earthquake in sea off Indonesia
- Trump admin may require 5G equipment used in the US to be designed and manufactured outside China
- New Zealand credit card spending for May: 0.4% m/m(prior +0.6%)
- China's Commerce Ministry says discussions between Chinese and US trade teams are underway
- Macquarie says gold still has more upside than downside (video)
- More on RBA Gov Lowe - says he does not understand investor dissonance
- More on the expectations for ECB cuts ahead
- PBOC dep gov says only limited policy room for countries to cope with economic slow down
- China's Vice Commerce Minister says tariffs by certain countries are a threat to world economy
- PBOC sets USD/ CNY mid-point today at 6.8503(vs. Friday at 6.8472)
- China's assistant foreign minister says harm from protectionism
- EUR/USD forecasts: 1.16 (Q4 2019) & 1.20 (Q2 2020)
- Have a look at who bought 200,000 ounces of gold just before it surged
- Japan earthquake - 4 out of 7 on Japan scale - eastern region, Tokyo
- RBA's Lowe giving AUD a boost with his legitimacy question on further easing
- RBA Gove Lowe says global growth has slowed, risks to downside
- Brexit: EY ITEM Club forecast slowest growth in 2019 UK consumer spending in 6 years
- BoA/ML highlight risk of USD intervention
- RBNZ Gov Orr on ANZ - says the bank remains sound and well capitalised
- TRY higher in early Monday trade post Istanbul election
- Porsche to recall nearly 100K cars in US. Daimler cuts its profit forecast.
- More on UK PM hopeful Boris Johnson promise to Brexit on October 31
- China press says retaliation expected after FedEx botched Huawei delivery again
- Trade ideas thread - Monday 24 June 2019
- UK PM hopeful Boris Johnson says again UK must Brexit on October 31
- Ex Draghi adviser forecasts ECB to cut depo rate, add more QE in September
- BoE's Carney to allow crypto companies to deposit at the Bank of England
- Weekend Trump on Fed's Powell: “I didn’t ever threaten to demote him”
- Weekend Trump on Iran - US to impose "major" additional sanctions
- Monday opening FX rates - foreign exchange prices, early indications, 24 June 2019
- Bitcoin cracks $10K and $11K, and backs off. What now?
- Goldman Sachs says to short Chinese yuan ahead of the G20 meeting next week
- Trade ideas thread ahead of the new week beginning 24 June 2019
Bitcoin was a big mover the weekend, above 11,000USD at one stage. Gold moved higher when GLOBEX re-opened Sunday afternoon Chicago time. XAU/USD tested its high of last week above 1410. Both have since drifted back just a little.
Forex rates, meanwhile, stayed in small ranges, with AUD putting on the best gains. AUD traded higher as RBA Governor Lowe spoke. He mentioned that question on how effective further rate cuts might be were valid. This prompted some buying. Lowe did not add anything on the likelihood on further rate cuts to what he said last week.
Higher also for EUR and GBP against the USD, although only very small. NZD and CAD traded a little better, both higher during the session here. The RBNZ meet this week and an hold decision is, for now, the expected.
In addition to the RBNZ coming up later this week is, of course, the G20 leaders' summit in Japan. This is on Thursday and Friday (28th and 29th) . There were plenty of remarks out of China on the summit, mostly on wanting the G20 to take action trade protectionism but also plenty on the Xi-Trump bilateral meeting.
China's overnight repo rate fell to its lowest in 10 years (volume-weighted average
rate below 1%). USD/CNH moved up from early lows.
Turkish lira gained after the Istanbul mayoral election (see bullets above).
Still to come:
