Forex news for Asia trading Thursday 11 June 2020
- Central bank negative rates losing 3-2
- Japan Quarterly Business Sentiment Index survey (Q2): large Japanese companies worst in 11 years
- Bank of Japan monetary policy meeting next week - preview
- Heads up for BOJ Kuroda speaking today, 11 June 2020
- PBOC sets USD/ CNY reference rate for today at 7.0608 (vs. yesterday at 7.0703)
- FX option expiries for Thursday June 11 at the 10am NY cut
- Australia survey of consumer inflation expectations for June: 3.3% (prior 3.4%)
- A China ICYMI: 13,000 5G base stations will be built in Beijing this year as part of infrastructure surge
- ICYMI - Goldman Sachs $1bn gains on the oil price plunge
- South Korea 1st 10 days of June exports +20.2% y/y
- Deutsche Bank forecast EUR/USD to 1.20
- UK firms report that they have dramatically scaled back investment plans
- GMT UK data - RICS monthly house price balance for May -32 (vs -24 expected)
- New Zealand - Card Spending for May, retail + 78.9% m/m (vs. expected +60%)
- Gold price up - a couple of helpful hints from the Fed
- US coronavirus - LA County reports highest number of COVID-19 deaths since May 19
- A Brexit ICYMI - Barnier says UK is seeking a trading relationship too close to that of an EU member
- One Katyusha rocket lands at Baghdad’s Green Zone, Iraq
- Trade ideas thread for Thursday 11 June 2020
- If Australia joins the US in a new cold war against China it will "pay an unbearable price "
- Trump says rallies will be starting again soon
Minor moves only during the post-FOMC session here in Asia, and a mixed bag of results. Yen crosses remained under a little pressure with a lower USD/JPY but net for the day the moves are mainly small. USD/JPY dropped to circa 106.90 and is just under 107.00 as I post.
EUR/USD dribbled lower early on into the Tokyo morning but from lows under 1.1370 it has managed a 25 or so point bounce. Cable had an early dip also, but it too managed to retrace its loss. NZD/USD tracked a very similar pattern to cable.
AUD/USD has been a relative loser, but again only in a small range.
News and data flow has been light. I will note that coronavirus in the US is showing signs of persisting and growing. While cases continue to grow this can be a reflection of increased testing but the acceleration in hospitalisations and deaths cannot be dismissed with this reasoning. Keep an eye on developments here.
