Forex news for Asia trading Monday 10 June 2019
- China's Global Times report on fall in rare earth shipments
- The pieces are falling into place for further Bank of Japan easing
- NZ - Retail sales momentum remains, trade deficit narrows, terms of trade improve
- China (May) exports beat, imports miss - recap
- China FX not the only reserves climbing - gold purchases running higher also.
- PIMCO’s perspective on the use of machine learning techniques in investing
- PBOC sets USD/ CNY central rate at 6.8925 (prior at 6.8945)
- FX option expiries Monday 10am NY cut
- Goldman Sachs w/e note - USD/CNY to break 7 in three months (forecasts)
- China SAFE says sound fundamentals a solid support for stable operations in FX market
- ICYMI - PBOC Governor Yi Gang said no specific level for the yuan is important
- China FX reserves data for the end of May: 3.101tln USD (3.09tln expected)
- Japan data - Final GDP for Q1 comes in at 0.6% q/q (preliminary was 0.5%)
- Australia's tax cuts are in doubt, may not get parliamentary support
- FT: EU to warn business not to expect help over a no-deal Brexit
- More w/e comments from Mnuchin - Trump could pull back on Huawei restrictions
- G20 finance ministers do not want to urgently resolve trade war
- HK press: US Treasury Secretary Steven Mnuchin Accuses China of manipulating the yuan
- Bitcoin weekend update - down a little
- Boris Johnson's pledge to not pay Brexit bill would be a sovereign default says Macron
- Trade ideas thread - Monday 10 June 2019
- Higher MXN on the tariff delay news - will it last is the question.
- Meanwhile in the race to become the next UK PM - Boris Johnson promises a tax cut
- Just waking up? Missed the big weekend news (Mexico tariffs delayed indefinitely).
- White House acting budget chief pushing for a delay in restrictions on Huawei
- Good morning Monday! Early FX price guide
- ECB open to rate cuts, would act to counter exchange rate rise - report
- Trump says deal reached with Mexico - tariffs indefinitely suspended
A few hours after markets closed on Friday for the week in the US, President Trump tweeted that he had an agreement with Mexico and his further tariffs would be delayed indefinitely. This set the scene for a mover higher for MXN and lower for yen in very early trade as Monday got underway here.
USD/JPY popped above 108.60 and retraced somewhat to under 108.40. If you are looking for a 'gap' fill there is still a ways to go.
There were various other weekend news items, notably, Mnuchin accused China of yuan manipulation (by not intervening to support the currency), in the UK Boris Johnson added a tax-cut promise into his campaign to become PM, and some moves in the US to water down the Huawei ban.
As the session progressed we got FX (and gold) reserves from China for May (both higher) and also trade balance data showing a surprising growth in exports. Of extra interest in the trade figures (for May), imports from the US fell 25%.
EUR and GBP both lost a little on the session here. As did CAD, AUD and NZD (all against a USD base). Gold was a poor performer, down more than 10usd on the day (compared to late US trade Friday).
Bitcoin lost ground over the weekend.
